Oppenheimer & Co. Inc. Has $779,000 Holdings in Ferrari N.V. (NYSE:RACE)

Oppenheimer & Co. Inc. cut its holdings in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 69.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,821 shares of the company's stock after selling 4,186 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in Ferrari were worth $779,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RACE. Charles Schwab Investment Management Inc. increased its stake in Ferrari by 8.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 10,139 shares of the company's stock worth $4,307,000 after acquiring an additional 755 shares during the period. Fox Run Management L.L.C. bought a new position in shares of Ferrari in the fourth quarter worth $853,000. Zurich Insurance Group Ltd FI increased its position in shares of Ferrari by 13.2% in the fourth quarter. Zurich Insurance Group Ltd FI now owns 79,796 shares of the company's stock worth $34,042,000 after purchasing an additional 9,274 shares during the period. Russell Investments Group Ltd. raised its stake in Ferrari by 2.6% in the fourth quarter. Russell Investments Group Ltd. now owns 128,482 shares of the company's stock valued at $54,847,000 after purchasing an additional 3,277 shares in the last quarter. Finally, Generali Investments CEE investicni spolecnost a.s. bought a new stake in Ferrari during the fourth quarter worth about $3,371,000.

Analyst Ratings Changes

Several equities analysts have commented on the stock. UBS Group raised their target price on shares of Ferrari from $520.00 to $560.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. decreased their price objective on shares of Ferrari from $525.00 to $460.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. Barclays upgraded shares of Ferrari from an "equal weight" rating to an "overweight" rating in a research report on Friday, March 28th. Wall Street Zen downgraded Ferrari from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. Finally, Kepler Capital Markets raised Ferrari from a "hold" rating to a "buy" rating in a report on Friday, March 28th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $526.25.

Ferrari Price Performance

Shares of NYSE:RACE opened at $491.22 on Monday. Ferrari N.V. has a one year low of $391.54 and a one year high of $509.13. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 4.04. The company has a market cap of $119.06 billion, a price-to-earnings ratio of 51.98, a PEG ratio of 5.59 and a beta of 1.11. The firm has a 50 day simple moving average of $474.35 and a 200 day simple moving average of $453.95.

Ferrari (NYSE:RACE - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.06. Ferrari had a net margin of 23.00% and a return on equity of 46.46%. The company had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.82 billion. During the same period in the prior year, the business earned $1.95 earnings per share. The company's revenue for the quarter was up 13.0% compared to the same quarter last year. Research analysts predict that Ferrari N.V. will post 9.22 earnings per share for the current fiscal year.

About Ferrari

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.

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