Swiss National Bank Lowers Stake in Ferrari N.V. (NYSE:RACE)

Key Points

• The Swiss National Bank reduced its stake in Ferrari N.V. by 0.9%, holding 366,763 shares worth approximately $155.48 million at the end of the first quarter.
• Ferrari reported $2.70 earnings per share for the last quarter, exceeding analysts' estimates and showing 4.4% revenue growth compared to the previous year.
• Analysts have mixed ratings for Ferrari stock, with two recent downgrades and a consensus rating of "Moderate Buy", suggesting cautious optimism among investors.

Swiss National Bank reduced its stake in Ferrari N.V. (NYSE:RACE - Free Report) by 0.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 366,763 shares of the company's stock after selling 3,494 shares during the quarter. Swiss National Bank owned 0.15% of Ferrari worth $155,481,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Sound View Wealth Advisors Group LLC increased its stake in Ferrari by 1.0% during the 1st quarter. Sound View Wealth Advisors Group LLC now owns 2,198 shares of the company's stock worth $940,000 after buying an additional 21 shares during the period. Garde Capital Inc. increased its stake in Ferrari by 5.0% during the 4th quarter. Garde Capital Inc. now owns 525 shares of the company's stock worth $223,000 after buying an additional 25 shares during the period. Rehmann Capital Advisory Group increased its stake in Ferrari by 3.9% during the 1st quarter. Rehmann Capital Advisory Group now owns 697 shares of the company's stock worth $299,000 after buying an additional 26 shares during the period. Fifth Third Bancorp increased its stake in Ferrari by 7.9% during the 1st quarter. Fifth Third Bancorp now owns 424 shares of the company's stock worth $181,000 after buying an additional 31 shares during the period. Finally, Wealth Alliance LLC increased its stake in Ferrari by 2.5% during the 1st quarter. Wealth Alliance LLC now owns 1,254 shares of the company's stock worth $537,000 after buying an additional 31 shares during the period.

Ferrari Stock Up 0.6%

Shares of NYSE RACE traded up $2.70 during mid-day trading on Wednesday, reaching $448.86. The company had a trading volume of 215,918 shares, compared to its average volume of 426,472. The company has a current ratio of 5.09, a quick ratio of 3.94 and a debt-to-equity ratio of 0.89. The firm has a 50 day simple moving average of $479.18 and a two-hundred day simple moving average of $465.49. The stock has a market cap of $108.80 billion, a P/E ratio of 46.37, a PEG ratio of 4.77 and a beta of 1.09. Ferrari N.V. has a 52-week low of $391.54 and a 52-week high of $519.10.

Ferrari (NYSE:RACE - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $2.70 EPS for the quarter, beating analysts' consensus estimates of $2.57 by $0.13. The firm had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.05 billion. Ferrari had a net margin of 22.95% and a return on equity of 45.41%. The company's revenue was up 4.4% on a year-over-year basis. During the same period last year, the firm posted $2.29 EPS. Sell-side analysts predict that Ferrari N.V. will post 9.22 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RACE has been the topic of several recent research reports. UBS Group upped their target price on shares of Ferrari from $520.00 to $560.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Citigroup reissued a "sell" rating on shares of Ferrari in a research report on Monday. Cfra Research downgraded shares of Ferrari from a "hold" rating to a "moderate sell" rating in a research report on Thursday, July 31st. Royal Bank Of Canada reissued an "outperform" rating on shares of Ferrari in a research report on Monday, August 4th. Finally, Wall Street Zen downgraded shares of Ferrari from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $526.25.

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.