Telligent Fund LP Sells 600 Shares of Ferrari N.V. (NYSE:RACE)

Key Points

• Telligent Fund LP reduced its stake in Ferrari N.V. by 9.1%, now holding 6,000 shares worth approximately $2.57 million.
• Several hedge funds increased their investments in Ferrari, with Barclays PLC significantly raising its stake by 198% in the fourth quarter.
• Ferrari's recent earnings report showed an EPS of $2.70, exceeding analyst expectations, and a revenue increase of 4.4% year-over-year.

Telligent Fund LP decreased its position in Ferrari N.V. (NYSE:RACE - Free Report) by 9.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,000 shares of the company's stock after selling 600 shares during the quarter. Ferrari makes up 2.9% of Telligent Fund LP's investment portfolio, making the stock its 17th largest position. Telligent Fund LP's holdings in Ferrari were worth $2,567,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of RACE. Callan Family Office LLC increased its position in shares of Ferrari by 146.3% during the first quarter. Callan Family Office LLC now owns 2,763 shares of the company's stock valued at $1,182,000 after buying an additional 1,641 shares during the period. Public Sector Pension Investment Board increased its position in shares of Ferrari by 7.9% during the first quarter. Public Sector Pension Investment Board now owns 68,252 shares of the company's stock valued at $28,915,000 after buying an additional 5,002 shares during the period. Nuveen LLC purchased a new position in shares of Ferrari during the first quarter valued at about $233,200,000. Invesco Ltd. increased its position in shares of Ferrari by 78.2% during the first quarter. Invesco Ltd. now owns 303,869 shares of the company's stock valued at $130,019,000 after buying an additional 133,334 shares during the period. Finally, Townsquare Capital LLC increased its position in shares of Ferrari by 4.8% during the first quarter. Townsquare Capital LLC now owns 5,834 shares of the company's stock valued at $2,496,000 after buying an additional 268 shares during the period.

Analysts Set New Price Targets

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

Ferrari Stock Up 3.0%

Shares of NYSE RACE traded up $13.47 during midday trading on Thursday, hitting $464.68. The stock had a trading volume of 770,339 shares, compared to its average volume of 430,401. The business's 50 day moving average is $478.60 and its 200-day moving average is $465.40. The company has a market cap of $112.63 billion, a P/E ratio of 47.96, a PEG ratio of 4.82 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. The company has a quick ratio of 3.94, a current ratio of 5.09 and a debt-to-equity ratio of 0.89.

Ferrari (NYSE:RACE - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $2.70 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business's revenue was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.29 earnings per share. As a group, analysts predict that Ferrari N.V. will post 9.22 EPS for the current year.

Ferrari Company Profile

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.