Optas LLC Cuts Holdings in Ferrari (NYSE:RACE)

Optas LLC decreased its holdings in Ferrari (NYSE:RACE) by 7.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 481 shares of the company’s stock after selling 41 shares during the period. Optas LLC’s holdings in Ferrari were worth $206,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of RACE. Park Square Financial Group LLC purchased a new position in shares of Ferrari in the 4th quarter worth $32,000. Webster Bank N. A. bought a new position in Ferrari in the first quarter valued at about $43,000. Kestra Investment Management LLC bought a new position in Ferrari in the fourth quarter valued at about $45,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Ferrari in the first quarter worth about $48,000. Finally, Plato Investment Management Ltd bought a new stake in shares of Ferrari during the 4th quarter valued at about $53,000.

Ferrari Stock Performance

NYSE RACE opened at $464.99 on Tuesday. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. Ferrari has a twelve month low of $391.54 and a twelve month high of $509.13. The business has a 50-day moving average price of $467.92 and a 200-day moving average price of $452.65. The firm has a market cap of $112.70 billion, a price-to-earnings ratio of 50.82, a price-to-earnings-growth ratio of 4.43 and a beta of 1.10.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.06. Ferrari had a net margin of 22.81% and a return on equity of 46.69%. The business had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.82 billion. During the same period last year, the firm posted $1.95 EPS. The company’s revenue was up 13.0% on a year-over-year basis. As a group, equities research analysts predict that Ferrari will post 9.22 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.