Wells Fargo & Company MN lessened its stake in Ferrari (NYSE:RACE) by 16.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 486,839 shares of the company’s stock after selling 94,123 shares during the period. Wells Fargo & Company MN owned 0.26% of Ferrari worth $58,674,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of RACE. Financial Gravity Companies Inc. acquired a new position in Ferrari in the 4th quarter valued at about $104,000. Cerebellum GP LLC acquired a new position in Ferrari during the 4th quarter worth approximately $125,000. Victory Capital Management Inc. increased its position in Ferrari by 25.0% during the 4th quarter. Victory Capital Management Inc. now owns 2,060 shares of the company’s stock worth $216,000 after purchasing an additional 412 shares during the period. HPM Partners LLC acquired a new position in Ferrari during the 4th quarter worth approximately $219,000. Finally, Bessemer Group Inc. acquired a new position in Ferrari during the 4th quarter worth approximately $225,000. Hedge funds and other institutional investors own 32.13% of the company’s stock.
Several equities analysts have issued reports on the company. Zacks Investment Research upgraded Ferrari from a “sell” rating to a “buy” rating and set a $154.00 target price on the stock in a research report on Tuesday, May 8th. Credit Suisse Group boosted their target price on Ferrari from $150.00 to $156.00 and gave the stock an “outperform” rating in a research report on Friday, May 4th. Morgan Stanley boosted their target price on Ferrari from $105.00 to $110.00 and gave the stock an “underweight” rating in a research report on Tuesday, May 22nd. Goldman Sachs Group assumed coverage on Ferrari in a research report on Friday. They set a “neutral” rating on the stock. Finally, UBS reiterated a “buy” rating and set a $160.00 target price (up previously from $129.00) on shares of Ferrari in a research report on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. Ferrari currently has an average rating of “Buy” and a consensus price target of $130.75.
Ferrari (NYSE:RACE) last released its quarterly earnings results on Thursday, May 3rd. The company reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.10). The firm had revenue of $831.00 million during the quarter, compared to analyst estimates of $835.47 million. Ferrari had a return on equity of 79.32% and a net margin of 16.44%. The business’s revenue was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.65 EPS. equities research analysts forecast that Ferrari will post 3.56 earnings per share for the current fiscal year.
Ferrari N.V., through with its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports cars, GT cars, special series cars, limited edition supercars, limited editions series, and one-off cars; and open air roadsters and two-seater mid-rear-engined roadsters.
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