HBK Sorce Advisory LLC Has $225,000 Stake in Ferrari (NYSE:RACE)

HBK Sorce Advisory LLC lessened its stake in shares of Ferrari (NYSE:RACE) by 20.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 666 shares of the company’s stock after selling 166 shares during the period. HBK Sorce Advisory LLC’s holdings in Ferrari were worth $225,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Ferrari during the 4th quarter worth about $354,547,000. Legal & General Group Plc increased its position in Ferrari by 8,986.8% in the 3rd quarter. Legal & General Group Plc now owns 1,004,094 shares of the company’s stock worth $297,327,000 after buying an additional 993,044 shares during the period. Bank of America Corp DE lifted its holdings in shares of Ferrari by 139.6% during the first quarter. Bank of America Corp DE now owns 939,555 shares of the company’s stock worth $254,563,000 after buying an additional 547,356 shares during the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in shares of Ferrari in the third quarter valued at approximately $157,620,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Ferrari by 39.0% in the first quarter. JPMorgan Chase & Co. now owns 1,728,335 shares of the company’s stock worth $468,275,000 after acquiring an additional 484,782 shares during the last quarter.

Ferrari Trading Up 0.1 %

Ferrari stock opened at $420.38 on Friday. The business’s fifty day moving average is $413.32 and its two-hundred day moving average is $361.95. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.91 and a quick ratio of 2.98. Ferrari has a 52 week low of $272.70 and a 52 week high of $442.80.

Ferrari (NYSE:RACE) last issued its quarterly earnings results on Thursday, February 1st. The company reported $1.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.59 by $0.15. Ferrari had a net margin of 21.06% and a return on equity of 43.84%. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.61 billion. On average, equities analysts forecast that Ferrari will post 8.31 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 4th. Citigroup cut shares of Ferrari from a “neutral” rating to a “sell” rating in a research note on Monday, March 4th. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research note on Friday, March 22nd. UBS Group upped their price target on Ferrari from $413.00 to $448.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Finally, Bank of America lifted their price objective on Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $363.57.

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.