Oppenheimer Asset Management Inc. Lowers Stake in Ferrari N.V. (NYSE:RACE)

Oppenheimer Asset Management Inc. cut its position in shares of Ferrari N.V. (NYSE:RACE) by 7.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,298 shares of the company’s stock after selling 175 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Ferrari were worth $983,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Park Square Financial Group LLC purchased a new stake in shares of Ferrari during the fourth quarter worth about $32,000. Webster Bank N. A. acquired a new stake in shares of Ferrari in the first quarter worth approximately $43,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Ferrari in the first quarter worth approximately $48,000. Plato Investment Management Ltd acquired a new stake in shares of Ferrari in the fourth quarter worth approximately $53,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Ferrari by 60.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148 shares of the company’s stock worth $63,000 after acquiring an additional 56 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. decreased their target price on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, March 28th. Wall Street Zen cut shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Thursday, May 15th. UBS Group raised their target price 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. Finally, Kepler Capital Markets raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Friday, March 28th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Ferrari has a consensus rating of “Moderate Buy” and a consensus target price of $526.25.

Ferrari Trading Up 2.9%

Shares of RACE stock opened at $491.22 on Friday. The stock has a market cap of $119.06 billion, a price-to-earnings ratio of 51.98, a price-to-earnings-growth ratio of 5.59 and a beta of 1.10. The company has a quick ratio of 4.04, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. Ferrari N.V. has a fifty-two week low of $391.54 and a fifty-two week high of $509.13. The firm’s 50 day moving average price is $474.35 and its two-hundred day moving average price is $453.94.

Ferrari (NYSE:RACE) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.06. The firm had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.82 billion. Ferrari had a net margin of 23.00% and a return on equity of 46.46%. Ferrari’s revenue was up 13.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.95 earnings per share. On average, analysts anticipate that Ferrari N.V. will post 9.22 EPS for the current year.

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.