Freedom Investment Management Inc. Sells 210 Shares of Ferrari (NYSE:RACE)

Freedom Investment Management Inc. decreased its position in Ferrari (NYSE:RACE) by 9.4% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 2,016 shares of the company’s stock after selling 210 shares during the period. Freedom Investment Management Inc.’s holdings in Ferrari were worth $948,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Jennison Associates LLC lifted its position in shares of Ferrari by 910.1% in the third quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock worth $1,368,622,000 after purchasing an additional 2,636,869 shares in the last quarter. International Assets Investment Management LLC increased its stake in Ferrari by 47,023.5% in the 3rd quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock valued at $5,551,600,000 after buying an additional 1,178,410 shares during the last quarter. Marshall Wace LLP boosted its stake in shares of Ferrari by 108.4% during the 2nd quarter. Marshall Wace LLP now owns 887,108 shares of the company’s stock worth $361,961,000 after buying an additional 461,409 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Ferrari by 89.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 220,418 shares of the company’s stock worth $103,621,000 after buying an additional 104,366 shares during the last quarter. Finally, Dnca Finance bought a new position in shares of Ferrari in the 2nd quarter valued at about $41,165,000.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Evercore ISI increased their price target on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. UBS Group increased their price objective on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. StockNews.com downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. Finally, Morgan Stanley boosted their price objective on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Stock Performance

NYSE RACE opened at $431.57 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The firm has a 50-day moving average of $459.73 and a 200-day moving average of $443.07. Ferrari has a 52-week low of $330.15 and a 52-week high of $498.23.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing the consensus estimate of $2.11 by ($0.03). Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same period in the prior year, the company earned $1.98 earnings per share. The firm’s revenue was up 6.5% compared to the same quarter last year. On average, research analysts forecast that Ferrari will post 8.66 earnings per share for the current fiscal 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.