Ferrari (NYSE:RACE) Shares Sold by Crossmark Global Holdings Inc.

Crossmark Global Holdings Inc. cut its position in Ferrari (NYSE:RACE) by 45.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,582 shares of the company’s stock after selling 3,799 shares during the period. Crossmark Global Holdings Inc.’s holdings in Ferrari were worth $2,154,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Rothschild Investment LLC acquired a new stake in Ferrari during the second quarter worth about $29,000. E Fund Management Hong Kong Co. Ltd. acquired a new stake in Ferrari during the third quarter worth about $29,000. Valley Wealth Managers Inc. acquired a new stake in Ferrari during the second quarter worth about $33,000. Denver PWM LLC acquired a new stake in Ferrari during the second quarter worth about $35,000. Finally, FSC Wealth Advisors LLC acquired a new stake in Ferrari during the third quarter worth about $47,000.

Ferrari Stock Performance

NYSE RACE opened at $437.39 on Wednesday. The company has a market cap of $80.81 billion, a PE ratio of 51.13, a price-to-earnings-growth ratio of 4.81 and a beta of 0.99. The stock’s 50 day simple moving average is $469.69 and its 200-day simple moving average is $441.87. Ferrari has a 1-year low of $330.15 and a 1-year high of $498.23. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.32.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the previous year, the business posted $1.98 EPS. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Ferrari will post 8.75 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on the company. Evercore ISI raised their target price on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. Morgan Stanley increased their price target on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Ferrari presently has a consensus rating of “Moderate Buy” and an average price target of $507.14.

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.