Envestnet Portfolio Solutions Inc. Sells 2,553 Shares of Ferrari (NYSE:RACE)

Envestnet Portfolio Solutions Inc. lowered its holdings in Ferrari (NYSE:RACE) by 19.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,590 shares of the company’s stock after selling 2,553 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Ferrari were worth $4,324,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. IAG Wealth Partners LLC bought a new stake in Ferrari during the first quarter worth about $33,000. Register Financial Advisors LLC bought a new stake in shares of Ferrari during the 1st quarter worth approximately $33,000. Pittenger & Anderson Inc. boosted its position in shares of Ferrari by 168.6% during the 1st quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock worth $41,000 after acquiring an additional 59 shares in the last quarter. Headlands Technologies LLC bought a new position in Ferrari in the fourth quarter valued at approximately $43,000. Finally, Spire Wealth Management bought a new position in Ferrari in the first quarter valued at approximately $46,000.

Ferrari Trading Up 0.8 %

Ferrari stock traded up $3.46 during mid-day trading on Thursday, hitting $456.36. 239,093 shares of the stock were exchanged, compared to its average volume of 273,408. The firm’s fifty day simple moving average is $420.11 and its two-hundred day simple moving average is $414.48. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01. Ferrari has a 12 month low of $285.02 and a 12 month high of $463.00. The stock has a market capitalization of $84.31 billion, a price-to-earnings ratio of 58.43, a PEG ratio of 4.71 and a beta of 0.99.

Ferrari (NYSE:RACE) last announced its earnings results on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.08. The business had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.63 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. Ferrari’s quarterly revenue was up 16.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.99 earnings per share. Analysts forecast that Ferrari will post 8.66 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Sanford C. Bernstein raised their target price on Ferrari from $448.00 to $512.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. Evercore ISI raised their target price on shares of Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a research report on Monday, April 22nd. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. UBS Group boosted their price target on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $400.00 price objective on shares of Ferrari in a research note on Monday, April 22nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $461.67.

Ferrari Profile

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.