Franklin Resources Inc. Sells 7,641 Shares of Ferrari N.V. $RACE

Franklin Resources Inc. reduced its holdings in shares of Ferrari N.V. (NYSE:RACE) by 22.6% during the 2nd quarter, Holdings Channel.com reports. The fund owned 26,166 shares of the company’s stock after selling 7,641 shares during the period. Franklin Resources Inc.’s holdings in Ferrari were worth $12,824,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Sound View Wealth Advisors Group LLC lifted its stake in Ferrari by 1.0% during the first quarter. Sound View Wealth Advisors Group LLC now owns 2,198 shares of the company’s stock worth $940,000 after purchasing an additional 21 shares during the period. GAMMA Investing LLC grew its stake in shares of Ferrari by 41.2% in the 2nd quarter. GAMMA Investing LLC now owns 72 shares of the company’s stock valued at $35,000 after purchasing an additional 21 shares during the period. Allworth Financial LP raised its holdings in shares of Ferrari by 7.5% in the 2nd quarter. Allworth Financial LP now owns 330 shares of the company’s stock worth $162,000 after buying an additional 23 shares in the last quarter. Inspire Investing LLC lifted its position in shares of Ferrari by 0.7% during the 2nd quarter. Inspire Investing LLC now owns 4,332 shares of the company’s stock worth $2,126,000 after buying an additional 28 shares during the period. Finally, Aviso Financial Inc. lifted its position in shares of Ferrari by 1.1% during the 1st quarter. Aviso Financial Inc. now owns 2,835 shares of the company’s stock worth $1,213,000 after buying an additional 30 shares during the period.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on RACE shares. Berenberg Bank set a $570.00 price target on Ferrari in a research report on Friday, October 3rd. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Ferrari in a report on Monday, August 4th. Hsbc Global Res upgraded shares of Ferrari from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 2nd. HSBC upgraded shares of Ferrari from a “hold” rating to a “buy” rating and set a $470.00 price target on the stock in a research report on Thursday, October 2nd. Finally, Citigroup dropped their price objective on shares of Ferrari from $579.00 to $529.00 and set a “buy” rating for the company in a report on Thursday, October 16th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $499.13.

Ferrari Trading Up 1.9%

Shares of NYSE RACE opened at $390.11 on Friday. Ferrari N.V. has a 1-year low of $372.31 and a 1-year high of $519.10. The company has a 50-day moving average of $421.07 and a two-hundred day moving average of $459.11. The company has a market cap of $94.56 billion, a PE ratio of 39.41, a P/E/G ratio of 4.05 and a beta of 1.07. The company has a current ratio of 4.90, a quick ratio of 3.78 and a debt-to-equity ratio of 0.76.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Tuesday, November 4th. The company reported $2.50 EPS for the quarter, beating the consensus estimate of $2.35 by $0.15. Ferrari had a net margin of 22.65% and a return on equity of 44.20%. The business had revenue of $2.07 billion for the quarter, compared to analysts’ expectations of $1.94 billion. Ferrari has set its FY 2025 guidance at 10.290- EPS. As a group, equities analysts expect that Ferrari N.V. will post 9.22 earnings per share for the current fiscal year.

Ferrari Company 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.