Ferrari (NYSE:RACE) Shares Sold by M&T Bank Corp

M&T Bank Corp lessened its position in Ferrari (NYSE:RACE) by 0.6% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 27,000 shares of the company’s stock after selling 166 shares during the period. M&T Bank Corp’s holdings in Ferrari were worth $12,693,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of Ferrari in the third quarter valued at about $29,000. Planning Capital Management Corp acquired a new stake in shares of Ferrari in the third quarter valued at about $30,000. Rothschild Investment LLC acquired a new stake in shares of Ferrari in the second quarter valued at about $29,000. Ashton Thomas Securities LLC acquired a new stake in shares of Ferrari in the third quarter valued at about $33,000. Finally, Valley Wealth Managers Inc. acquired a new stake in shares of Ferrari in the second quarter valued at about $33,000.

Ferrari Stock Up 0.0 %

Shares of NYSE RACE opened at $448.56 on Wednesday. Ferrari has a 12 month low of $330.15 and a 12 month high of $498.23. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The company has a 50-day simple moving average of $455.63 and a 200-day simple moving average of $444.90.

Ferrari (NYSE:RACE) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.98 earnings per share. Sell-side analysts anticipate that Ferrari will post 8.58 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on RACE shares. Morgan Stanley raised their price objective on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. UBS Group raised their price objective on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and raised their target price for the company from $385.00 to $525.00 in a report on Friday, October 11th. Evercore ISI raised their target price on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. Finally, StockNews.com downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. One 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus 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.