Procyon Advisors LLC Decreases Position in Ferrari (NYSE:RACE)

Procyon Advisors LLC decreased its position in Ferrari (NYSE:RACE) by 44.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 978 shares of the company’s stock after selling 771 shares during the period. Procyon Advisors LLC’s holdings in Ferrari were worth $416,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. E Fund Management Hong Kong Co. Ltd. bought a new position in Ferrari in the 3rd quarter worth approximately $29,000. Planning Capital Management Corp bought a new position in shares of Ferrari in the third quarter worth $30,000. Ashton Thomas Securities LLC purchased a new position in shares of Ferrari in the third quarter valued at $33,000. Armstrong Advisory Group Inc. raised its stake in shares of Ferrari by 100.0% during the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock valued at $42,000 after purchasing an additional 50 shares during the period. Finally, FSC Wealth Advisors LLC purchased a new stake in Ferrari during the 3rd quarter worth about $47,000.

Ferrari Stock Up 0.7 %

Shares of NYSE:RACE opened at $436.17 on Friday. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. Ferrari has a 52-week low of $330.15 and a 52-week high of $498.23. The firm has a fifty day moving average of $434.32 and a 200 day moving average of $447.94.

Ferrari (NYSE:RACE) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). The firm had revenue of $1.64 billion during 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%. Ferrari’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.98 earnings per share. Sell-side analysts forecast that Ferrari will post 8.59 EPS for the current fiscal year.

Analysts Set New Price Targets

RACE has been the topic of several analyst reports. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and upped their price target for the company from $385.00 to $525.00 in a research report on Friday, October 11th. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. UBS Group raised their price target on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, Evercore ISI upped their price target on shares of Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $507.14.

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.