Crossmark Global Holdings Inc. Cuts Stake in Ferrari (NYSE:RACE)

Crossmark Global Holdings Inc. lessened its holdings in shares of Ferrari (NYSE:RACE - Free Report) by 45.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor 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 reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in RACE. Axxcess Wealth Management LLC lifted its position in shares of Ferrari by 20.2% in the third quarter. Axxcess Wealth Management LLC now owns 601 shares of the company's stock valued at $283,000 after acquiring an additional 101 shares in the last quarter. Legacy Capital Wealth Partners LLC increased its stake in Ferrari by 93.8% during the third quarter. Legacy Capital Wealth Partners LLC now owns 1,490 shares of the company's stock valued at $700,000 after purchasing an additional 721 shares during the last quarter. Lindbrook Capital LLC increased its holdings in shares of Ferrari by 15.8% in the 3rd quarter. Lindbrook Capital LLC now owns 573 shares of the company's stock worth $269,000 after acquiring an additional 78 shares during the period. Assetmark Inc. increased its stake in shares of Ferrari by 11.1% during the third quarter. Assetmark Inc. now owns 1,550 shares of the company's stock valued at $729,000 after acquiring an additional 155 shares during the period. Finally, Verdence Capital Advisors LLC boosted its position in shares of Ferrari by 11.8% in the 3rd quarter. Verdence Capital Advisors LLC now owns 2,277 shares of the company's stock valued at $1,070,000 after purchasing an additional 240 shares during the period.

Ferrari Stock Performance

Shares of NYSE RACE traded up $2.47 during midday trading on Wednesday, hitting $439.59. The stock had a trading volume of 277,757 shares, compared to its average volume of 283,341. The company's 50-day simple moving average is $468.71 and its 200 day simple moving average is $441.97. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. Ferrari has a fifty-two week low of $330.15 and a fifty-two week high of $498.23.

Ferrari (NYSE:RACE - Get Free Report) last released its earnings results on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.03). The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.80 billion. Ferrari had a net margin of 22.16% and a return on equity of 44.67%. Ferrari's quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.98 earnings per share. Equities analysts anticipate that Ferrari will post 8.75 earnings per share for the current year.

Analyst Upgrades and Downgrades

RACE has been the topic of a number of recent research reports. StockNews.com downgraded Ferrari from a "buy" rating to a "hold" rating in a report on Wednesday, October 16th. Evercore ISI upped their target price on Ferrari from $475.00 to $565.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 22nd. Morgan Stanley increased their price target on Ferrari from $400.00 to $520.00 and gave the stock an "overweight" rating in a report on Tuesday, August 27th. UBS Group increased 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. Finally, JPMorgan Chase & Co. raised Ferrari from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $385.00 to $525.00 in a research note on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Ferrari currently has an average rating of "Moderate Buy" and an average target price 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.