HighTower Advisors LLC Has $10.02 Million Stake in Ferrari (NYSE:RACE)

HighTower Advisors LLC decreased its stake in Ferrari (NYSE:RACE - Free Report) by 9.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 21,461 shares of the company's stock after selling 2,118 shares during the quarter. HighTower Advisors LLC's holdings in Ferrari were worth $10,021,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Jennison Associates LLC raised its stake in shares of Ferrari by 910.1% during the 3rd quarter. Jennison Associates LLC now owns 2,926,616 shares of the company's stock worth $1,368,622,000 after purchasing an additional 2,636,869 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of Ferrari by 47,023.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company's stock worth $5,551,600,000 after purchasing an additional 1,178,410 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Ferrari by 108.4% during the 2nd quarter. Marshall Wace LLP now owns 887,108 shares of the company's stock worth $361,961,000 after purchasing an additional 461,409 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Ferrari by 89.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 220,418 shares of the company's stock worth $103,621,000 after purchasing an additional 104,366 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in shares of Ferrari by 904.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 110,565 shares of the company's stock worth $51,968,000 after purchasing an additional 99,558 shares in the last quarter.

Analyst Upgrades and Downgrades

RACE has been the topic of a number of recent analyst reports. StockNews.com downgraded Ferrari from a "buy" rating to a "hold" rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. raised Ferrari from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $385.00 to $525.00 in a research note on Friday, October 11th. Morgan Stanley raised their price objective on 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 Ferrari from $478.00 to $513.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. Finally, Evercore ISI raised their price objective on Ferrari from $475.00 to $565.00 and gave the company an "outperform" rating in a research note on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Ferrari has a consensus rating of "Moderate Buy" and an average price target of $507.14.

Ferrari Stock Performance

RACE traded down $9.93 during trading on Monday, hitting $448.51. The company's stock had a trading volume of 279,333 shares, compared to its average volume of 281,717. The firm's 50 day moving average price is $455.63 and its two-hundred day moving average price is $444.90. 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 12 month low of $330.15 and a 12 month high of $498.23.

Ferrari (NYSE:RACE - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.03). The business 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%. The company'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 firm posted $1.98 EPS. Sell-side analysts predict that Ferrari will post 8.58 EPS for the current fiscal year.

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.