Park Place Capital Corp Sells 40 Shares of Ferrari (NYSE:RACE)

Park Place Capital Corp trimmed its holdings in Ferrari (NYSE:RACE) by 8.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 438 shares of the company’s stock after selling 40 shares during the quarter. Park Place Capital Corp’s holdings in Ferrari were worth $186,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in RACE. E Fund Management Hong Kong Co. Ltd. acquired a new stake in Ferrari in the 3rd quarter valued at about $29,000. Planning Capital Management Corp acquired a new stake in shares of Ferrari in the third quarter valued at approximately $30,000. Ashton Thomas Securities LLC acquired a new stake in shares of Ferrari in the third quarter valued at approximately $33,000. FSC Wealth Advisors LLC bought a new position in Ferrari in the 3rd quarter worth approximately $47,000. Finally, Hobbs Group Advisors LLC acquired a new position in Ferrari during the 3rd quarter worth $47,000.

Ferrari Stock Performance

Shares of NYSE:RACE opened at $432.38 on Thursday. The firm’s 50 day simple moving average is $434.05 and its 200 day simple moving average is $448.58. Ferrari has a fifty-two week low of $330.15 and a fifty-two week high of $498.23. The company has a market capitalization of $105.39 billion, a price-to-earnings ratio of 50.22, a P/E/G ratio of 3.77 and a beta of 0.95. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55.

Ferrari (NYSE:RACE) last posted its earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share 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 analyst estimates of $1.80 billion. Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the business posted $1.98 earnings per share. As a group, sell-side analysts forecast that Ferrari will post 8.59 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on RACE shares. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. UBS Group lifted their price objective on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and upped their target price for the company from $385.00 to $525.00 in a research report on Friday, October 11th. Finally, Evercore ISI lifted their price target on shares of Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. One equities research 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 data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $507.14.

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.