Ferrari (NYSE:RACE) Shares Purchased by Portside Wealth Group LLC

Portside Wealth Group LLC raised its holdings in Ferrari (NYSE:RACE) by 14.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 602 shares of the company’s stock after acquiring an additional 74 shares during the quarter. Portside Wealth Group LLC’s holdings in Ferrari were worth $283,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in RACE. Blue Trust Inc. boosted its holdings in Ferrari by 3,806.5% during the second quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $528,000 after buying an additional 1,180 shares in the last quarter. Raymond James & Associates boosted its stake in shares of Ferrari by 1.3% during the 2nd quarter. Raymond James & Associates now owns 50,247 shares of the company’s stock worth $20,519,000 after acquiring an additional 655 shares in the last quarter. Gateway Investment Advisers LLC grew its holdings in shares of Ferrari by 46.7% in the 2nd quarter. Gateway Investment Advisers LLC now owns 6,864 shares of the company’s stock worth $2,803,000 after acquiring an additional 2,185 shares during the period. Rheos Capital Works Inc. increased its stake in Ferrari by 30.3% in the 3rd quarter. Rheos Capital Works Inc. now owns 111,700 shares of the company’s stock valued at $52,511,000 after purchasing an additional 26,000 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in Ferrari by 213.7% during the first quarter. Canada Pension Plan Investment Board now owns 62,081 shares of the company’s stock worth $27,082,000 after purchasing an additional 42,290 shares during the last quarter.

Ferrari Stock Performance

NYSE:RACE opened at $454.46 on Friday. The company has a market cap of $83.96 billion, a P/E ratio of 52.78, a P/E/G ratio of 4.69 and a beta of 0.99. The firm’s 50 day moving average is $470.58 and its two-hundred day moving average is $441.32. Ferrari has a fifty-two week low of $330.15 and a fifty-two week high of $498.23. The company has a quick ratio of 3.32, a current ratio of 4.57 and a debt-to-equity ratio of 0.93.

Ferrari (NYSE:RACE) last issued its earnings results 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). Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the previous year, the firm posted $1.98 EPS. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. Analysts expect that Ferrari will post 8.68 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and raised their price target for the company from $385.00 to $525.00 in a research report on Friday, October 11th. Morgan Stanley raised their target price on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. Evercore ISI upped their price target on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. UBS Group raised their price objective on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price 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.