Portside Wealth Group LLC Increases Stock Holdings in Ferrari (NYSE:RACE)

Portside Wealth Group LLC lifted its holdings in Ferrari (NYSE:RACE) by 13.1% during the first quarter, Holdings Channel reports. The institutional investor owned 675 shares of the company’s stock after purchasing an additional 78 shares during the quarter. Portside Wealth Group LLC’s holdings in Ferrari were worth $287,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of RACE. Spire Wealth Management boosted its stake in shares of Ferrari by 200.0% in the fourth quarter. Spire Wealth Management now owns 300 shares of the company’s stock valued at $127,000 after buying an additional 200 shares in the last quarter. Stratos Wealth Partners LTD. boosted its stake in shares of Ferrari by 6.6% in the fourth quarter. Stratos Wealth Partners LTD. now owns 3,550 shares of the company’s stock valued at $1,509,000 after buying an additional 219 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Ferrari by 156.0% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,400 shares of the company’s stock valued at $2,731,000 after buying an additional 3,900 shares in the last quarter. Telligent Fund LP purchased a new stake in shares of Ferrari in the fourth quarter valued at approximately $2,804,000. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Ferrari by 3.6% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 141,473 shares of the company’s stock valued at $60,103,000 after buying an additional 4,882 shares in the last quarter.

Wall Street Analyst Weigh In

RACE has been the topic of a number of analyst reports. JPMorgan Chase & Co. decreased their price target on Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Wall Street Zen downgraded Ferrari from a “buy” rating to a “hold” rating in a research note on Thursday, May 15th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, March 28th. Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a research report on Thursday, February 6th. They set a “hold” rating on the stock. Finally, UBS Group boosted their target price on Ferrari from $520.00 to $560.00 and gave the stock a “buy” rating in a research report on Wednesday, May 7th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $526.25.

Ferrari Stock Down 0.1%

RACE opened at $480.70 on Friday. The business’s fifty day moving average is $459.52 and its two-hundred day moving average is $450.24. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The company has a market cap of $116.51 billion, a price-to-earnings ratio of 52.54, a PEG ratio of 4.43 and a beta of 1.13. Ferrari has a one year low of $391.54 and a one year high of $509.13.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Tuesday, May 6th. The company reported $2.42 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.06. Ferrari had a return on equity of 46.69% and a net margin of 22.81%. The company had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.82 billion. During the same period in the previous year, the firm posted $1.95 earnings per share. The business’s revenue for the quarter was up 13.0% compared to the same quarter last year. Analysts anticipate that Ferrari will post 9.22 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.