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

Portside Wealth Group LLC grew its holdings in Ferrari (NYSE:RACE) by 10.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 747 shares of the company’s stock after purchasing an additional 72 shares during the period. Portside Wealth Group LLC’s holdings in Ferrari were worth $320,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Park Square Financial Group LLC purchased a new stake in Ferrari in the fourth quarter worth $32,000. Webster Bank N. A. purchased a new stake in Ferrari in the first quarter worth $43,000. Kestra Investment Management LLC purchased a new stake in Ferrari in the fourth quarter worth $45,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Ferrari in the first quarter worth $48,000. Finally, Plato Investment Management Ltd purchased a new stake in Ferrari in the fourth quarter worth $53,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. dropped their price target on Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. UBS Group increased their price target on Ferrari from $520.00 to $560.00 and gave the stock a “buy” rating in a research report on Wednesday, May 7th. Kepler Capital Markets raised Ferrari from a “hold” rating to a “buy” rating in a research report on Friday, March 28th. Wall Street Zen downgraded Ferrari from a “buy” rating to a “hold” rating in a research report on Thursday, May 15th. Finally, Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, March 28th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $526.25.

Ferrari Price Performance

Shares of RACE stock opened at $486.03 on Wednesday. Ferrari has a 1-year low of $391.54 and a 1-year high of $509.13. The stock’s 50-day moving average is $462.46 and its 200 day moving average is $451.45. The company has a market cap of $117.80 billion, a P/E ratio of 53.12, a PEG ratio of 4.43 and a beta of 1.10. 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 issued its quarterly earnings data on Tuesday, May 6th. The company reported $2.42 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter last year, the company earned $1.95 earnings per share. The firm’s revenue for the quarter was up 13.0% compared to the same quarter last year. Research analysts predict that Ferrari will post 9.22 earnings per share for the current fiscal year.

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.