Cynosure Group LLC Purchases Shares of 953 Ferrari (NYSE:RACE)

Cynosure Group LLC acquired a new position in Ferrari (NYSE:RACE) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 953 shares of the company’s stock, valued at approximately $448,000.

Other hedge funds also recently made changes to their positions in the company. Townsquare Capital LLC grew its position in Ferrari by 24.8% in the third quarter. Townsquare Capital LLC now owns 5,435 shares of the company’s stock worth $2,555,000 after buying an additional 1,079 shares during the last quarter. BNP Paribas Financial Markets boosted 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 acquiring an additional 104,366 shares in the last quarter. Principal Street Partners LLC grew its holdings in shares of Ferrari by 98.2% in the 3rd quarter. Principal Street Partners LLC now owns 1,938 shares of the company’s stock worth $911,000 after acquiring an additional 960 shares during the last quarter. Quantbot Technologies LP raised its position in shares of Ferrari by 43.8% during the third quarter. Quantbot Technologies LP now owns 10,926 shares of the company’s stock worth $5,136,000 after purchasing an additional 3,328 shares during the period. Finally, Bank of Montreal Can lifted its holdings in shares of Ferrari by 36.3% during the third quarter. Bank of Montreal Can now owns 181,539 shares of the company’s stock valued at $85,628,000 after purchasing an additional 48,300 shares during the last quarter.

Ferrari Trading Down 0.0 %

Shares of NYSE RACE opened at $431.57 on Thursday. The business has a 50 day simple moving average of $460.57 and a 200 day simple moving average of $443.15. Ferrari has a 52 week low of $330.15 and a 52 week high of $498.23. 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 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 return on equity of 44.67% and a net margin of 22.16%. The business’s revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.98 earnings per share. As a group, sell-side analysts forecast that Ferrari will post 8.66 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RACE has been the subject of a number of analyst reports. Morgan Stanley upped their price objective on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Evercore ISI lifted their price target on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $507.14.

About Ferrari

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.