Cynosure Group LLC Makes New Investment in Ferrari (NYSE:RACE)

Cynosure Group LLC purchased a new stake in Ferrari (NYSE:RACE) during the third quarter, HoldingsChannel.com reports. The fund purchased 953 shares of the company’s stock, valued at approximately $448,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Rothschild Investment LLC acquired a new position in Ferrari during the 2nd quarter worth $29,000. E Fund Management Hong Kong Co. Ltd. bought a new position in shares of Ferrari in the third quarter worth about $29,000. Planning Capital Management Corp acquired a new position in shares of Ferrari during the 3rd quarter worth about $30,000. Valley Wealth Managers Inc. bought a new stake in Ferrari during the 2nd quarter valued at approximately $33,000. Finally, Ashton Thomas Securities LLC acquired a new stake in Ferrari in the 3rd quarter valued at approximately $33,000.

Ferrari Stock Performance

NYSE:RACE opened at $431.57 on Thursday. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. Ferrari has a 1 year low of $330.15 and a 1 year high of $498.23. The firm has a 50 day moving average of $460.57 and a 200-day moving average of $443.15.

Ferrari (NYSE:RACE) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 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 business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same period in the prior year, the firm posted $1.98 EPS. Ferrari’s revenue for the quarter was up 6.5% compared to the same quarter last year. Equities research analysts expect that Ferrari will post 8.66 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on RACE shares. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. UBS Group increased their price target on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Evercore ISI boosted their price objective on shares of Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $507.14.

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.