Ferrari (NYSE:RACE) Downgraded by StockNews.com

StockNews.com lowered shares of Ferrari (NYSE:RACE) from a buy rating to a hold rating in a research note released on Wednesday morning.

Other equities research analysts have also recently issued reports about the stock. UBS Group lifted their price target on shares of Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. Morgan Stanley upped their price target on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Finally, JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $487.86.

Ferrari Stock Performance

RACE stock opened at $482.35 on Wednesday. Ferrari has a one year low of $296.34 and a one year high of $498.23. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01. The firm’s 50 day moving average price is $469.46 and its 200-day moving average price is $435.39.

Ferrari (NYSE:RACE) last announced its quarterly earnings results on Thursday, August 1st. The company reported $2.29 EPS for the quarter, beating the consensus estimate of $2.21 by $0.08. The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.63 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The company’s quarterly revenue was up 16.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.99 EPS. As a group, equities research analysts forecast that Ferrari will post 8.81 EPS for the current year.

Institutional Trading of Ferrari

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Ferrari by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 4,549,934 shares of the company’s stock worth $1,983,498,000 after purchasing an additional 61,588 shares during the period. Capital Research Global Investors grew its position in shares of Ferrari by 3.9% during the first quarter. Capital Research Global Investors now owns 1,329,714 shares of the company’s stock worth $579,585,000 after buying an additional 49,367 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Ferrari by 2.4% during the second quarter. Legal & General Group Plc now owns 1,256,482 shares of the company’s stock worth $512,660,000 after buying an additional 30,014 shares during the period. Capital International Investors raised its holdings in Ferrari by 314.3% in the first quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock valued at $454,792,000 after acquiring an additional 791,596 shares in the last quarter. Finally, Capital World Investors lifted its stake in Ferrari by 34.3% in the first quarter. Capital World Investors now owns 962,583 shares of the company’s stock worth $419,547,000 after acquiring an additional 245,872 shares during the last quarter.

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.