Ferrari (NYSE:RACE) Stock Rating Upgraded by StockNews.com

Ferrari (NYSE:RACE) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Thursday.

Other equities analysts have also recently issued reports about the stock. UBS Group upped their price objective on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a report on Thursday. They issued a “hold” rating for the company. JPMorgan Chase & Co. upgraded 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 report on Friday, October 11th. Barclays cut Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday. Finally, Evercore ISI lifted their price target on shares of Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Ferrari presently has an average rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Price Performance

RACE stock opened at $446.27 on Thursday. The firm has a market cap of $108.78 billion, a P/E ratio of 51.83, a price-to-earnings-growth ratio of 3.72 and a beta of 0.95. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. Ferrari has a 1 year low of $375.31 and a 1 year high of $498.23. The stock has a 50-day simple moving average of $435.35 and a 200-day simple moving average of $449.25.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.03). Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same period last year, the business earned $1.98 EPS. The firm’s revenue was up 6.5% compared to the same quarter last year. On average, equities analysts predict that Ferrari will post 8.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ferrari

A number of hedge funds have recently added to or reduced their stakes in RACE. Jennison Associates LLC grew its position in shares of Ferrari by 910.1% during the third quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock worth $1,368,622,000 after acquiring an additional 2,636,869 shares during the last quarter. Bank of Italy grew its position in Ferrari by 2.8% in the 4th quarter. Bank of Italy now owns 2,339,620 shares of the company’s stock worth $1,002,392,000 after purchasing an additional 63,675 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Ferrari by 2.4% in the fourth quarter. Bank of New York Mellon Corp now owns 1,612,108 shares of the company’s stock valued at $684,888,000 after purchasing an additional 38,356 shares during the period. International Assets Investment Management LLC raised its holdings in shares of Ferrari by 47,023.5% during the third quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock valued at $5,551,600,000 after buying an additional 1,178,410 shares during the last quarter. Finally, Banco Santander S.A. boosted its position in shares of Ferrari by 4.2% during the fourth quarter. Banco Santander S.A. now owns 414,720 shares of the company’s stock worth $176,190,000 after buying an additional 16,663 shares during the period.

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.