Ferrari (NYSE:RACE) PT Raised to $565.00

Ferrari (NYSE:RACE) had its target price hoisted by equities researchers at Evercore ISI from $475.00 to $565.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Evercore ISI’s target price would suggest a potential upside of 17.11% from the company’s previous close.

RACE has been the topic of several other research reports. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Morgan Stanley lifted their target price on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. Finally, UBS Group increased their target price on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a report on Monday, June 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $502.14.

Ferrari Trading Up 0.8 %

Shares of Ferrari stock opened at $482.44 on Tuesday. The stock’s fifty day simple moving average is $472.13 and its 200 day simple moving average is $436.82. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01. Ferrari has a 12 month low of $296.34 and a 12 month high of $498.23.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Thursday, August 1st. The company reported $2.29 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.08. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The company had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the firm posted $1.99 earnings per share. Ferrari’s revenue was up 16.1% compared to the same quarter last year. As a group, equities research analysts expect that Ferrari will post 8.65 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ferrari

Several hedge funds and other institutional investors have recently made changes to their positions in RACE. Jamison Private Wealth Management Inc. raised its stake in Ferrari by 27.2% in the third quarter. Jamison Private Wealth Management Inc. now owns 103 shares of the company’s stock valued at $48,000 after buying an additional 22 shares during the period. Contravisory Investment Management Inc. lifted its holdings in Ferrari by 4.6% during the 2nd quarter. Contravisory Investment Management Inc. now owns 518 shares of the company’s stock valued at $212,000 after purchasing an additional 23 shares during the last quarter. First Citizens Bank & Trust Co. lifted its holdings in Ferrari by 3.3% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock valued at $321,000 after purchasing an additional 25 shares during the last quarter. Columbia Asset Management boosted its position in Ferrari by 1.8% during the second quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock worth $582,000 after purchasing an additional 25 shares during the period. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Ferrari by 12.5% in the first quarter. EverSource Wealth Advisors LLC now owns 243 shares of the company’s stock valued at $101,000 after purchasing an additional 27 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.