Ferrari (NYSE:RACE) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Ferrari (NYSE:RACE) have been given an average recommendation of “Moderate Buy” by the eleven ratings firms that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $507.14.

Several research firms have weighed in on RACE. Evercore ISI boosted 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. Morgan Stanley boosted their price target on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. StockNews.com downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, UBS Group boosted their price target on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th.

Ferrari Stock Up 0.9 %

NYSE RACE opened at $434.98 on Tuesday. Ferrari has a 52-week low of $330.15 and a 52-week high of $498.23. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. The company has a fifty day moving average of $465.48 and a 200-day moving average of $442.44.

Ferrari (NYSE:RACE) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share (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 company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same period in the prior year, the firm posted $1.98 earnings per share. The business’s revenue was up 6.5% on a year-over-year basis. On average, research analysts forecast that Ferrari will post 8.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ferrari

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Ferrari by 1.4% in the first 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. Jennison Associates LLC grew its holdings in Ferrari by 910.1% in the third quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock worth $1,368,622,000 after purchasing an additional 2,636,869 shares during the period. Capital Research Global Investors grew its holdings in Ferrari by 3.9% in the first quarter. Capital Research Global Investors now owns 1,329,714 shares of the company’s stock worth $579,585,000 after purchasing an additional 49,367 shares during the period. Legal & General Group Plc grew its holdings in Ferrari by 2.4% in the second quarter. Legal & General Group Plc now owns 1,256,482 shares of the company’s stock worth $512,660,000 after purchasing an additional 30,014 shares during the period. Finally, International Assets Investment Management LLC grew its holdings in Ferrari by 47,023.5% in the third quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock worth $5,551,600,000 after purchasing an additional 1,178,410 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.