Ferrari (NYSE:RACE) Upgraded to Overweight by Barclays

Barclays upgraded shares of Ferrari (NYSE:RACE) from an equal weight rating to an overweight rating in a research note issued to investors on Friday, MarketBeat Ratings reports.

RACE has been the subject of several other research reports. StockNews.com cut shares of Ferrari from a buy rating to a hold rating in a research note on Wednesday, May 29th. Jefferies Financial Group assumed coverage on shares of Ferrari in a research note on Friday, May 10th. They issued a hold rating and a $403.00 price objective for the company. Bank of America lifted their price objective on shares of Ferrari from $458.00 to $512.00 and gave the stock a buy rating in a research note on Wednesday, April 10th. Morgan Stanley reiterated an overweight rating and issued a $400.00 price objective on shares of Ferrari in a research note on Monday, April 22nd. Finally, UBS Group lifted their price objective on shares of Ferrari from $448.00 to $478.00 and gave the stock a buy rating in a research note on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $461.67.

Ferrari Stock Performance

NYSE RACE opened at $433.59 on Friday. The firm has a 50-day moving average of $417.91 and a 200-day moving average of $409.25. The company has a debt-to-equity ratio of 0.80, a quick ratio of 3.25 and a current ratio of 4.18. Ferrari has a 52-week low of $285.02 and a 52-week high of $442.80.

Ferrari (NYSE:RACE) last posted its earnings results on Tuesday, May 7th. The company reported $2.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.08. The company had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.20%. On average, research analysts forecast that Ferrari will post 8.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ferrari

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rothschild Investment LLC bought a new stake in shares of Ferrari during the 2nd quarter valued at approximately $29,000. IAG Wealth Partners LLC bought a new stake in Ferrari during the 1st quarter worth approximately $33,000. Register Financial Advisors LLC bought a new stake in Ferrari during the 1st quarter worth approximately $33,000. Pittenger & Anderson Inc. grew its holdings in Ferrari by 168.6% during the 1st quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock worth $41,000 after acquiring an additional 59 shares during the last quarter. Finally, Householder Group Estate & Retirement Specialist LLC grew its holdings in Ferrari by 320.0% during the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 105 shares of the company’s stock worth $35,000 after acquiring an additional 80 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.