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

Shares of Ferrari (NYSE:RACE) have earned an average rating of “Moderate Buy” from the nine research firms that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $507.14.

RACE has been the subject of several recent research reports. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and upped their target price for the company from $385.00 to $525.00 in a report on Friday, October 11th. Evercore ISI increased their target price on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. UBS Group boosted their price target on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th.

Ferrari Stock Performance

Shares of RACE opened at $429.50 on Wednesday. The stock has a market capitalization of $79.35 billion, a PE ratio of 49.88, a price-to-earnings-growth ratio of 4.26 and a beta of 0.95. The business’s fifty day moving average price is $436.85 and its 200 day moving average price is $447.82. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. Ferrari has a 12-month low of $330.15 and a 12-month high of $498.23.

Ferrari (NYSE:RACE) last posted its quarterly earnings results 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 business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the previous year, the business posted $1.98 earnings per share. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. Equities research analysts forecast that Ferrari will post 8.58 EPS for the current year.

Institutional Trading of Ferrari

A number of hedge funds and other institutional investors have recently made changes to their positions in RACE. Jennison Associates LLC grew its holdings in 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 period. Legal & General Group Plc grew its stake in shares of Ferrari by 2.4% in the 2nd 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 last quarter. International Assets Investment Management LLC raised its holdings in shares of Ferrari by 47,023.5% in the 3rd 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 in the last quarter. Marshall Wace LLP raised its holdings in shares of Ferrari by 108.4% in the 2nd quarter. Marshall Wace LLP now owns 887,108 shares of the company’s stock worth $361,961,000 after purchasing an additional 461,409 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its holdings in Ferrari by 25.8% during the second quarter. Clearbridge Investments LLC now owns 479,135 shares of the company’s stock worth $195,664,000 after buying an additional 98,225 shares in 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.