Ferrari (NYSE:RACE) Downgraded by Barclays to “Equal Weight”

Ferrari (NYSE:RACE) was downgraded by equities research analysts at Barclays from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Wednesday,Finviz reports.

Several other equities research analysts have also commented on RACE. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. UBS Group boosted their price objective on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Evercore ISI boosted their price target on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Price Performance

Shares of NYSE:RACE opened at $459.32 on Wednesday. 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 50-day moving average price of $433.53 and a 200 day moving average price of $448.75. Ferrari has a 52 week low of $368.80 and a 52 week high of $498.23. The company has a market cap of $111.96 billion, a P/E ratio of 53.35, a PEG ratio of 3.72 and a beta of 0.95.

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

Institutional Trading of Ferrari

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Cerity Partners LLC boosted its holdings in shares of Ferrari by 14.0% in the 3rd quarter. Cerity Partners LLC now owns 26,915 shares of the company’s stock valued at $12,653,000 after purchasing an additional 3,308 shares during the last quarter. Miracle Mile Advisors LLC grew its position in Ferrari by 123.9% during the fourth quarter. Miracle Mile Advisors LLC now owns 9,005 shares of the company’s stock valued at $3,826,000 after acquiring an additional 4,983 shares during the period. Mediolanum International Funds Ltd increased its stake in Ferrari by 24.7% during the fourth quarter. Mediolanum International Funds Ltd now owns 9,071 shares of the company’s stock worth $3,874,000 after acquiring an additional 1,796 shares during the last quarter. Rheos Capital Works Inc. raised its holdings in shares of Ferrari by 30.3% in the 3rd quarter. Rheos Capital Works Inc. now owns 111,700 shares of the company’s stock worth $52,511,000 after purchasing an additional 26,000 shares during the period. Finally, Raymond James & Associates lifted its stake in shares of Ferrari by 1.4% in the 3rd quarter. Raymond James & Associates now owns 50,940 shares of the company’s stock valued at $23,948,000 after purchasing an additional 693 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.