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

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

A number of analysts recently issued reports on the stock. Morgan Stanley increased their target price on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Evercore ISI raised their target price on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. UBS Group upped their price target on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $385.00 to $525.00 in a research report on Friday, October 11th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RACE. Blue Trust Inc. grew its holdings in Ferrari by 3,806.5% during the 2nd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $528,000 after acquiring an additional 1,180 shares in the last quarter. Cerity Partners LLC lifted its position in shares of Ferrari by 14.0% during the third quarter. Cerity Partners LLC now owns 26,915 shares of the company’s stock worth $12,653,000 after purchasing an additional 3,308 shares during the last quarter. Raymond James & Associates grew its stake in Ferrari by 1.3% in the second quarter. Raymond James & Associates now owns 50,247 shares of the company’s stock worth $20,519,000 after purchasing an additional 655 shares in the last quarter. Rheos Capital Works Inc. increased its holdings in Ferrari by 30.3% in the third quarter. Rheos Capital Works Inc. now owns 111,700 shares of the company’s stock valued at $52,511,000 after buying an additional 26,000 shares during the last quarter. Finally, Icon Wealth Advisors LLC raised its stake in Ferrari by 1,403.2% during the third quarter. Icon Wealth Advisors LLC now owns 6,043 shares of the company’s stock valued at $2,841,000 after buying an additional 5,641 shares in the last quarter.

Ferrari Stock Performance

NYSE:RACE opened at $422.83 on Friday. Ferrari has a fifty-two week low of $330.15 and a fifty-two week high of $498.23. The firm’s 50 day moving average is $453.96 and its two-hundred day moving average is $446.17. The company has a market cap of $78.12 billion, a P/E ratio of 49.11, a P/E/G ratio of 4.26 and a beta of 0.95. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93.

Ferrari (NYSE:RACE) last issued its 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 firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.80 billion. Ferrari had a net margin of 22.16% and a return on equity of 44.67%. Ferrari’s revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.98 EPS. Analysts expect that Ferrari will post 8.58 EPS for the current year.

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.