Ferrari (NYSE:RACE) Given Average Rating of “Moderate Buy” by Analysts

Shares of Ferrari (NYSE:RACE) have received an average recommendation of “Moderate Buy” from the nine analysts that are currently covering the firm, MarketBeat Ratings reports. One 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 1 year target price among analysts that have issued ratings on the stock in the last year is $507.14.

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

Hedge Funds Weigh In On Ferrari

Several hedge funds have recently made changes to their positions in RACE. Jennison Associates LLC increased its position in shares of Ferrari by 910.1% during the third quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock valued at $1,368,622,000 after buying an additional 2,636,869 shares during the period. Legal & General Group Plc boosted its position in Ferrari by 2.4% during the 2nd quarter. Legal & General Group Plc now owns 1,256,482 shares of the company’s stock valued at $512,660,000 after acquiring an additional 30,014 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of Ferrari by 47,023.5% during 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 acquiring an additional 1,178,410 shares during the period. Marshall Wace LLP raised its position 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 acquiring an additional 461,409 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its stake in shares of Ferrari by 25.8% in the 2nd quarter. Clearbridge Investments LLC now owns 479,135 shares of the company’s stock valued at $195,664,000 after purchasing an additional 98,225 shares during the period.

Ferrari Price Performance

Shares of Ferrari stock opened at $453.92 on Friday. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. Ferrari has a 12 month low of $330.15 and a 12 month high of $498.23. The business’s 50-day moving average price is $455.37 and its 200-day moving average price is $445.21.

Ferrari (NYSE:RACE) last issued its earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.03). The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.80 billion. Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the prior year, the company earned $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.