Ferrari (NYSE:RACE) Stock Rating Upgraded by Zacks Research

Ferrari (NYSE:RACE) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

A number of other research firms have also commented on RACE. The Goldman Sachs Group raised Ferrari to a “strong-buy” rating in a research report on Monday, November 24th. Oddo Bhf cut Ferrari to a “neutral” rating in a research note on Wednesday, December 10th. Barclays set a $420.00 price target on Ferrari and gave the stock an “overweight” rating in a research note on Tuesday, December 9th. Citigroup reduced their price objective on shares of Ferrari from $579.00 to $529.00 and set a “buy” rating on the stock in a research report on Thursday, October 16th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Ferrari from $460.00 to $457.00 and set an “overweight” rating for the company in a report on Wednesday, November 12th. Three analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, Ferrari presently has a consensus rating of “Moderate Buy” and an average target price of $480.67.

Ferrari Price Performance

Shares of Ferrari stock opened at $330.41 on Monday. The company’s fifty day simple moving average is $365.33 and its two-hundred day simple moving average is $419.22. Ferrari has a 12-month low of $328.00 and a 12-month high of $519.10. The firm has a market cap of $80.08 billion, a PE ratio of 33.37, a price-to-earnings-growth ratio of 3.66 and a beta of 0.99. The company has a quick ratio of 3.78, a current ratio of 4.90 and a debt-to-equity ratio of 0.76.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $2.50 EPS for the quarter, beating the consensus estimate of $2.35 by $0.15. The firm had revenue of $2.07 billion during the quarter, compared to the consensus estimate of $1.94 billion. Ferrari had a net margin of 22.65% and a return on equity of 44.20%. As a group, equities analysts expect that Ferrari will post 9.22 EPS for the current year.

Hedge Funds Weigh In On Ferrari

Several institutional investors and hedge funds have recently added to or reduced their stakes in RACE. Groupama Asset Managment grew its position in shares of Ferrari by 5.7% in the 3rd quarter. Groupama Asset Managment now owns 16,990,621 shares of the company’s stock worth $8,244,189,000 after buying an additional 916,821 shares during the period. Vanguard Group Inc. lifted its position in Ferrari by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 5,213,450 shares of the company’s stock valued at $1,937,388,000 after acquiring an additional 58,506 shares during the period. Amundi boosted its stake in Ferrari by 8.0% during the third quarter. Amundi now owns 2,972,368 shares of the company’s stock worth $1,461,008,000 after acquiring an additional 219,909 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Ferrari by 63.7% in the third quarter. Bank of New York Mellon Corp now owns 2,670,762 shares of the company’s stock worth $1,295,907,000 after purchasing an additional 1,039,234 shares during the period. Finally, Bank of Italy increased its stake in shares of Ferrari by 2.3% during the third quarter. Bank of Italy now owns 2,462,771 shares of the company’s stock valued at $1,190,158,000 after purchasing an additional 55,500 shares in the last quarter.

About Ferrari

Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.