Ferrari N.V. (NYSE:RACE) Stock Now Rated “Moderate Buy” by Sell-Side Analysts

Ferrari N.V. (NYSE:RACE) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-three research firms that are covering the stock, Marketbeat Ratings reports. Eight research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $456.71.

RACE has been the subject of several recent analyst reports. Berenberg Bank reiterated a “buy” rating on shares of Ferrari in a research note on Monday, September 28th. Sanford C. Bernstein reiterated a “buy” rating on shares of Ferrari in a report on Tuesday, September 29th. Needham & Company LLC raised shares of Ferrari to a “neutral” rating in a research report on Friday, July 31st. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Ferrari in a report on Tuesday, September 29th. Finally, Morgan Stanley cut their price target on shares of Ferrari from $460.00 to $456.00 and set an “overweight” rating on the stock in a report on Wednesday, September 30th.

Hedge Funds Weigh In On Ferrari

Several hedge funds have recently modified their holdings of the company. Secure Asset Management LLC grew its holdings in shares of Ferrari by 6.6% in the third quarter. Secure Asset Management LLC now owns 6,391 shares of the company’s stock valued at $2,511,000 after acquiring an additional 394 shares in the last quarter. Novem Group increased its position in shares of Ferrari by 2.7% during the third quarter. Novem Group now owns 2,969 shares of the company’s stock valued at $1,166,000 after acquiring an additional 79 shares during the last quarter. Abel Hall LLC purchased a new stake in shares of Ferrari during the third quarter valued at approximately $220,000. Sculati Wealth Management LLC increased its position in shares of Ferrari by 8.5% during the third quarter. Sculati Wealth Management LLC now owns 4,846 shares of the company’s stock valued at $1,886,000 after acquiring an additional 380 shares during the last quarter. Finally, Frank Rimerman Advisors LLC lifted its holdings in Ferrari by 0.4% during the third quarter. Frank Rimerman Advisors LLC now owns 15,292 shares of the company’s stock worth $6,007,000 after acquiring an additional 66 shares during the period.

Ferrari Trading Down 0.8%

NYSE RACE opened at $394.37 on Tuesday. The firm has a market capitalization of $92.26 billion, a P/E ratio of 36.61, a PEG ratio of 3.42 and a beta of 0.93. The business has a fifty day simple moving average of $406.91 and a 200 day simple moving average of $376.33. Ferrari has a 12 month low of $312.51 and a 12 month high of $437.15. The company has a current ratio of 4.85, a quick ratio of 3.70 and a debt-to-equity ratio of 0.86.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Friday, July 31st. The company reported $2.99 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.16. Ferrari had a return on equity of 42.83% and a net margin of 22.29%. The business had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.14 billion. During the same period last year, the business earned $2.38 EPS. The business’s revenue was up 8.4% on a year-over-year basis. On average, analysts predict that Ferrari will post 11.16 EPS for the current fiscal year.

Ferrari Company Profile

Ferrari N.V. is an Italian luxury automotive company that designs, develops, manufactures and sells high-performance sports cars. Its vehicle portfolio includes grand touring models, mid- and rear-engine sports cars, limited-edition special series and high-performance supercars. Ferrari also offers extensive personalization options, allowing customers to tailor vehicle specifications, materials and finishes.

The company traces its origins to 1939, when Enzo Ferrari established Auto Avio Costruzioni, and it produced its first Ferrari-badged car in 1947.