Ferrari (NYSE:RACE) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of Ferrari (NYSE:RACE) from a sell rating to a hold rating in a research report released on Wednesday morning, Zacks.com reports.

According to Zacks, “Ferrari N.V. is engaged in designing, manufacturing and selling sports cars. Its products include sports car models consists of 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A as well as two grand tourer (GT) cars: California T and FF. The Company also produces a limited edition supercar, LaFerrari and limited series and one-off cars. It operates primarily in Europe, the Middle East, India, Africa, Americas, Greater China and Rest of Asia-Pacific region. Ferrari N.V. is headquartered in Maranello, Italy. “

Other research analysts have also issued reports about the company. Exane BNP Paribas lowered Ferrari from an outperform rating to a neutral rating and set a $256.00 price objective for the company. in a research report on Monday. The Goldman Sachs Group lowered Ferrari from a buy rating to a sell rating and set a $207.00 target price for the company. in a research report on Sunday, June 13th. Kepler Capital Markets lowered Ferrari to a hold rating and set a $185.00 target price for the company. in a research report on Friday, July 2nd. TheStreet raised Ferrari from a c+ rating to a b rating in a research report on Monday, August 16th. Finally, Redburn Partners reaffirmed a neutral rating on shares of Ferrari in a research report on Tuesday, May 25th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $236.18.

RACE stock opened at $215.84 on Wednesday. The stock has a 50-day moving average price of $216.16 and a 200-day moving average price of $209.97. Ferrari has a 1-year low of $176.03 and a 1-year high of $233.66. The company has a current ratio of 3.63, a quick ratio of 2.94 and a debt-to-equity ratio of 1.23. The firm has a market cap of $39.88 billion, a PE ratio of 39.68, a price-to-earnings-growth ratio of 2.67 and a beta of 0.89.

Ferrari (NYSE:RACE) last posted its quarterly earnings data on Sunday, August 1st. The company reported $1.11 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.19 by ($0.08). Ferrari had a return on equity of 43.39% and a net margin of 21.11%. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.05 billion. During the same period last year, the business posted $0.04 earnings per share. The business’s revenue was up 81.3% on a year-over-year basis. On average, analysts forecast that Ferrari will post 4.73 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Stephens Inc. AR boosted its stake in shares of Ferrari by 5.0% in the 2nd quarter. Stephens Inc. AR now owns 1,050 shares of the company’s stock worth $216,000 after buying an additional 50 shares during the last quarter. Covington Capital Management boosted its stake in shares of Ferrari by 1.1% in the 2nd quarter. Covington Capital Management now owns 4,790 shares of the company’s stock worth $987,000 after buying an additional 50 shares during the last quarter. MAI Capital Management boosted its stake in shares of Ferrari by 1.4% in the 2nd quarter. MAI Capital Management now owns 3,894 shares of the company’s stock worth $802,000 after buying an additional 52 shares during the last quarter. Lumature Wealth Partners LLC boosted its stake in shares of Ferrari by 19.9% in the 2nd quarter. Lumature Wealth Partners LLC now owns 343 shares of the company’s stock worth $71,000 after buying an additional 57 shares during the last quarter. Finally, Rockefeller Capital Management L.P. boosted its stake in shares of Ferrari by 29.6% in the 1st quarter. Rockefeller Capital Management L.P. now owns 258 shares of the company’s stock worth $53,000 after buying an additional 59 shares during the last quarter. Hedge funds and other institutional investors own 31.77% of the company’s stock.

Ferrari Company Profile

Ferrari NV is a holding company, which engages in the design, engineering, production, and sale of luxury sports cars. The firm’s models include the F12Berlinetta, 488GTB, 488 Spider, 458 Speciale, California T, the LaFerrari Hybrid, LaFerrari, and the FF four-wheel drive. It participates in car racing such as Formula One.

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