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

Shares of Ferrari (NYSE:RACE) have received a consensus recommendation of “Moderate Buy” from the ten analysts that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $481.67.

Several brokerages have issued reports on RACE. Morgan Stanley boosted their target price on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. UBS Group increased their target price on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Finally, StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Monday, August 5th.

Institutional Investors Weigh In On Ferrari

Hedge funds and other institutional investors have recently modified their holdings of the stock. Contravisory Investment Management Inc. increased its holdings in Ferrari by 4.6% during the 2nd quarter. Contravisory Investment Management Inc. now owns 518 shares of the company’s stock worth $212,000 after acquiring an additional 23 shares during the period. First Citizens Bank & Trust Co. grew its position in shares of Ferrari by 3.3% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock valued at $321,000 after purchasing an additional 25 shares in the last quarter. Columbia Asset Management increased its holdings in shares of Ferrari by 1.8% in the second quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock worth $582,000 after purchasing an additional 25 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of Ferrari by 12.5% in the first quarter. EverSource Wealth Advisors LLC now owns 243 shares of the company’s stock worth $101,000 after buying an additional 27 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its stake in Ferrari by 5.0% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 588 shares of the company’s stock valued at $240,000 after buying an additional 28 shares during the period.

Ferrari Trading Up 1.6 %

Shares of Ferrari stock opened at $474.63 on Thursday. The firm has a market cap of $87.69 billion, a PE ratio of 60.62, a P/E/G ratio of 4.96 and a beta of 1.00. Ferrari has a 1 year low of $285.02 and a 1 year high of $498.23. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32. The stock has a fifty day moving average price of $445.07 and a 200-day moving average price of $427.81.

Ferrari (NYSE:RACE) last issued its quarterly earnings results on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.08. The company had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.63 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. Ferrari’s quarterly revenue was up 16.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.99 EPS. Equities research analysts anticipate that Ferrari will post 8.71 EPS for the current year.

Ferrari Company Profile

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.