Ferrari (NYSE:RACE) Rating Reiterated by Morgan Stanley

Ferrari (NYSE:RACE)‘s stock had its “overweight” rating restated by equities research analysts at Morgan Stanley in a research note issued to investors on Monday, Benzinga reports. They presently have a $400.00 price target on the stock. Morgan Stanley’s target price suggests a potential downside of 5.80% from the stock’s current price.

Several other equities research analysts have also issued reports on RACE. UBS Group increased their target price on shares of Ferrari from $413.00 to $448.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Barclays lowered shares of Ferrari from an “overweight” rating to an “equal weight” rating in a report on Thursday, April 4th. Sanford C. Bernstein increased their target price on shares of Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a report on Thursday, April 18th. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Friday, March 22nd. Finally, Bank of America increased their price objective on shares of Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $413.86.

Ferrari Trading Up 3.5 %

NYSE RACE opened at $424.61 on Monday. Ferrari has a 52 week low of $273.39 and a 52 week high of $442.80. The company has a quick ratio of 2.98, a current ratio of 3.91 and a debt-to-equity ratio of 0.81. The company has a 50-day moving average price of $418.37 and a 200-day moving average price of $369.56.

Ferrari (NYSE:RACE) last released its earnings results on Thursday, February 1st. The company reported $1.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.59 by $0.15. The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.61 billion. Ferrari had a net margin of 21.06% and a return on equity of 43.84%. As a group, analysts predict that Ferrari will post 8.31 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Ferrari by 1.4% in the third quarter. Vanguard Group Inc. now owns 4,441,408 shares of the company’s stock valued at $1,312,614,000 after purchasing an additional 61,132 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in Ferrari by 12.0% during the third quarter. B. Riley Wealth Advisors Inc. now owns 2,140 shares of the company’s stock worth $632,000 after buying an additional 230 shares during the period. Sequoia Financial Advisors LLC boosted its stake in Ferrari by 1.0% during the fourth quarter. Sequoia Financial Advisors LLC now owns 4,247 shares of the company’s stock worth $1,437,000 after buying an additional 40 shares during the period. Alphinity Investment Management Pty Ltd purchased a new position in Ferrari during the third quarter worth $157,620,000. Finally, Syntal Capital Partners LLC purchased a new position in Ferrari during the third quarter worth $511,000.

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.