Brokerages Set Ferrari (NYSE:RACE) Target Price at $507.14

Ferrari (NYSE:RACE) has been given an average recommendation of “Moderate Buy” by the nine brokerages that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $507.14.

Several equities analysts have recently commented on RACE shares. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $385.00 to $525.00 in a research report on Friday, October 11th. StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. UBS Group boosted their target price on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, Evercore ISI boosted their target price on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd.

Hedge Funds Weigh In On Ferrari

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its position in Ferrari by 2.4% in the 4th quarter. Bank of New York Mellon Corp now owns 1,612,108 shares of the company’s stock valued at $684,888,000 after acquiring an additional 38,356 shares during the period. Carl P. Sherr & Co. LLC increased its position in Ferrari by 8.6% in the 4th quarter. Carl P. Sherr & Co. LLC now owns 1,142 shares of the company’s stock valued at $485,000 after acquiring an additional 90 shares during the period. Navellier & Associates Inc. increased its position in shares of Ferrari by 3.7% during the fourth quarter. Navellier & Associates Inc. now owns 12,471 shares of the company’s stock worth $5,298,000 after buying an additional 445 shares during the period. Allianz Asset Management GmbH increased its position in shares of Ferrari by 1.6% during the fourth quarter. Allianz Asset Management GmbH now owns 122,568 shares of the company’s stock worth $52,075,000 after buying an additional 1,940 shares during the period. Finally, Flossbach Von Storch SE increased its position in shares of Ferrari by 18.7% during the fourth quarter. Flossbach Von Storch SE now owns 41,491 shares of the company’s stock worth $17,717,000 after buying an additional 6,533 shares during the period.

Ferrari Price Performance

Shares of Ferrari stock opened at $459.32 on Friday. Ferrari has a twelve month low of $368.80 and a twelve month high of $498.23. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. The company has a 50-day simple moving average of $433.53 and a two-hundred day simple moving average of $448.75. The stock has a market capitalization of $111.96 billion, a price-to-earnings ratio of 53.35, a price-to-earnings-growth ratio of 3.72 and a beta of 0.95.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing the consensus estimate of $2.11 by ($0.03). Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same quarter last year, the firm earned $1.98 EPS. Ferrari’s revenue for the quarter was up 6.5% compared to the same quarter last year. Analysts forecast that Ferrari will post 8.59 EPS for the current year.

About Ferrari

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.