Ferrari (NYSE:RACE) Receives $461.67 Consensus Target Price from Brokerages

Ferrari (NYSE:RACE) has earned a consensus rating of “Moderate Buy” from the ten ratings firms that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $461.67.

A number of equities analysts have commented on the company. Morgan Stanley restated an “overweight” rating and set a $400.00 price objective on shares of Ferrari in a research note on Monday, April 22nd. Jefferies Financial Group started coverage on Ferrari in a research note on Friday, May 10th. They issued a “hold” rating and a $403.00 price target for the company. UBS Group increased their price objective on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Evercore ISI raised their target price on shares of Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a report on Monday, April 22nd. Finally, Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd.

Ferrari Trading Up 1.2 %

Shares of Ferrari stock opened at $459.70 on Friday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 3.32 and a current ratio of 4.35. The firm has a 50-day moving average of $421.79 and a 200-day moving average of $416.02. Ferrari has a 52-week low of $285.02 and a 52-week high of $463.00. The stock has a market cap of $84.93 billion, a PE ratio of 58.71, a PEG ratio of 4.71 and a beta of 0.99.

Ferrari (NYSE:RACE) last posted its quarterly earnings data on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.08. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The firm had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the firm posted $1.99 EPS. The business’s revenue for the quarter was up 16.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Ferrari will post 8.66 EPS for the current year.

Hedge Funds Weigh In On Ferrari

Several institutional investors and hedge funds have recently added to or reduced their stakes in RACE. Logan Capital Management Inc. boosted its stake in shares of Ferrari by 1.9% during the fourth quarter. Logan Capital Management Inc. now owns 4,668 shares of the company’s stock valued at $1,580,000 after purchasing an additional 87 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in Ferrari by 1.0% during the 4th 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. Vanguard Group Inc. grew its holdings in Ferrari by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 4,488,346 shares of the company’s stock worth $1,518,991,000 after acquiring an additional 46,938 shares during the last quarter. Jennison Associates LLC increased its position in Ferrari by 10.5% in the 1st quarter. Jennison Associates LLC now owns 266,608 shares of the company’s stock valued at $116,225,000 after acquiring an additional 25,228 shares during the period. Finally, Capital Wealth Planning LLC raised its stake in shares of Ferrari by 127.6% during the first quarter. Capital Wealth Planning LLC now owns 7,511 shares of the company’s stock valued at $3,274,000 after acquiring an additional 4,211 shares during the last quarter.

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.