Ferrari (NYSE:RACE) Downgraded by StockNews.com to Hold

StockNews.com downgraded shares of Ferrari (NYSE:RACE) from a buy rating to a hold rating in a research note published on Wednesday morning.

RACE has been the topic of a number of other reports. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $385.00 to $525.00 in a report on Friday, October 11th. Morgan Stanley lifted their price objective on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. UBS Group increased their target price on shares of Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Finally, Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Ferrari currently has a consensus rating of “Moderate Buy” and an average target price of $487.86.

Ferrari Stock Up 0.3 %

Shares of NYSE RACE opened at $471.98 on Wednesday. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32. Ferrari has a 1 year low of $296.34 and a 1 year high of $498.23. The stock has a market capitalization of $87.20 billion, a P/E ratio of 60.28, a P/E/G ratio of 4.76 and a beta of 0.99. The company has a 50-day moving average price of $466.98 and a 200-day moving average price of $434.71.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Thursday, August 1st. The company reported $2.29 EPS for the quarter, topping the consensus estimate of $2.21 by $0.08. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The firm had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the prior year, the business posted $1.99 earnings per share. The company’s quarterly revenue was up 16.1% compared to the same quarter last year. On average, equities research analysts forecast that Ferrari will post 8.81 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Blue Trust Inc. increased its stake in Ferrari by 3,806.5% in the 2nd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $528,000 after acquiring an additional 1,180 shares during the last quarter. Raymond James & Associates grew its stake in Ferrari by 1.3% in the 2nd quarter. Raymond James & Associates now owns 50,247 shares of the company’s stock worth $20,519,000 after buying an additional 655 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Ferrari by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 4,488,346 shares of the company’s stock worth $1,518,991,000 after buying an additional 46,938 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of Ferrari by 10.5% during the 1st quarter. Jennison Associates LLC now owns 266,608 shares of the company’s stock worth $116,225,000 after acquiring an additional 25,228 shares during the last quarter. Finally, Capital Wealth Planning LLC increased its stake in Ferrari by 127.6% in 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.

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.