Ferrari (NYSE:RACE) had its price target increased by Morgan Stanley from $100.00 to $105.00 in a research report issued to clients and investors on Wednesday. The brokerage presently has an “underweight” rating on the stock. Morgan Stanley’s price objective points to a potential downside of 15.17% from the company’s current price.
Other research analysts also recently issued reports about the company. HSBC began coverage on Ferrari in a research note on Monday, December 11th. They set a “hold” rating on the stock. Zacks Investment Research raised Ferrari from a “hold” rating to a “buy” rating and set a $134.00 price target on the stock in a research note on Friday, February 2nd. Jefferies Group upped their price target on Ferrari to $130.00 and gave the stock a “buy” rating in a research note on Friday, December 8th. TheStreet raised Ferrari from a “c” rating to a “b-” rating in a research note on Friday, October 20th. Finally, BidaskClub downgraded Ferrari from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 9th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $118.57.
Ferrari (RACE) opened at $123.77 on Wednesday. Ferrari has a 52 week low of $64.76 and a 52 week high of $130.63. The company has a debt-to-equity ratio of 2.77, a quick ratio of 2.68 and a current ratio of 3.26. The firm has a market capitalization of $23,160.00 and a P/E ratio of 38.42.
Ferrari (NYSE:RACE) last posted its quarterly earnings results on Thursday, February 1st. The company reported $0.84 earnings per share for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.03). Ferrari had a return on equity of 98.82% and a net margin of 15.74%. The firm had revenue of $840.00 million for the quarter, compared to analyst estimates of $869.74 million. During the same period last year, the company posted $0.69 earnings per share. The firm’s quarterly revenue was up .5% compared to the same quarter last year. analysts anticipate that Ferrari will post 3.59 earnings per share for the current year.
Several institutional investors have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership raised its stake in shares of Ferrari by 194.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,238,194 shares of the company’s stock worth $234,710,000 after purchasing an additional 1,477,464 shares during the last quarter. WCM Investment Management CA raised its stake in shares of Ferrari by 5.9% in the fourth quarter. WCM Investment Management CA now owns 1,041,167 shares of the company’s stock worth $109,156,000 after purchasing an additional 58,303 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Ferrari by 2.8% in the third quarter. Bank of New York Mellon Corp now owns 834,176 shares of the company’s stock worth $92,160,000 after purchasing an additional 22,329 shares during the last quarter. Amundi Pioneer Asset Management Inc. purchased a new stake in shares of Ferrari in the fourth quarter worth approximately $72,805,000. Finally, Wells Fargo & Company MN raised its stake in shares of Ferrari by 579.6% in the third quarter. Wells Fargo & Company MN now owns 646,247 shares of the company’s stock worth $71,399,000 after purchasing an additional 551,149 shares during the last quarter. 31.93% of the stock is owned by hedge funds and other institutional investors.
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Ferrari Company Profile
Ferrari NV, known as New Business Netherlands NV, is an Italy-based company, incorporated in the Netherlands, that is engaged in designing, manufacturing and selling sports cars under the Ferrari brand. Its products include nine sports car models, including seven sports cars: 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A; as well as two grand tourer (GT) cars: California T and FF.
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