Zacks Investment Research upgraded shares of Ferrari (NYSE:RACE) from a strong sell rating to a hold rating in a report issued on Wednesday.
According to Zacks, “Ferrari N.V. is engaged in designing, manufacturing and selling sports cars. Its products include sports car models consists of 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. The Company also produces a limited edition supercar, LaFerrari and limited series and one-off cars. It operates primarily in Europe, the Middle East, India, Africa, Americas, Greater China and Rest of Asia-Pacific region. Ferrari N.V. is headquartered in Maranello, Italy. “
A number of other research firms also recently commented on RACE. UBS reiterated a buy rating and issued a $160.00 price objective (up previously from $129.00) on shares of Ferrari in a report on Monday, February 26th. Credit Suisse Group began coverage on Ferrari in a report on Monday, March 12th. They issued an outperform rating and a $150.00 price objective for the company. Finally, Morgan Stanley upped their price objective on Ferrari from $100.00 to $105.00 and gave the company an underweight rating in a report on Wednesday, February 14th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $126.88.
Shares of RACE opened at $124.80 on Wednesday. The company has a current ratio of 3.27, a quick ratio of 2.65 and a debt-to-equity ratio of 2.30. Ferrari has a 12-month low of $70.78 and a 12-month high of $131.20. The firm has a market cap of $23,662.71, a PE ratio of 39.12, a PEG ratio of 2.72 and a beta of 1.39.
Ferrari (NYSE:RACE) last issued its quarterly earnings results on Thursday, February 1st. The company reported $0.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.03). The firm had revenue of $840.00 million for the quarter, compared to analyst estimates of $869.74 million. Ferrari had a net margin of 15.74% and a return on equity of 88.98%. The company’s revenue was up .5% compared to the same quarter last year. During the same period last year, the company earned $0.69 EPS. research analysts anticipate that Ferrari will post 3.3 EPS for the current fiscal year.
Institutional investors have recently made changes to their positions in the business. Financial Gravity Companies Inc. bought a new stake in shares of Ferrari in the fourth quarter worth about $104,000. Shine Investment Advisory Services Inc. bought a new stake in shares of Ferrari in the fourth quarter worth about $116,000. Cerebellum GP LLC bought a new stake in shares of Ferrari in the fourth quarter worth about $125,000. Burns J W & Co. Inc. NY bought a new stake in shares of Ferrari in the fourth quarter worth about $212,000. Finally, Victory Capital Management Inc. increased its holdings in shares of Ferrari by 25.0% in the fourth quarter. Victory Capital Management Inc. now owns 2,060 shares of the company’s stock worth $216,000 after acquiring an additional 412 shares in the last quarter. Institutional investors own 32.50% of the company’s stock.
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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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