Ferrari (NYSE:RACE) Downgraded by Barclays to Equal Weight

Barclays cut shares of Ferrari (NYSE:RACE) from an overweight rating to an equal weight rating in a report published on Wednesday morning, MarketBeat reports.

Several other analysts have also recently issued reports on the company. UBS Group raised their target price on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Evercore ISI upped their target price on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $385.00 to $525.00 in a report on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Stock Up 1.1 %

Shares of Ferrari stock opened at $464.54 on Wednesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. Ferrari has a 52-week low of $373.79 and a 52-week high of $498.23. The company’s 50 day moving average price is $434.09 and its 200-day moving average price is $449.06. The stock has a market capitalization of $113.23 billion, a price-to-earnings ratio of 53.95, a P/E/G ratio of 3.72 and a beta of 0.95.

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

Institutional Trading of Ferrari

Hedge funds have recently modified their holdings of the business. E Fund Management Hong Kong Co. Ltd. bought a new position in shares of Ferrari in the 3rd quarter worth about $29,000. Hanson & Doremus Investment Management bought a new position in shares of Ferrari during the fourth quarter valued at approximately $26,000. Planning Capital Management Corp purchased a new position in shares of Ferrari during the third quarter valued at approximately $30,000. Ashton Thomas Securities LLC bought a new stake in shares of Ferrari in the 3rd quarter worth approximately $33,000. Finally, FSC Wealth Advisors LLC purchased a new stake in shares of Ferrari in the 3rd quarter worth approximately $47,000.

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.