Ferrari (NYSE:RACE) Lowered to Hold at StockNews.com

Ferrari (NYSE:RACE) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Wednesday.

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

Ferrari Stock Performance

Shares of NYSE:RACE traded up $1.21 during trading on Wednesday, hitting $471.98. 158,376 shares of the stock traded hands, compared to its average volume of 274,978. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01. The company has a fifty day moving average price of $466.98 and a two-hundred day moving average price of $434.71. Ferrari has a 52-week low of $296.34 and a 52-week high of $498.23. The company has a market cap of $87.20 billion, a price-to-earnings ratio of 60.28, a P/E/G ratio of 4.76 and a beta of 0.99.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Thursday, August 1st. The company reported $2.29 EPS for the quarter, beating the consensus estimate of $2.21 by $0.08. The company had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.63 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The firm’s revenue was up 16.1% on a year-over-year basis. During the same quarter last year, the business earned $1.99 earnings per share. As a group, equities analysts predict that Ferrari will post 8.81 EPS for the current year.

Institutional Investors Weigh In On Ferrari

A number of large investors have recently made changes to their positions in RACE. Capital International Investors increased its position in Ferrari by 314.3% during the first quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock worth $454,792,000 after purchasing an additional 791,596 shares during the last quarter. Marshall Wace LLP grew its stake in shares of Ferrari by 108.4% in the 2nd quarter. Marshall Wace LLP now owns 887,108 shares of the company’s stock valued at $361,961,000 after buying an additional 461,409 shares during the period. Clearbridge Investments LLC increased its holdings in shares of Ferrari by 6,024.9% during the 1st quarter. Clearbridge Investments LLC now owns 380,910 shares of the company’s stock worth $166,054,000 after buying an additional 374,691 shares during the last quarter. Capital World Investors increased its holdings in shares of Ferrari by 34.3% during the 1st quarter. Capital World Investors now owns 962,583 shares of the company’s stock worth $419,547,000 after buying an additional 245,872 shares during the last quarter. Finally, Capital International Inc. CA raised its position in shares of Ferrari by 207.3% during the 1st quarter. Capital International Inc. CA now owns 237,277 shares of the company’s stock valued at $103,419,000 after buying an additional 160,055 shares during the period.

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.