Ferrari N.V. (NYSE:RACE) Stock Has Consensus Target Price of $478.79

Ferrari N.V. (NYSE:RACE) has earned an average recommendation of “Moderate Buy” from the eighteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have given a strong buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $479.27.

Several equities research analysts recently commented on RACE shares. Sanford C. Bernstein boosted their price objective on shares of Ferrari from $402.00 to $460.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Needham & Company LLC raised shares of Ferrari to a “neutral” rating in a report on Friday, July 31st. Evercore reaffirmed an “outperform” rating and issued a $485.00 target price on shares of Ferrari in a research report on Friday, July 31st. Citigroup reiterated a “neutral” rating on shares of Ferrari in a research note on Monday, August 3rd. Finally, Wolfe Research initiated coverage on Ferrari in a research report on Tuesday, July 7th. They set an “outperform” rating on the stock.

Ferrari Stock Down 1.5%

Shares of NYSE RACE opened at $387.11 on Friday. The stock has a market capitalization of $90.56 billion, a P/E ratio of 35.94, a PEG ratio of 3.36 and a beta of 0.93. The firm’s 50 day simple moving average is $408.22 and its two-hundred day simple moving average is $370.95. Ferrari has a one year low of $312.51 and a one year high of $504.49. The company has a debt-to-equity ratio of 0.86, a current ratio of 4.85 and a quick ratio of 3.70.

Ferrari (NYSE:RACE) last issued its earnings results on Friday, July 31st. The company reported $2.99 EPS for the quarter, topping the consensus estimate of $2.83 by $0.16. Ferrari had a net margin of 22.29% and a return on equity of 42.83%. The company had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same period in the previous year, the firm earned $2.38 earnings per share. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. As a group, analysts expect that Ferrari will post 11.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Ferrari

Several institutional investors have recently bought and sold shares of the business. Amundi lifted its holdings in shares of Ferrari by 3.4% in the 2nd quarter. Amundi now owns 3,060,265 shares of the company’s stock worth $1,139,306,000 after acquiring an additional 101,906 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Ferrari during the 2nd quarter worth $952,874,000. Norges Bank purchased a new position in Ferrari during the fourth quarter valued at approximately $779,894,000. Deutsche Bank AG bought a new stake in Ferrari during the second quarter valued at about $413,209,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Ferrari in the 2nd quarter valued at about $388,816,000.

About Ferrari

Ferrari N.V. is an Italian luxury automotive company that designs, develops, manufactures and sells high-performance sports cars. Its product portfolio includes mid- and front-engine sports cars, grand touring models, special-series vehicles and limited-edition automobiles. Ferrari also develops hybrid and other electrified models while maintaining a focus on performance, craftsmanship, design and exclusivity.

The company generates additional activities through its racing operations, vehicle personalization programs, financial services, merchandise, licensing and branded experiences.