Barclays Upgrades Ferrari (NYSE:RACE) to Overweight

Barclays upgraded shares of Ferrari (NYSE:RACE) from an equal weight rating to an overweight rating in a research note released on Friday, MarketBeat.com reports.

A number of other equities analysts also recently issued reports on the company. Jefferies Financial Group began coverage on Ferrari in a report on Friday, May 10th. They issued a hold rating and a $403.00 price target for the company. Bank of America boosted their target price on Ferrari from $458.00 to $512.00 and gave the company a buy rating in a report on Wednesday, April 10th. Sanford C. Bernstein lifted their target price on shares of Ferrari from $448.00 to $512.00 and gave the company an outperform rating in a report on Thursday, April 18th. Morgan Stanley reissued an overweight rating and set a $400.00 price target on shares of Ferrari in a report on Monday, April 22nd. Finally, Evercore ISI raised their price objective on shares of Ferrari from $430.00 to $465.00 and gave the company an outperform rating in a research report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $461.67.

Ferrari Stock Down 0.8 %

Shares of RACE stock traded down $3.31 during trading hours on Friday, reaching $419.47. 237,371 shares of the stock were exchanged, compared to its average volume of 273,430. Ferrari has a 12-month low of $285.02 and a 12-month high of $442.80. The business’s fifty day moving average is $418.05 and its two-hundred day moving average is $410.69. The company has a debt-to-equity ratio of 0.80, a current ratio of 4.18 and a quick ratio of 3.25. The firm has a market capitalization of $77.50 billion, a P/E ratio of 53.59, a P/E/G ratio of 4.81 and a beta of 0.99.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.08. Ferrari had a net margin of 21.84% and a return on equity of 45.20%. The business had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the previous year, the company earned $1.99 EPS. The company’s revenue for the quarter was up 16.1% on a year-over-year basis. As a group, research analysts expect that Ferrari will post 8.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Ferrari

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new position in Ferrari in the 4th quarter valued at approximately $572,523,000. Capital International Investors increased its holdings in Ferrari by 314.3% during the 1st quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock valued at $454,792,000 after acquiring an additional 791,596 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Ferrari during the fourth quarter worth about $162,296,000. Alphinity Investment Management Pty Ltd lifted its holdings in shares of Ferrari by 73.7% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 924,662 shares of the company’s stock valued at $311,740,000 after purchasing an additional 392,401 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its stake in Ferrari by 6,024.9% in the 1st quarter. Clearbridge Investments LLC now owns 380,910 shares of the company’s stock valued at $166,054,000 after buying an additional 374,691 shares in the last quarter.

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.