Ferrari (NYSE:RACE) Stock Rating Lowered by StockNews.com

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

Other analysts have also recently issued reports about the stock. Sanford C. Bernstein increased their target price on shares of Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a report on Thursday, April 18th. Citigroup cut shares of Ferrari from a “neutral” rating to a “sell” rating in a report on Monday, March 4th. Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a report on Thursday, April 4th. UBS Group increased their price objective on shares of Ferrari from $413.00 to $448.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Finally, Evercore ISI increased their price objective on shares of Ferrari from $430.00 to $465.00 and gave the stock an “outperform” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Ferrari currently has a consensus rating of “Hold” and an average target price of $413.86.

Ferrari Stock Down 1.0 %

RACE traded down $4.41 during trading on Wednesday, hitting $420.33. The company had a trading volume of 237,100 shares, compared to its average volume of 305,629. The company has a market cap of $77.66 billion, a PE ratio of 56.42, a P/E/G ratio of 3.14 and a beta of 0.97. Ferrari has a 1-year low of $273.39 and a 1-year high of $442.80. The business has a 50-day moving average of $419.13 and a 200-day moving average of $369.92. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.91 and a quick ratio of 2.98.

Ferrari (NYSE:RACE) last issued its earnings results on Thursday, February 1st. The company reported $1.74 earnings per share for the quarter, topping analysts’ consensus estimates of $1.59 by $0.15. The company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.61 billion. Ferrari had a net margin of 21.06% and a return on equity of 43.84%. As a group, analysts forecast that Ferrari will post 8.31 earnings per share for the current year.

Hedge Funds Weigh In On Ferrari

Several large investors have recently made changes to their positions in RACE. Norges Bank bought a new position in shares of Ferrari during the 4th quarter valued at about $572,523,000. Legal & General Group Plc boosted its holdings in shares of Ferrari by 8,986.8% in the third quarter. Legal & General Group Plc now owns 1,004,094 shares of the company’s stock worth $297,327,000 after buying an additional 993,044 shares during the period. Alphinity Investment Management Pty Ltd acquired a new position in shares of Ferrari in the third quarter worth about $157,620,000. International Assets Investment Management LLC acquired a new position in shares of Ferrari in the fourth quarter worth about $162,296,000. Finally, Mackenzie Financial Corp boosted its holdings in shares of Ferrari by 172.8% in the fourth quarter. Mackenzie Financial Corp now owns 329,927 shares of the company’s stock worth $111,508,000 after buying an additional 208,966 shares during the period.

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.