Ferrari (NYSE:RACE) Stock Price Expected to Rise, UBS Group Analyst Says

Ferrari (NYSE:RACE) had its price objective increased by UBS Group from $478.00 to $513.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also recently commented on the stock. Evercore ISI upped their target price on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. Finally, Morgan Stanley lifted their price objective on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Stock Performance

Shares of RACE opened at $454.46 on Wednesday. The firm has a market capitalization of $83.96 billion, a P/E ratio of 52.78, a PEG ratio of 4.69 and a beta of 0.99. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.32. Ferrari has a one year low of $330.15 and a one year high of $498.23. The business has a fifty day moving average of $470.58 and a 200 day moving average of $441.32.

Ferrari (NYSE:RACE) last announced its earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.03). Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.80 billion. During the same period in the previous year, the business posted $1.98 earnings per share. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Ferrari will post 8.68 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Ferrari by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 4,549,934 shares of the company’s stock valued at $1,983,498,000 after buying an additional 61,588 shares in the last quarter. Jennison Associates LLC grew its stake in Ferrari by 910.1% during the third quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock valued at $1,368,622,000 after acquiring an additional 2,636,869 shares in the last quarter. Capital Research Global Investors increased its holdings in Ferrari by 3.9% in the 1st quarter. Capital Research Global Investors now owns 1,329,714 shares of the company’s stock valued at $579,585,000 after acquiring an additional 49,367 shares during the last quarter. Legal & General Group Plc increased its holdings in Ferrari by 2.4% in the 2nd quarter. Legal & General Group Plc now owns 1,256,482 shares of the company’s stock valued at $512,660,000 after acquiring an additional 30,014 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of Ferrari by 47,023.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock valued at $5,551,600,000 after purchasing an additional 1,178,410 shares during the last quarter.

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.