Ferrari (NYSE:RACE) Rating Lowered to Hold at Zacks Investment Research

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Zacks Investment Research downgraded shares of Ferrari (NYSE:RACE) from a buy rating to a hold rating in a research note issued to investors on Thursday morning, Zacks.com reports.

According to Zacks, “Ferrari N.V. is engaged in designing, manufacturing and selling sports cars. Its products include sports car models consists of 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A as well as two grand tourer (GT) cars: California T and FF. The Company also produces a limited edition supercar, LaFerrari and limited series and one-off cars. It operates primarily in Europe, the Middle East, India, Africa, Americas, Greater China and Rest of Asia-Pacific region. Ferrari N.V. is headquartered in Maranello, Italy. “

Several other research analysts also recently issued reports on RACE. Morgan Stanley raised their price objective on shares of Ferrari from $160.00 to $175.00 and gave the stock an overweight rating in a research report on Wednesday, August 7th. Goldman Sachs Group raised shares of Ferrari from a neutral rating to a buy rating and set a $182.00 price objective on the stock in a research report on Tuesday, August 13th. UBS Group raised their price objective on shares of Ferrari from $160.00 to $187.00 and gave the stock a buy rating in a research report on Wednesday, July 3rd. They noted that the move was a valuation call. Societe Generale raised shares of Ferrari from a hold rating to a buy rating in a research report on Monday, August 5th. Finally, Credit Suisse Group reissued an outperform rating and set a $185.00 price objective (up from $158.00) on shares of Ferrari in a research report on Thursday, June 20th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $168.48.

NYSE RACE opened at $155.83 on Thursday. The company has a debt-to-equity ratio of 1.48, a current ratio of 3.77 and a quick ratio of 3.20. The firm’s fifty day moving average price is $163.54 and its 200 day moving average price is $144.21. The company has a market capitalization of $29.35 billion, a price-to-earnings ratio of 38.76, a price-to-earnings-growth ratio of 2.35 and a beta of 1.34. Ferrari has a 12 month low of $93.85 and a 12 month high of $170.54.

Ferrari (NYSE:RACE) last posted its earnings results on Friday, August 2nd. The company reported $1.09 EPS for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.06. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.08 billion. Ferrari had a net margin of 23.42% and a return on equity of 50.99%. As a group, sell-side analysts forecast that Ferrari will post 4.03 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. lifted its stake in Ferrari by 6,386.1% during the fourth quarter. BlackRock Inc. now owns 13,102 shares of the company’s stock worth $1,303,000 after purchasing an additional 12,900 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Ferrari by 16.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 26,352 shares of the company’s stock valued at $2,620,000 after acquiring an additional 3,799 shares during the last quarter. Virtu Financial LLC lifted its stake in shares of Ferrari by 151.0% in the 1st quarter. Virtu Financial LLC now owns 5,353 shares of the company’s stock valued at $716,000 after acquiring an additional 3,220 shares during the last quarter. FNY Investment Advisers LLC bought a new stake in shares of Ferrari in the 1st quarter valued at about $227,000. Finally, Carroll Financial Associates Inc. lifted its stake in shares of Ferrari by 1,521.7% in the 1st quarter. Carroll Financial Associates Inc. now owns 1,946 shares of the company’s stock valued at $260,000 after acquiring an additional 1,826 shares during the last quarter. 35.80% of the stock is currently owned by institutional investors.

Ferrari Company Profile

Ferrari N.V., through with its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hypercars; Fuori series, one-off, and track cars; and Icona cars. It also provides non-registered racing cars; and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars.

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