Ferrari (RACE) Lifted to Hold at Zacks Investment Research
Ferrari (NYSE:RACE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.
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 firms have also recently weighed in on RACE. TheStreet raised Ferrari from a “c” rating to a “b-” rating in a report on Friday, October 20th. BidaskClub cut Ferrari from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 9th. HSBC started coverage on Ferrari in a report on Monday, December 11th. They issued a “hold” rating for the company. Finally, Jefferies Group lifted their price objective on Ferrari to $130.00 and gave the company a “buy” rating in a report on Friday, December 8th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. Ferrari presently has a consensus rating of “Hold” and a consensus target price of $114.71.
Ferrari (NYSE:RACE) last released its quarterly earnings results on Thursday, November 2nd. The company reported $0.87 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.15. Ferrari had a return on equity of 106.38% and a net margin of 15.06%. equities research analysts predict that Ferrari will post 2.89 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in RACE. Parallel Advisors LLC raised its holdings in Ferrari by 554.3% in the 3rd quarter. Parallel Advisors LLC now owns 1,060 shares of the company’s stock valued at $117,000 after acquiring an additional 898 shares in the last quarter. Aviance Capital Management LLC acquired a new position in Ferrari in the 2nd quarter valued at $130,000. Quadrant Capital Group LLC raised its holdings in Ferrari by 1.2% in the 2nd quarter. Quadrant Capital Group LLC now owns 1,976 shares of the company’s stock valued at $162,000 after acquiring an additional 24 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Ferrari by 6.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,917 shares of the company’s stock valued at $165,000 after acquiring an additional 119 shares in the last quarter. Finally, Cornerstone Advisors Inc. raised its holdings in Ferrari by 678.6% in the 3rd quarter. Cornerstone Advisors Inc. now owns 1,526 shares of the company’s stock valued at $169,000 after acquiring an additional 1,330 shares in the last quarter. 31.85% of the stock is owned by hedge funds and other institutional investors.
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Ferrari NV, known as New Business Netherlands NV, is an Italy-based company, incorporated in the Netherlands, that is engaged in designing, manufacturing and selling sports cars under the Ferrari brand. Its products include nine sports car models, including seven sports cars: 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.
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