Equities researchers at Credit Suisse Group began coverage on shares of Ferrari (NYSE:RACE) in a report released on Monday. The firm set an “outperform” rating and a $150.00 price target on the stock. Credit Suisse Group’s price objective would indicate a potential upside of 20.66% from the stock’s current price.
Several other research firms have also recently weighed in on RACE. UBS Group reiterated a “buy” rating and issued a $160.00 price objective (up previously from $129.00) on shares of Ferrari in a report on Monday, February 26th. Zacks Investment Research upgraded Ferrari from a “hold” rating to a “buy” rating and set a $134.00 price objective for the company in a report on Friday, February 2nd. Morgan Stanley increased their price objective on Ferrari from $100.00 to $105.00 and gave the stock an “underweight” rating in a report on Wednesday, February 14th. HSBC began coverage on Ferrari in a report on Monday, December 11th. They issued a “hold” rating for the company. Finally, Jefferies Group increased their price objective on Ferrari to $130.00 and gave the stock a “buy” rating in a report on Friday, December 8th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company’s stock. Ferrari presently has a consensus rating of “Hold” and a consensus target price of $126.88.
Ferrari (NYSE RACE) traded down $0.39 during midday trading on Monday, reaching $124.32. The company’s stock had a trading volume of 414,259 shares, compared to its average volume of 614,197. Ferrari has a 1-year low of $66.10 and a 1-year high of $131.20. The company has a current ratio of 3.27, a quick ratio of 2.65 and a debt-to-equity ratio of 2.30. The stock has a market cap of $23,560.00 and a PE ratio of 44.09.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Financial Gravity Companies Inc. purchased a new position in shares of Ferrari in the 4th quarter valued at approximately $104,000. Parallel Advisors LLC lifted its stake in shares of 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 purchasing an additional 898 shares during the period. Shine Investment Advisory Services Inc. purchased a new position in shares of Ferrari in the 4th quarter valued at approximately $116,000. Cerebellum GP LLC purchased a new position in shares of Ferrari in the 4th quarter valued at approximately $125,000. Finally, Fieldpoint Private Securities LLC purchased a new position in shares of Ferrari in the 3rd quarter valued at approximately $204,000. Institutional investors own 32.49% of the company’s stock.
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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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