Ferrari (NYSE:RACE) Price Target Raised to $512.00

Ferrari (NYSE:RACE) had its price target hoisted by research analysts at Bank of America from $458.00 to $512.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price objective would suggest a potential upside of 21.79% from the stock’s current price.

A number of other research firms have also commented on RACE. HSBC lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, December 13th. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Friday, March 22nd. Citigroup lowered shares of Ferrari from a “neutral” rating to a “sell” rating in a research report on Monday, March 4th. UBS Group raised their price objective on shares of Ferrari from $413.00 to $448.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Finally, Barclays downgraded shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $363.57.

Ferrari Trading Up 0.1 %

Shares of RACE opened at $420.38 on Wednesday. The firm’s 50 day moving average price is $413.32 and its 200 day moving average price is $361.95. The company has a quick ratio of 2.98, a current ratio of 3.91 and a debt-to-equity ratio of 0.81. Ferrari has a twelve month low of $272.70 and a twelve month high of $442.80.

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

Institutional Investors Weigh In On Ferrari

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Ferrari by 1.4% during the third quarter. Vanguard Group Inc. now owns 4,441,408 shares of the company’s stock worth $1,312,614,000 after buying an additional 61,132 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in Ferrari by 12.0% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,140 shares of the company’s stock valued at $632,000 after buying an additional 230 shares during the period. Alphinity Investment Management Pty Ltd bought a new stake in Ferrari in the 3rd quarter valued at $157,620,000. Syntal Capital Partners LLC bought a new stake in Ferrari in the 3rd quarter valued at $511,000. Finally, Kestra Advisory Services LLC increased its holdings in Ferrari by 15.6% in the 3rd quarter. Kestra Advisory Services LLC now owns 3,128 shares of the company’s stock valued at $924,000 after buying an additional 422 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.