Weiss Ratings Reaffirms Buy (B-) Rating for Ferrari (NYSE:RACE)

Ferrari (NYSE:RACE)‘s stock had its “buy (b-)” rating restated by Weiss Ratings in a research report issued to clients and investors on Friday,Weiss Ratings reports.

RACE has been the topic of several other research reports. Deutsche Bank Aktiengesellschaft upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Tuesday, September 2nd. Hsbc Global Res upgraded shares of Ferrari from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 2nd. HSBC upgraded shares of Ferrari from a “hold” rating to a “buy” rating and set a $470.00 price target on the stock in a research note on Thursday, October 2nd. Zacks Research cut shares of Ferrari from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 29th. Finally, UBS Group decreased their target price on shares of Ferrari from $579.00 to $529.00 and set a “buy” rating on the stock in a research report on Thursday, October 16th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Ferrari presently has a consensus rating of “Buy” and an average target price of $501.14.

Ferrari Stock Up 2.1%

Shares of RACE stock opened at $404.46 on Friday. The stock has a market cap of $98.03 billion, a P/E ratio of 41.74, a PEG ratio of 4.28 and a beta of 1.08. Ferrari has a 52 week low of $372.31 and a 52 week high of $519.10. The company has a quick ratio of 3.94, a current ratio of 5.09 and a debt-to-equity ratio of 0.89. The company’s fifty day simple moving average is $453.19 and its two-hundred day simple moving average is $467.54.

Ferrari (NYSE:RACE) last announced its quarterly earnings results on Thursday, July 31st. The company reported $2.70 EPS for the quarter, topping the consensus estimate of $2.57 by $0.13. The business had revenue of $2.12 billion for the quarter, compared to analysts’ expectations of $2.05 billion. Ferrari had a net margin of 22.95% and a return on equity of 45.41%. The business’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.29 EPS. Analysts predict that Ferrari will post 9.22 EPS for the current fiscal year.

Institutional Trading of Ferrari

Hedge funds have recently made changes to their positions in the business. Groupama Asset Managment grew its holdings in Ferrari by 24,598.5% during the 2nd quarter. Groupama Asset Managment now owns 16,073,800 shares of the company’s stock valued at $7,888,057,000 after purchasing an additional 16,008,720 shares during the last quarter. Vanguard Group Inc. grew its holdings in Ferrari by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 5,071,130 shares of the company’s stock valued at $2,165,683,000 after purchasing an additional 377,929 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Ferrari by 52.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,277,115 shares of the company’s stock valued at $974,332,000 after purchasing an additional 781,587 shares during the last quarter. Alliancebernstein L.P. grew its holdings in Ferrari by 5.6% during the 2nd quarter. Alliancebernstein L.P. now owns 1,866,558 shares of the company’s stock valued at $915,995,000 after purchasing an additional 99,221 shares during the last quarter. Finally, Jennison Associates LLC grew its holdings in Ferrari by 9.1% during the 2nd quarter. Jennison Associates LLC now owns 1,841,200 shares of the company’s stock valued at $903,019,000 after purchasing an additional 153,297 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.