Ferrari N.V. (RACE) Given “Buy” Rating at UBS AG
UBS AG reaffirmed their buy rating on shares of Ferrari N.V. (NYSE:RACE) in a report issued on Thursday, www.benzinga.com reports. UBS AG currently has a $125.00 price target on the stock, up from their previous price target of $100.00.
A number of other analysts also recently commented on the stock. Zacks Investment Research downgraded shares of Ferrari N.V. from a hold rating to a sell rating in a report on Wednesday, May 3rd. Jefferies Group LLC reiterated a buy rating and issued a $74.00 price objective on shares of Ferrari N.V. in a report on Tuesday, April 18th. Morgan Stanley cut their price objective on shares of Ferrari N.V. from $100.00 to $72.00 and set an overweight rating for the company in a report on Monday, May 8th. Bank of America Corporation increased their price objective on shares of Ferrari N.V. from $82.00 to $90.00 and gave the company a buy rating in a report on Friday, May 5th. Finally, Kepler Capital Markets reiterated a hold rating on shares of Ferrari N.V. in a report on Monday, May 15th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $91.67.
Ferrari N.V. (RACE) traded up 0.75% on Thursday, reaching $109.15. The company had a trading volume of 704,475 shares. Ferrari N.V. has a 1-year low of $46.38 and a 1-year high of $109.78. The company’s 50-day moving average price is $93.00 and its 200 day moving average price is $77.93. The firm has a market capitalization of $20.61 billion, a P/E ratio of 36.83 and a beta of 1.82.
Ferrari N.V. (NYSE:RACE) last released its quarterly earnings data on Wednesday, August 2nd. The company reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.13. The company had revenue of $1.01 billion during the quarter. Ferrari N.V. had a net margin of 14.43% and a return on equity of 128.49%. On average, equities analysts forecast that Ferrari N.V. will post $3.11 EPS for the current year.
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Several hedge funds have recently made changes to their positions in RACE. Redwood Investments LLC purchased a new stake in shares of Ferrari N.V. during the second quarter worth about $1,165,000. BNP Paribas Arbitrage SA increased its stake in shares of Ferrari N.V. by 128.4% in the second quarter. BNP Paribas Arbitrage SA now owns 2,723 shares of the company’s stock worth $234,000 after buying an additional 1,531 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Ferrari N.V. by 124.2% in the second quarter. Bank of New York Mellon Corp now owns 811,847 shares of the company’s stock worth $69,836,000 after buying an additional 449,795 shares in the last quarter. Jaffetilchin Investment Partners LLC purchased a new stake in shares of Ferrari N.V. during the second quarter worth about $360,000. Finally, SG Americas Securities LLC increased its stake in shares of Ferrari N.V. by 201.3% in the second quarter. SG Americas Securities LLC now owns 36,123 shares of the company’s stock worth $3,107,000 after buying an additional 24,135 shares in the last quarter. Institutional investors and hedge funds own 32.87% of the company’s stock.
Ferrari N.V. Company Profile
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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