Zacks Investment Research cut shares of Ferrari (NYSE:RACE) from a hold rating to a strong sell rating in a report issued on Wednesday morning.

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. “

RACE has been the subject of a number of other reports. ValuEngine upgraded Ferrari from a hold rating to a buy rating in a report on Friday, October 26th. Morgan Stanley reiterated an equal weight rating and issued a $140.00 price target (up from $120.00) on shares of Ferrari in a report on Tuesday, October 2nd. Societe Generale upgraded Ferrari from a sell rating to a hold rating and boosted their price target for the company from $94.00 to $130.00 in a report on Wednesday, October 10th. Jefferies Financial Group downgraded Ferrari from a buy rating to a hold rating in a report on Thursday, October 11th. Finally, Credit Suisse Group boosted their price objective on Ferrari from $156.00 to $160.00 and gave the company an outperform rating in a research report on Thursday, September 20th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $145.67.

Shares of NYSE RACE traded down $4.13 during trading on Wednesday, reaching $110.07. The stock had a trading volume of 1,458,520 shares, compared to its average volume of 899,440. Ferrari has a one year low of $103.65 and a one year high of $149.85. The company has a current ratio of 4.05, a quick ratio of 2.71 and a debt-to-equity ratio of 1.53. The company has a market capitalization of $21.93 billion, a price-to-earnings ratio of 31.37, a price-to-earnings-growth ratio of 1.99 and a beta of 1.44.

Ferrari (NYSE:RACE) last issued its quarterly earnings results on Monday, November 5th. The company reported $0.90 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.02. Ferrari had a return on equity of 62.07% and a net margin of 21.34%. The business had revenue of $838.00 million during the quarter, compared to the consensus estimate of $864.50 million. During the same period in the previous year, the business earned $0.74 EPS. The business’s quarterly revenue was up .2% on a year-over-year basis. As a group, equities analysts predict that Ferrari will post 3.57 earnings per share for the current year.

A number of large investors have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board lifted its holdings in shares of Ferrari by 5.0% in the third quarter. Canada Pension Plan Investment Board now owns 2,755,805 shares of the company’s stock valued at $379,623,000 after buying an additional 132,000 shares during the period. Winslow Capital Management LLC lifted its holdings in shares of Ferrari by 62.5% in the third quarter. Winslow Capital Management LLC now owns 2,315,619 shares of the company’s stock valued at $317,032,000 after buying an additional 890,264 shares during the period. DekaBank Deutsche Girozentrale lifted its holdings in shares of Ferrari by 45.1% in the third quarter. DekaBank Deutsche Girozentrale now owns 81,095 shares of the company’s stock valued at $10,704,000 after buying an additional 25,212 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Ferrari by 2.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 33,223 shares of the company’s stock valued at $4,577,000 after buying an additional 939 shares during the period. Finally, FMR LLC lifted its holdings in shares of Ferrari by 124.9% in the third quarter. FMR LLC now owns 582,488 shares of the company’s stock valued at $80,152,000 after buying an additional 323,528 shares during the period. Institutional investors and hedge funds own 34.28% of the company’s stock.

About Ferrari

Ferrari N.V., through with its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports cars, GT cars, special series cars, limited edition supercars, limited editions series, and one-off cars; and open air roadsters and two-seater mid-rear-engined roadsters.

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