Evercore ISI Cuts Ferrari (NYSE:RACE) Price Target to $475.00

Ferrari (NYSE:RACE) had its price objective decreased by Evercore ISI from $580.00 to $475.00 in a report issued on Friday morning, MarketBeat.com reports. Evercore ISI currently has an outperform rating on the stock.

RACE has been the subject of a number of other reports. Royal Bank Of Canada reiterated an “outperform” rating on shares of Ferrari in a research note on Monday, August 4th. Sanford C. Bernstein lowered their target price on shares of Ferrari from $554.00 to $475.00 and set an “outperform” rating for the company in a research note on Friday, October 10th. Weiss Ratings reiterated a “buy (b)” rating on shares of Ferrari in a research note on Wednesday, October 8th. Citigroup lowered their target price on shares of Ferrari from $579.00 to $529.00 and set a “buy” rating for the company in a research note on Thursday, October 16th. Finally, Cfra Research cut shares of Ferrari from a “hold” rating to a “moderate sell” rating in a research note on Thursday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $501.14.

Ferrari Price Performance

Shares of RACE stock opened at $404.46 on Friday. Ferrari has a fifty-two week low of $372.31 and a fifty-two week high of $519.10. The firm has a market capitalization of $98.03 billion, a price-to-earnings ratio of 41.74, a PEG ratio of 4.28 and a beta of 1.08. The company has a debt-to-equity ratio of 0.89, a quick ratio of 3.94 and a current ratio of 5.09. The stock’s 50-day simple moving average is $453.19 and its 200-day simple moving average is $467.78.

Ferrari (NYSE:RACE) last released its earnings results on Thursday, July 31st. The company reported $2.70 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.13. The company had revenue of $2.12 billion during 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%. Ferrari’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period last year, the business earned $2.29 EPS. As a group, equities analysts forecast that Ferrari will post 9.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ferrari

Institutional investors have recently bought and sold shares of the business. Callan Family Office LLC increased its holdings in Ferrari by 58.5% in the 2nd quarter. Callan Family Office LLC now owns 4,378 shares of the company’s stock worth $2,148,000 after acquiring an additional 1,615 shares in the last quarter. TD Asset Management Inc increased its holdings in Ferrari by 1.1% in the 2nd quarter. TD Asset Management Inc now owns 415,850 shares of the company’s stock worth $203,677,000 after acquiring an additional 4,434 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its holdings in Ferrari by 26.5% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 10,599 shares of the company’s stock worth $5,205,000 after acquiring an additional 2,220 shares in the last quarter. Rheos Capital Works Inc. raised its stake in Ferrari by 14.1% in the 2nd quarter. Rheos Capital Works Inc. now owns 161,700 shares of the company’s stock valued at $79,353,000 after purchasing an additional 20,000 shares during the last quarter. Finally, Bridgewater Advisors Inc. purchased a new position in Ferrari in the 1st quarter valued at $492,000.

Ferrari Company Profile

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.