Ferrari (NYSE:RACE) Price Target Raised to $478.00

Ferrari (NYSE:RACE) had its price target hoisted by UBS Group from $448.00 to $478.00 in a research note issued to investors on Monday, Marketbeat Ratings reports. The brokerage currently has a buy rating on the stock.

Several other analysts have also recently issued reports on RACE. Morgan Stanley reaffirmed an overweight rating and set a $400.00 price objective on shares of Ferrari in a report on Monday, April 22nd. Bank of America boosted their price objective on shares of Ferrari from $458.00 to $512.00 and gave the company a buy rating in a research report on Wednesday, April 10th. Evercore ISI increased their price target on Ferrari from $430.00 to $465.00 and gave the stock an outperform rating in a research report on Monday, April 22nd. Citigroup downgraded shares of Ferrari from a neutral rating to a sell rating in a research note on Monday, March 4th. Finally, Jefferies Financial Group began coverage on Ferrari in a research note on Friday, May 10th. They issued a hold rating and a $403.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of Hold and an average target price of $461.67.

Ferrari Stock Performance

Shares of Ferrari stock opened at $412.52 on Monday. The company has a current ratio of 4.18, a quick ratio of 3.25 and a debt-to-equity ratio of 0.80. The company’s fifty day simple moving average is $415.40 and its 200-day simple moving average is $395.48. Ferrari has a 1-year low of $285.02 and a 1-year high of $442.80.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.08. The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.73 billion. Ferrari had a net margin of 21.42% and a return on equity of 43.94%. On average, equities analysts anticipate that Ferrari will post 8.2 earnings per share for the current year.

Ferrari Announces Dividend

The company also recently disclosed an annual dividend, which was paid on Friday, May 3rd. Stockholders of record on Tuesday, April 23rd were paid a $2.443 dividend. This represents a dividend yield of 0.62%. The ex-dividend date was Monday, April 22nd.

Hedge Funds Weigh In On Ferrari

Several hedge funds and other institutional investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC boosted its holdings in shares of Ferrari by 12.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 243 shares of the company’s stock valued at $101,000 after acquiring an additional 27 shares during the last quarter. Blue Trust Inc. grew its position in Ferrari by 37.0% during the 4th quarter. Blue Trust Inc. now owns 111 shares of the company’s stock worth $38,000 after purchasing an additional 30 shares during the period. Sequoia Financial Advisors LLC raised its stake in shares of Ferrari by 0.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,277 shares of the company’s stock valued at $1,865,000 after buying an additional 30 shares during the last quarter. Lorne Steinberg Wealth Management Inc. boosted its stake in shares of Ferrari by 0.3% in the first quarter. Lorne Steinberg Wealth Management Inc. now owns 9,552 shares of the company’s stock worth $4,164,000 after buying an additional 30 shares during the last quarter. Finally, Beck Bode LLC boosted its stake in shares of Ferrari by 1.1% in the first quarter. Beck Bode LLC now owns 2,775 shares of the company’s stock worth $1,210,000 after buying an additional 30 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.