Ferrari (NYSE:RACE) Cut to “Equal Weight” at Barclays

Ferrari (NYSE:RACEGet Free Report) was downgraded by investment analysts at Barclays from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Thursday, MarketBeat reports.

Other research analysts have also issued reports about the stock. BNP Paribas lowered shares of Ferrari from an “outperform” rating to a “neutral” rating in a research note on Wednesday, December 13th. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Friday, March 22nd. UBS Group boosted their price objective on shares of Ferrari from $413.00 to $448.00 and gave the company a “buy” rating in a report on Friday, February 2nd. HSBC downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, December 13th. Finally, Citigroup cut shares of Ferrari from a “neutral” rating to a “sell” rating in a research report on Monday, March 4th. One analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Ferrari has an average rating of “Hold” and an average target price of $337.00.

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Ferrari Price Performance

Shares of NYSE RACE opened at $419.61 on Thursday. The company’s fifty day moving average is $405.09 and its 200-day moving average is $357.24. Ferrari has a twelve month low of $269.50 and a twelve month high of $442.80. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.91 and a quick ratio of 2.98.

Ferrari (NYSE:RACEGet Free Report) last issued its quarterly earnings data on Thursday, February 1st. The company reported $1.74 EPS for the quarter, topping analysts’ consensus estimates of $1.59 by $0.15. Ferrari had a net margin of 21.06% and a return on equity of 43.84%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.61 billion. On average, equities analysts predict that Ferrari will post 8.45 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Ferrari in the fourth quarter valued at $572,523,000. Legal & General Group Plc lifted its stake in shares of Ferrari by 8,986.8% in the third quarter. Legal & General Group Plc now owns 1,004,094 shares of the company’s stock valued at $297,327,000 after buying an additional 993,044 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Ferrari by 139.6% in the first quarter. Bank of America Corp DE now owns 939,555 shares of the company’s stock valued at $254,563,000 after buying an additional 547,356 shares in the last quarter. Alphinity Investment Management Pty Ltd bought a new position in shares of Ferrari in the third quarter valued at $157,620,000. Finally, Nuveen Asset Management LLC purchased a new stake in shares of Ferrari in the fourth quarter valued at about $176,281,000.

Ferrari Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Ferrari (NYSE:RACE)

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