Ferrari (NYSE:RACE) Given New $513.00 Price Target at UBS Group

Ferrari (NYSE:RACE) had its price target boosted by analysts at UBS Group from $478.00 to $513.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s target price indicates a potential upside of 16.15% from the stock’s current price.

Other analysts have also recently issued research reports about the company. Morgan Stanley lifted their price target on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $385.00 to $525.00 in a report on Friday, October 11th. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. Finally, Evercore ISI boosted their price objective on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Stock Performance

NYSE RACE traded up $0.68 during midday trading on Wednesday, hitting $441.68. 429,909 shares of the company traded hands, compared to its average volume of 279,268. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01. The company’s 50-day simple moving average is $473.05 and its 200-day simple moving average is $440.91. Ferrari has a 52 week low of $330.15 and a 52 week high of $498.23.

Ferrari (NYSE:RACE) last announced its earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.03). The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.80 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The firm’s revenue was up 6.5% compared to the same quarter last year. During the same period last year, the business posted $1.98 EPS. Equities analysts anticipate that Ferrari will post 8.65 EPS for the current fiscal year.

Institutional Investors Weigh In On Ferrari

Several large investors have recently bought and sold shares of RACE. Jamison Private Wealth Management Inc. grew its position in shares of Ferrari by 27.2% in the third quarter. Jamison Private Wealth Management Inc. now owns 103 shares of the company’s stock valued at $48,000 after purchasing an additional 22 shares in the last quarter. Contravisory Investment Management Inc. grew its position in shares of Ferrari by 4.6% in the second quarter. Contravisory Investment Management Inc. now owns 518 shares of the company’s stock valued at $212,000 after purchasing an additional 23 shares in the last quarter. First Citizens Bank & Trust Co. grew its position in shares of Ferrari by 3.3% in the second quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock valued at $321,000 after purchasing an additional 25 shares in the last quarter. Columbia Asset Management grew its position in shares of Ferrari by 1.8% in the second quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock valued at $582,000 after purchasing an additional 25 shares in the last quarter. Finally, Addison Advisors LLC grew its position in shares of Ferrari by 13.6% in the third quarter. Addison Advisors LLC now owns 217 shares of the company’s stock valued at $102,000 after purchasing an additional 26 shares in 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.