Ferrari (NYSE:RACE) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Ferrari (NYSE:RACE) from a hold rating to a sell rating in a research note issued to investors on Wednesday, Zacks.com reports.

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. “

A number of other analysts have also recently weighed in on the company. Morgan Stanley set a $175.00 price target on Ferrari and gave the company a buy rating in a research note on Wednesday, September 4th. UBS Group raised their price target on Ferrari from $160.00 to $187.00 and gave the company a buy rating in a research note on Wednesday, July 3rd. They noted that the move was a valuation call. Goldman Sachs Group upgraded Ferrari from a neutral rating to a buy rating and set a $182.00 price target on the stock in a research note on Tuesday, August 13th. Credit Suisse Group restated an outperform rating and issued a $185.00 price target (up from $158.00) on shares of Ferrari in a research note on Thursday, June 20th. Finally, Bank of America raised their price target on Ferrari from $150.00 to $225.00 and gave the company a buy rating in a research note on Thursday, July 18th. 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. The company has an average rating of Buy and an average price target of $173.29.

NYSE:RACE opened at $153.32 on Wednesday. The firm has a market cap of $28.21 billion, a PE ratio of 38.14, a price-to-earnings-growth ratio of 2.22 and a beta of 1.34. The stock has a fifty day moving average price of $154.11 and a 200 day moving average price of $151.14. Ferrari has a 12-month low of $93.85 and a 12-month high of $170.54. The company has a current ratio of 3.77, a quick ratio of 3.20 and a debt-to-equity ratio of 1.48.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Friday, August 2nd. The company reported $1.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.06. Ferrari had a return on equity of 50.99% and a net margin of 23.42%. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Equities analysts forecast that Ferrari will post 4.09 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RACE. Doyle Wealth Management purchased a new position in shares of Ferrari during the second quarter worth about $25,000. Atlas Capital Advisors LLC grew its holdings in shares of Ferrari by 63.4% during the second quarter. Atlas Capital Advisors LLC now owns 219 shares of the company’s stock worth $36,000 after buying an additional 85 shares during the last quarter. Commonwealth Bank of Australia grew its holdings in shares of Ferrari by 44.4% during the second quarter. Commonwealth Bank of Australia now owns 231 shares of the company’s stock worth $36,000 after buying an additional 71 shares during the last quarter. Advisory Services Network LLC grew its holdings in shares of Ferrari by 121.6% during the second quarter. Advisory Services Network LLC now owns 246 shares of the company’s stock worth $40,000 after buying an additional 135 shares during the last quarter. Finally, Parallel Advisors LLC grew its holdings in shares of Ferrari by 45.9% during the second quarter. Parallel Advisors LLC now owns 375 shares of the company’s stock worth $61,000 after buying an additional 118 shares during the last quarter. 36.38% of the stock is currently owned by hedge funds and other institutional investors.

About Ferrari

Ferrari N.V., through with its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hypercars; Fuori series, one-off, and track cars; and Icona cars. It also provides non-registered racing cars; and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars.

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