Ferrari (NYSE:RACE) Raised to Overweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Ferrari (NYSE:RACE) from a neutral rating to an overweight rating in a research report released on Friday morning, MarketBeat reports. The brokerage currently has $525.00 price objective on the stock, up from their previous price objective of $385.00.

RACE has been the topic of several other reports. Morgan Stanley increased their target price on Ferrari from $400.00 to $520.00 and gave the stock an overweight rating in a research report on Tuesday, August 27th. UBS Group raised their price objective on Ferrari from $448.00 to $478.00 and gave the company a buy rating in a research report on Monday, June 24th. StockNews.com raised Ferrari from a hold rating to a buy rating in a research report on Monday, August 5th. Finally, Barclays upgraded Ferrari from an equal weight rating to an overweight rating in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $487.86.

Ferrari Trading Up 3.5 %

Shares of RACE opened at $469.08 on Friday. Ferrari has a fifty-two week low of $296.34 and a fifty-two week high of $498.23. The company has a market capitalization of $86.66 billion, a PE ratio of 59.91, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99. The stock has a fifty day moving average of $463.70 and a two-hundred day moving average of $433.90. The company has a debt-to-equity ratio of 1.01, a quick ratio of 3.32 and a current ratio of 4.35.

Ferrari (NYSE:RACE) last released its earnings results on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.08. The firm had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.63 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. During the same period in the prior year, the business posted $1.99 earnings per share. The firm’s revenue for the quarter was up 16.1% compared to the same quarter last year. As a group, analysts forecast that Ferrari will post 8.81 EPS for the current year.

Hedge Funds Weigh In On Ferrari

Institutional investors and hedge funds have recently made changes to their positions in the business. Rothschild Investment LLC acquired a new stake in Ferrari in the second quarter valued at $29,000. Register Financial Advisors LLC acquired a new stake in shares of Ferrari in the 1st quarter valued at about $33,000. Valley Wealth Managers Inc. bought a new position in shares of Ferrari during the second quarter worth about $33,000. Denver PWM LLC acquired a new position in Ferrari in the second quarter worth about $35,000. Finally, Pittenger & Anderson Inc. increased its holdings in Ferrari by 168.6% in the first quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock valued at $41,000 after buying an additional 59 shares during the last quarter.

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.