Ferrari (NYSE:RACE) Receives $413.86 Average Price Target from Brokerages

Ferrari (NYSE:RACE) has been assigned a consensus rating of “Hold” from the ten research firms that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $439.50.

A number of equities research analysts recently weighed in on the stock. Sanford C. Bernstein boosted their price objective on shares of Ferrari from $448.00 to $512.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Bank of America upped their price objective on shares of Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Evercore ISI increased their price target on Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a research note on Monday, April 22nd. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Thursday, May 2nd. Finally, Citigroup lowered Ferrari from a “neutral” rating to a “sell” rating in a research report on Monday, March 4th.

Institutional Investors Weigh In On Ferrari

Institutional investors have recently made changes to their positions in the company. Sequoia Financial Advisors LLC grew its holdings in Ferrari by 1.0% during the fourth quarter. Sequoia Financial Advisors LLC now owns 4,247 shares of the company’s stock valued at $1,437,000 after purchasing an additional 40 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Ferrari by 1.4% during the third quarter. Vanguard Group Inc. now owns 4,441,408 shares of the company’s stock valued at $1,312,614,000 after purchasing an additional 61,132 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in Ferrari by 12.0% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,140 shares of the company’s stock valued at $632,000 after buying an additional 230 shares in the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in shares of Ferrari in the 3rd quarter worth about $157,620,000. Finally, Syntal Capital Partners LLC acquired a new stake in shares of Ferrari during the third quarter worth approximately $511,000.

Ferrari Trading Down 6.2 %

Shares of RACE opened at $401.00 on Friday. The company has a current ratio of 3.91, a quick ratio of 2.98 and a debt-to-equity ratio of 0.81. Ferrari has a 52 week low of $283.20 and a 52 week high of $442.80. The stock has a 50 day moving average of $422.01 and a 200-day moving average of $377.48.

Ferrari Dividend Announcement

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

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.