Ferrari (NYSE:RACE) Reaches New 12-Month High – What’s Next?

Shares of Ferrari (NYSE:RACE) reached a new 52-week high during trading on Friday . The stock traded as high as $507.20 and last traded at $503.67, with a volume of 92883 shares trading hands. The stock had previously closed at $490.45.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. UBS Group boosted their target price on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft began coverage on Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating for the company. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. Finally, Evercore ISI raised their price target on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, Ferrari currently has an average rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Stock Up 3.1 %

The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The company has a 50-day simple moving average of $438.33 and a 200 day simple moving average of $451.14. The company has a market cap of $123.20 billion, a P/E ratio of 55.17, a P/E/G ratio of 4.04 and a beta of 0.95.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RACE. Jennison Associates LLC grew its stake in Ferrari by 910.1% in the 3rd quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock worth $1,368,622,000 after acquiring an additional 2,636,869 shares in the last quarter. Norges Bank purchased a new stake in shares of Ferrari in the fourth quarter valued at approximately $697,226,000. International Assets Investment Management LLC boosted its holdings in shares of Ferrari by 47,023.5% in the third quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock valued at $5,551,600,000 after purchasing an additional 1,178,410 shares during the period. Barclays PLC grew its stake in Ferrari by 198.0% in the fourth quarter. Barclays PLC now owns 853,971 shares of the company’s stock worth $362,802,000 after purchasing an additional 567,407 shares in the last quarter. Finally, Marshall Wace LLP increased its holdings in Ferrari by 62.1% during the 4th quarter. Marshall Wace LLP now owns 1,358,467 shares of the company’s stock worth $579,561,000 after purchasing an additional 520,337 shares during the period.

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.