Sanford C. Bernstein Boosts Ferrari (NYSE:RACE) Price Target to $512.00

Ferrari (NYSE:RACE) had its price objective raised by equities research analysts at Sanford C. Bernstein from $448.00 to $512.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Sanford C. Bernstein’s target price points to a potential upside of 22.92% from the company’s current price.

A number of other research analysts have also issued reports on RACE. Citigroup lowered shares of Ferrari from a “neutral” rating to a “sell” rating in a research note on Monday, March 4th. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Friday, March 22nd. UBS Group upped their price target on shares of Ferrari from $413.00 to $448.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Bank of America upped their price target on shares of Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Finally, Barclays lowered shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $393.86.

Ferrari Trading Up 1.3 %

Shares of RACE opened at $416.52 on Thursday. The company has a 50 day moving average price of $416.10 and a 200-day moving average price of $365.86. Ferrari has a fifty-two week low of $272.70 and a fifty-two week high of $442.80. The company has a quick ratio of 2.98, a current ratio of 3.91 and a debt-to-equity ratio of 0.81.

Ferrari (NYSE:RACE) last posted its earnings results on Thursday, February 1st. The company reported $1.74 EPS for the quarter, beating analysts’ consensus estimates of $1.59 by $0.15. Ferrari had a net margin of 21.06% and a return on equity of 43.84%. The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.61 billion. As a group, research analysts forecast that Ferrari will post 8.31 EPS for the current year.

Hedge Funds Weigh In On Ferrari

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RACE. Norges Bank purchased a new position in shares of Ferrari in the fourth quarter worth about $572,523,000. Legal & General Group Plc lifted its stake in shares of Ferrari by 8,986.8% in the third quarter. Legal & General Group Plc now owns 1,004,094 shares of the company’s stock worth $297,327,000 after buying an additional 993,044 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Ferrari by 139.6% in the first quarter. Bank of America Corp DE now owns 939,555 shares of the company’s stock worth $254,563,000 after buying an additional 547,356 shares in the last quarter. Alphinity Investment Management Pty Ltd purchased a new position in shares of Ferrari in the third quarter worth about $157,620,000. Finally, Nuveen Asset Management LLC purchased a new position in shares of Ferrari in the fourth quarter worth about $176,281,000.

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.