Ferrari N.V. (NYSE:RACE) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

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. “

Several other research analysts have also issued reports on RACE. UBS AG reaffirmed a “buy” rating and set a $100.00 target price (up from $92.00) on shares of Ferrari N.V. in a research report on Tuesday, July 11th. Berenberg Bank reaffirmed a “buy” rating on shares of Ferrari N.V. in a research report on Monday, August 14th. Evercore ISI upped their target price on Ferrari N.V. from $46.00 to $105.00 and gave the company an “in-line” rating in a research report on Friday, September 1st. Morgan Stanley lowered Ferrari N.V. from an “overweight” rating to an “underweight” rating and set a $100.00 target price on the stock. in a research report on Thursday, September 7th. Finally, Goldman Sachs Group, Inc. (The) initiated coverage on Ferrari N.V. in a research report on Wednesday, September 13th. They set a “neutral” rating and a $131.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. Ferrari N.V. has a consensus rating of “Hold” and an average target price of $109.86.

Ferrari N.V. (NYSE:RACE) last announced its earnings results on Wednesday, August 2nd. The company reported $0.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.13. Ferrari N.V. had a return on equity of 128.49% and a net margin of 14.43%. The company had revenue of $1.01 billion for the quarter.

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Several hedge funds have recently made changes to their positions in the company. Quadrant Capital Group LLC increased its holdings in shares of Ferrari N.V. by 1.2% in the second quarter. Quadrant Capital Group LLC now owns 1,976 shares of the company’s stock valued at $162,000 after purchasing an additional 24 shares during the period. Strategic Global Advisors LLC increased its holdings in shares of Ferrari N.V. by 0.6% in the second quarter. Strategic Global Advisors LLC now owns 6,034 shares of the company’s stock valued at $519,000 after purchasing an additional 38 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of Ferrari N.V. by 6.6% in the second quarter. PNC Financial Services Group Inc. now owns 1,917 shares of the company’s stock valued at $165,000 after purchasing an additional 119 shares during the period. Wetherby Asset Management Inc. increased its holdings in shares of Ferrari N.V. by 3.4% in the second quarter. Wetherby Asset Management Inc. now owns 5,762 shares of the company’s stock valued at $496,000 after purchasing an additional 187 shares during the period. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in shares of Ferrari N.V. by 2.6% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 10,568 shares of the company’s stock valued at $907,000 after purchasing an additional 267 shares during the period. 29.64% of the stock is currently owned by institutional investors and hedge funds.

Ferrari N.V. Company Profile

Ferrari NV, known as New Business Netherlands NV, is an Italy-based company, incorporated in the Netherlands, that is engaged in designing, manufacturing and selling sports cars under the Ferrari brand. Its products include nine sports car models, including seven sports cars: 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.

Analyst Recommendations for Ferrari N.V. (NYSE:RACE)

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