Ferrari (NYSE:RACE) Hits New 1-Year High – Time to Buy?

Shares of Ferrari (NYSE:RACE) hit a new 52-week high during mid-day trading on Friday . The company 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.

Analyst Ratings Changes

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

Ferrari Stock Performance

The firm has a market capitalization of $123.20 billion, a PE ratio of 55.17, a price-to-earnings-growth ratio of 4.04 and a beta of 0.95. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The business’s fifty day simple moving average is $438.33 and its 200-day simple moving average is $451.14.

Hedge Funds Weigh In On Ferrari

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of Ferrari by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 4,693,201 shares of the company’s stock valued at $2,002,581,000 after purchasing an additional 45,754 shares in the last quarter. Jennison Associates LLC boosted its stake in Ferrari by 910.1% during the third quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock valued at $1,368,622,000 after buying an additional 2,636,869 shares during the last quarter. Bank of Italy grew its holdings in Ferrari by 2.8% during the 4th quarter. Bank of Italy now owns 2,339,620 shares of the company’s stock valued at $1,002,392,000 after buying an additional 63,675 shares in the last quarter. Norges Bank bought a new stake in Ferrari in the 4th quarter worth approximately $697,226,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of Ferrari by 2.4% during the 4th quarter. Bank of New York Mellon Corp now owns 1,612,108 shares of the company’s stock worth $684,888,000 after acquiring an additional 38,356 shares in the last quarter.

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.