Ferrari (NYSE:RACE – Get Rating) updated its FY23 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 6.00-6.20 for the period, compared to the consensus estimate of $5.96. The company issued revenue guidance of ~5.70 billion, compared to the consensus revenue estimate of $5.57 billion. Ferrari also updated its FY 2023 guidance to $6.12-$6.33 EPS.

Analyst Ratings Changes

Several analysts have commented on RACE shares. Credit Suisse Group increased their target price on Ferrari from $290.00 to $310.00 and gave the company an outperform rating in a research note on Friday. UBS Group raised their price target on Ferrari from $274.00 to $330.00 in a research note on Friday. Morgan Stanley dropped their price target on Ferrari from $300.00 to $280.00 and set an overweight rating on the stock in a research note on Thursday, November 3rd. HSBC upgraded Ferrari from a hold rating to a buy rating in a research note on Thursday, October 27th. Finally, StockNews.com upgraded Ferrari from a hold rating to a buy rating in a research note on Friday, January 20th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $250.06.

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Ferrari Stock Down 2.0 %

NYSE RACE traded down $5.44 on Friday, reaching $260.04. 776,281 shares of the company were exchanged, compared to its average volume of 463,699. The business's fifty day moving average price is $227.68 and its 200 day moving average price is $209.47. The company has a debt-to-equity ratio of 1.21, a quick ratio of 3.74 and a current ratio of 4.47. Ferrari has a fifty-two week low of $167.45 and a fifty-two week high of $270.35.

Ferrari (NYSE:RACE – Get Rating) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.10. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.15 billion. Ferrari had a return on equity of 40.02% and a net margin of 19.00%. Equities analysts expect that Ferrari will post 5.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RACE. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Ferrari by 5.6% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 4,125 shares of the company's stock valued at $900,000 after acquiring an additional 220 shares during the last quarter. Private Advisor Group LLC boosted its position in shares of Ferrari by 54.8% in the 1st quarter. Private Advisor Group LLC now owns 1,553 shares of the company's stock valued at $339,000 after purchasing an additional 550 shares during the period. BlackRock Inc. boosted its position in shares of Ferrari by 3.3% in the 1st quarter. BlackRock Inc. now owns 1,066,538 shares of the company's stock valued at $232,602,000 after purchasing an additional 33,643 shares during the period. Cibc World Market Inc. boosted its position in shares of Ferrari by 143.3% in the 1st quarter. Cibc World Market Inc. now owns 6,983 shares of the company's stock valued at $1,523,000 after purchasing an additional 4,113 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Ferrari by 8.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 67,953 shares of the company's stock valued at $14,820,000 after purchasing an additional 5,286 shares during the period. Hedge funds and other institutional investors own 32.21% of the company's stock.

About Ferrari

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Ferrari NV is a holding company, which engages in the design, engineering, production, and sale of luxury sports cars. The firm's models include the F12Berlinetta, 488GTB, 488 Spider, 458 Speciale, California T, the LaFerrari Hybrid, LaFerrari, and the FF four-wheel drive. It participates in car racing such as Formula One.

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