Wells Fargo & Company Forecasts Strong Price Appreciation for Advance Auto Parts (NYSE:AAP) Stock

Advance Auto Parts (NYSE:AAP) had its target price raised by equities researchers at Wells Fargo & Company from $40.00 to $45.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target points to a potential downside of 2.32% from the stock’s previous close.

AAP has been the subject of several other reports. Evercore ISI boosted their price objective on shares of Advance Auto Parts from $45.00 to $60.00 and gave the company a “hold” rating in a research report on Wednesday, November 20th. BMO Capital Markets assumed coverage on Advance Auto Parts in a report on Friday, December 13th. They set a “market perform” rating and a $45.00 price target for the company. The Goldman Sachs Group reduced their price objective on Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. DA Davidson reiterated a “neutral” rating and set a $45.00 price objective on shares of Advance Auto Parts in a research report on Friday, November 15th. Finally, Truist Financial lowered their target price on Advance Auto Parts from $41.00 to $39.00 and set a “hold” rating for the company in a report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $48.73.

Advance Auto Parts Trading Down 3.6 %

Shares of NYSE:AAP opened at $46.07 on Monday. The business’s 50 day simple moving average is $42.50 and its 200 day simple moving average is $47.50. Advance Auto Parts has a 1 year low of $35.59 and a 1 year high of $88.56. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.34 and a quick ratio of 0.62. The company has a market capitalization of $2.75 billion, a P/E ratio of 63.11 and a beta of 1.16.

Advance Auto Parts (NYSE:AAP) last released its earnings results on Thursday, November 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.53). The company had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.62 billion. Advance Auto Parts had a return on equity of 1.82% and a net margin of 0.41%. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period last year, the company posted ($0.82) earnings per share. On average, research analysts anticipate that Advance Auto Parts will post -0.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other Advance Auto Parts news, EVP Tammy M. Finley sold 1,276 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $44.06, for a total transaction of $56,220.56. Following the transaction, the executive vice president now directly owns 24,266 shares in the company, valued at approximately $1,069,159.96. This represents a 5.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.35% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc increased its stake in Advance Auto Parts by 207.4% in the fourth quarter. Versant Capital Management Inc now owns 541 shares of the company’s stock valued at $26,000 after purchasing an additional 365 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in Advance Auto Parts in the 2nd quarter valued at about $41,000. Blue Trust Inc. raised its stake in Advance Auto Parts by 56.7% during the 3rd quarter. Blue Trust Inc. now owns 1,205 shares of the company’s stock worth $47,000 after buying an additional 436 shares during the period. KBC Group NV lifted its holdings in shares of Advance Auto Parts by 29.1% in the 3rd quarter. KBC Group NV now owns 1,749 shares of the company’s stock worth $68,000 after purchasing an additional 394 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Advance Auto Parts by 198.3% in the fourth quarter. GAMMA Investing LLC now owns 1,575 shares of the company’s stock valued at $74,000 after buying an additional 1,047 shares in the last quarter. Institutional investors and hedge funds own 88.75% of the company’s stock.

About Advance Auto Parts

Advance Auto Parts, Inc provides automotive replacement parts, accessories, batteries, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. The company offers battery accessories; belts and hoses; brakes and brake pads; chassis and climate control parts; clutches and drive shafts; engines and engine parts; exhaust systems and parts; hub assemblies; ignition components and wires; radiators and cooling parts; starters and alternators; and steering and alignment parts.