Advance Auto Parts (NYSE:AAP) Price Target Cut to $40.00 by Analysts at Citigroup

Advance Auto Parts (NYSE:AAP) had its price target reduced by investment analysts at Citigroup from $47.00 to $40.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s target price would suggest a potential upside of 6.34% from the stock’s previous close.

A number of other analysts also recently weighed in on the company. DA Davidson restated a “neutral” rating and issued a $45.00 price target on shares of Advance Auto Parts in a research note on Friday, November 15th. Truist Financial reduced their price objective on Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating for the company in a report on Thursday. UBS Group boosted their price target on Advance Auto Parts from $42.00 to $44.00 and gave the stock a “neutral” rating in a report on Friday, November 15th. Wells Fargo & Company boosted their price target on Advance Auto Parts from $40.00 to $45.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Finally, BMO Capital Markets dropped their target price on Advance Auto Parts from $45.00 to $40.00 and set a “market perform” rating for the company in a research note on Thursday. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Advance Auto Parts presently has a consensus rating of “Hold” and an average target price of $46.69.

Advance Auto Parts Stock Down 0.2 %

Shares of NYSE AAP traded down $0.09 during midday trading on Thursday, hitting $37.62. 2,813,285 shares of the company’s stock were exchanged, compared to its average volume of 2,041,210. The firm’s fifty day simple moving average is $46.11 and its 200-day simple moving average is $43.93. Advance Auto Parts has a twelve month low of $35.59 and a twelve month high of $88.56. The company has a market cap of $2.25 billion, a PE ratio of 51.40, a P/E/G ratio of 1.98 and a beta of 1.15. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.34 and a quick ratio of 0.62.

Insider Buying and Selling at Advance Auto Parts

In other Advance Auto Parts news, EVP Tammy M. Finley sold 1,276 shares of the company’s 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 sale, the executive vice president now owns 24,266 shares in the company, valued at $1,069,159.96. This represents a 5.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.35% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Advance Auto Parts

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. CIBC Asset Management Inc boosted its stake in shares of Advance Auto Parts by 3.9% during the 4th quarter. CIBC Asset Management Inc now owns 5,865 shares of the company’s stock worth $277,000 after acquiring an additional 221 shares in the last quarter. Yousif Capital Management LLC lifted its holdings in shares of Advance Auto Parts by 1.1% in the fourth quarter. Yousif Capital Management LLC now owns 26,258 shares of the company’s stock valued at $1,242,000 after purchasing an additional 281 shares in the last quarter. Ingalls & Snyder LLC lifted its holdings in shares of Advance Auto Parts by 5.0% in the fourth quarter. Ingalls & Snyder LLC now owns 6,680 shares of the company’s stock valued at $316,000 after purchasing an additional 317 shares in the last quarter. Studio Investment Management LLC raised its holdings in shares of Advance Auto Parts by 6.7% during the fourth quarter. Studio Investment Management LLC now owns 5,557 shares of the company’s stock worth $263,000 after acquiring an additional 350 shares in the last quarter. Finally, Versant Capital Management Inc raised its holdings in shares of Advance Auto Parts by 207.4% during the fourth quarter. Versant Capital Management Inc now owns 541 shares of the company’s stock worth $26,000 after acquiring an additional 365 shares in the last quarter. 88.75% of the stock is owned by institutional investors.

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.