Advance Auto Parts (NYSE:AAP) Given New $35.00 Price Target at Wells Fargo & Company

Advance Auto Parts (NYSE:AAP) had its price objective lowered by Wells Fargo & Company from $40.00 to $35.00 in a report released on Monday morning, Marketbeat reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other brokerages have also recently weighed in on AAP. BMO Capital Markets reduced their target price on shares of Advance Auto Parts from $45.00 to $40.00 and set a “market perform” rating for the company in a report on Thursday, February 27th. Truist Financial reduced their target price on shares of Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating for the company in a report on Thursday, February 27th. Royal Bank of Canada reduced their target price on shares of Advance Auto Parts from $50.00 to $44.00 and set a “sector perform” rating for the company in a report on Thursday, February 27th. Citigroup reduced their target price on shares of Advance Auto Parts from $47.00 to $40.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Finally, Wedbush restated an “outperform” rating and set a $55.00 target price on shares of Advance Auto Parts in a report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $44.50.

Advance Auto Parts Trading Down 1.9%

Advance Auto Parts stock opened at $34.36 on Monday. The stock has a market capitalization of $2.06 billion, a PE ratio of 47.07, a price-to-earnings-growth ratio of 1.98 and a beta of 0.93. Advance Auto Parts has a 12-month low of $28.89 and a 12-month high of $74.59. 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 firm has a 50 day simple moving average of $34.38 and a 200-day simple moving average of $40.32.

Insider Activity

In other news, Director Eugene I. Lee, Jr. bought 14,640 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average cost of $34.15 per share, for a total transaction of $499,956.00. Following the purchase, the director now owns 34,070 shares of the company’s stock, valued at $1,163,490.50. This represents a 75.35% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Shane M. Okelly bought 1,500 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was purchased at an average price of $36.79 per share, for a total transaction of $55,185.00. Following the completion of the purchase, the chief executive officer now directly owns 183,121 shares in the company, valued at $6,737,021.59. The trade was a 0.83% increase in their position. The disclosure for this purchase can be found here. 0.35% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its stake in Advance Auto Parts by 34.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,685,541 shares of the company’s stock valued at $316,160,000 after buying an additional 1,706,328 shares during the last quarter. Pzena Investment Management LLC grew its stake in Advance Auto Parts by 31.8% in the 1st quarter. Pzena Investment Management LLC now owns 4,312,508 shares of the company’s stock valued at $169,093,000 after buying an additional 1,041,611 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its stake in Advance Auto Parts by 3.0% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 3,552,475 shares of the company’s stock valued at $139,293,000 after buying an additional 102,921 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Advance Auto Parts by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,741,701 shares of the company’s stock worth $107,500,000 after purchasing an additional 13,412 shares during the last quarter. Finally, Eminence Capital LP acquired a new stake in Advance Auto Parts in the 4th quarter worth $87,214,000. 88.75% of the stock is currently owned by institutional investors and hedge funds.

Advance Auto Parts Company Profile

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.