Advance Auto Parts (NYSE:AAP) PT Set at $35.00 by Wells Fargo & Company

Advance Auto Parts (NYSE:AAP) has been given a $35.00 price target by analysts at Wells Fargo & Company in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential downside of 29.17% from the company’s current price.

Several other equities analysts have also recently weighed in on the company. Evercore ISI lowered their target price on Advance Auto Parts from $37.00 to $35.00 and set an “in-line” rating on the stock in a research note on Tuesday, March 11th. Truist Financial lowered their target price on Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. Citigroup lowered their target price on Advance Auto Parts from $47.00 to $40.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Royal Bank of Canada lowered their target price on Advance Auto Parts from $50.00 to $44.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 27th. Finally, Wedbush reaffirmed an “outperform” rating and set a $55.00 target price on shares of Advance Auto Parts in a research note on Monday, March 3rd. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Advance Auto Parts presently has an average rating of “Hold” and an average price target of $44.50.

Advance Auto Parts Trading Up 57.8%

Shares of AAP opened at $49.41 on Monday. The business’s 50-day moving average price is $34.41 and its 200 day moving average price is $40.30. The stock has a market capitalization of $2.96 billion, a P/E ratio of 67.69, a P/E/G ratio of 1.98 and a beta of 0.93. Advance Auto Parts has a 1-year low of $28.89 and a 1-year high of $71.62. The company has a current ratio of 1.34, a quick ratio of 0.62 and a debt-to-equity ratio of 0.69.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Thursday, May 22nd. The company reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.55. The firm had revenue of $2.58 billion for the quarter, compared to analysts’ expectations of $2.51 billion. Advance Auto Parts had a return on equity of 1.82% and a net margin of 0.41%. Advance Auto Parts’s revenue was down 24.2% on a year-over-year basis. During the same quarter last year, the business posted $0.67 EPS. Analysts expect that Advance Auto Parts will post -0.46 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Shane M. Okelly bought 1,500 shares of Advance Auto Parts stock in a transaction that occurred on Tuesday, March 11th. The stock was purchased at an average cost of $36.79 per share, for a total transaction of $55,185.00. Following the acquisition, the chief executive officer now owns 183,121 shares in the company, valued at $6,737,021.59. This trade represents a 0.83% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Eugene I. Lee, Jr. bought 14,640 shares of Advance Auto Parts stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average price of $34.15 per share, with a total value of $499,956.00. Following the completion of the acquisition, the director now owns 34,070 shares in the company, valued at approximately $1,163,490.50. The trade was a 75.35% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.67% of the company’s stock.

Institutional Investors Weigh In On Advance Auto Parts

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Arkadios Wealth Advisors increased its position in Advance Auto Parts by 45.6% in the 4th quarter. Arkadios Wealth Advisors now owns 25,136 shares of the company’s stock worth $1,189,000 after buying an additional 7,867 shares during the period. Nisa Investment Advisors LLC increased its position in Advance Auto Parts by 58.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 19,689 shares of the company’s stock worth $931,000 after buying an additional 7,285 shares during the period. SG Americas Securities LLC increased its position in Advance Auto Parts by 57.2% in the 4th quarter. SG Americas Securities LLC now owns 8,603 shares of the company’s stock worth $407,000 after buying an additional 3,130 shares during the period. Blue Trust Inc. increased its position in Advance Auto Parts by 75.9% in the 4th quarter. Blue Trust Inc. now owns 2,119 shares of the company’s stock worth $100,000 after buying an additional 914 shares during the period. Finally, KBC Group NV increased its position in Advance Auto Parts by 51.6% in the 4th quarter. KBC Group NV now owns 2,651 shares of the company’s stock worth $125,000 after buying an additional 902 shares during the period. 88.75% of the stock is currently owned by institutional investors and hedge funds.

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.