Royal Bank Of Canada Has Lowered Expectations for Advance Auto Parts (NYSE:AAP) Stock Price

Advance Auto Parts (NYSE:AAP) had its price objective dropped by Royal Bank Of Canada from $60.00 to $57.00 in a research note issued to investors on Wednesday, MarketBeat.com reports. The firm presently has a “sector perform” rating on the stock. Royal Bank Of Canada’s price target suggests a potential upside of 7.66% from the stock’s previous close.

A number of other research firms have also commented on AAP. Roth Mkm restated a “neutral” rating and set a $55.00 price target (up from $50.00) on shares of Advance Auto Parts in a research report on Monday, October 27th. Northcoast Research upgraded Advance Auto Parts from a “neutral” rating to a “buy” rating and set a $55.00 target price on the stock in a report on Wednesday, January 21st. Truist Financial set a $48.00 price target on Advance Auto Parts in a report on Wednesday, December 17th. Cfra Research raised shares of Advance Auto Parts to a “hold” rating in a report on Thursday, October 30th. Finally, TD Cowen lowered their price objective on shares of Advance Auto Parts from $62.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, January 20th. Three equities research analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $50.70.

Advance Auto Parts Stock Down 2.9%

AAP stock opened at $52.95 on Wednesday. The stock has a market capitalization of $3.18 billion, a price-to-earnings ratio of -8.42 and a beta of 1.14. The company has a 50-day moving average of $45.30 and a two-hundred day moving average of $52.55. Advance Auto Parts has a 52-week low of $28.89 and a 52-week high of $70.00. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.73 and a quick ratio of 0.88.

Insider Buying and Selling at Advance Auto Parts

In related news, EVP Kristen L. Soler sold 7,662 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The shares were sold at an average price of $51.00, for a total transaction of $390,762.00. Following the completion of the transaction, the executive vice president owned 23,165 shares in the company, valued at approximately $1,181,415. The trade was a 24.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.35% of the stock is owned by corporate insiders.

Institutional Trading of Advance Auto Parts

Large investors have recently made changes to their positions in the company. Royal Bank of Canada raised its stake in shares of Advance Auto Parts by 107.2% in the 1st quarter. Royal Bank of Canada now owns 79,558 shares of the company’s stock valued at $3,119,000 after purchasing an additional 41,157 shares during the period. Goldman Sachs Group Inc. raised its position in Advance Auto Parts by 327.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 362,918 shares of the company’s stock valued at $14,230,000 after buying an additional 278,066 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Advance Auto Parts by 14.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 180,979 shares of the company’s stock valued at $7,096,000 after buying an additional 23,018 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in Advance Auto Parts by 45.7% in the 2nd quarter. Janney Montgomery Scott LLC now owns 85,670 shares of the company’s stock valued at $3,983,000 after acquiring an additional 26,880 shares in the last quarter. Finally, Truist Financial Corp boosted its position in Advance Auto Parts by 15.6% during the 2nd quarter. Truist Financial Corp now owns 15,841 shares of the company’s stock worth $736,000 after acquiring an additional 2,134 shares during the last quarter. Institutional investors own 88.70% of the company’s stock.

About Advance Auto Parts

Advance Auto Parts, Inc (NYSE: AAP) is a leading distributor of automotive aftermarket parts, accessories, and maintenance items. The company operates a network of stores and distribution centers across North America, serving both do-it-yourself (DIY) customers and professional service providers. Advance Auto Parts focuses on offering a comprehensive selection of replacement parts, batteries, engine components, and performance products for cars and light trucks.

The company’s product portfolio includes engine oils and lubricants, cooling system components, brake and suspension parts, filters, belts, hoses, and diagnostic tools.