DA Davidson Reaffirms “Neutral” Rating for Advance Auto Parts (NYSE:AAP)

Advance Auto Parts (NYSE:AAP)‘s stock had its “neutral” rating reissued by equities research analysts at DA Davidson in a research report issued on Thursday,Benzinga reports. They currently have a $47.00 target price on the stock. DA Davidson’s price target indicates a potential downside of 15.21% from the company’s previous close.

A number of other research firms have also recently commented on AAP. BMO Capital Markets reissued a “market perform” rating and set a $55.00 target price on shares of Advance Auto Parts in a research report on Friday, October 31st. Morgan Stanley cut their price objective on shares of Advance Auto Parts from $55.00 to $45.00 and set an “equal weight” rating on the stock in a report on Thursday, January 15th. Roth Mkm restated a “neutral” rating and set a $55.00 target price (up from $50.00) on shares of Advance Auto Parts in a research note on Monday, October 27th. Royal Bank Of Canada dropped their target price on Advance Auto Parts from $60.00 to $57.00 and set a “sector perform” rating on the stock in a research report on Wednesday. Finally, Truist Financial set a $48.00 price target on Advance Auto Parts in a report on Wednesday, December 17th. Three investment analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $50.98.

Advance Auto Parts Stock Performance

Advance Auto Parts stock opened at $55.43 on Thursday. The firm has a market capitalization of $3.33 billion, a PE ratio of -8.81 and a beta of 1.14. Advance Auto Parts has a one year low of $28.89 and a one year high of $70.00. The stock’s 50 day moving average price is $45.37 and its 200 day moving average price is $52.50. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.73.

Insiders Place Their Bets

In other Advance Auto Parts news, EVP Kristen L. Soler sold 7,662 shares of the company’s stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $51.00, for a total transaction of $390,762.00. Following the sale, the executive vice president owned 23,165 shares in the company, valued at $1,181,415. This represents a 24.85% 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 corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Amalgamated Bank raised its position in shares of Advance Auto Parts by 1.1% during the 3rd quarter. Amalgamated Bank now owns 17,270 shares of the company’s stock valued at $1,060,000 after acquiring an additional 185 shares in the last quarter. Hsbc Holdings PLC raised its holdings in shares of Advance Auto Parts by 3.1% during the second quarter. Hsbc Holdings PLC now owns 6,306 shares of the company’s stock worth $293,000 after purchasing an additional 191 shares during the period. Arizona State Retirement System raised its holdings in shares of Advance Auto Parts by 1.6% during the third quarter. Arizona State Retirement System now owns 17,733 shares of the company’s stock worth $1,089,000 after purchasing an additional 272 shares during the period. Rockefeller Capital Management L.P. boosted its holdings in shares of Advance Auto Parts by 2.0% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 14,535 shares of the company’s stock valued at $676,000 after buying an additional 283 shares during the period. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of Advance Auto Parts by 0.6% in the 3rd quarter. Envestnet Asset Management Inc. now owns 54,237 shares of the company’s stock valued at $3,330,000 after buying an additional 297 shares during the period. Institutional investors and hedge funds own 88.70% of the company’s stock.

Advance Auto Parts Company Profile

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.