Advance Auto Parts (NYSE:AAP) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Advance Auto Parts (NYSE:AAP) had its price objective upped by stock analysts at Wells Fargo & Company from $40.00 to $50.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential downside of 13.56% from the stock’s previous close.

Other analysts have also issued reports about the stock. UBS Group reissued a “neutral” rating on shares of Advance Auto Parts in a research report on Monday. Citigroup upgraded shares of Advance Auto Parts from a “hold” rating to a “buy” rating in a research note on Wednesday, January 21st. Cfra Research raised Advance Auto Parts to a “hold” rating in a research report on Thursday, October 30th. BMO Capital Markets reissued a “market perform” rating and issued a $55.00 price target on shares of Advance Auto Parts in a report on Friday, October 31st. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $47.00 price objective on shares of Advance Auto Parts in a research report on Thursday, February 5th. Three research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $51.41.

Advance Auto Parts Trading Down 3.0%

AAP opened at $57.85 on Wednesday. The company has a current ratio of 1.73, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. The firm has a market cap of $3.47 billion, a price-to-earnings ratio of -9.20 and a beta of 1.14. Advance Auto Parts has a 12 month low of $28.89 and a 12 month high of $70.00. The stock has a fifty day moving average price of $45.73 and a 200-day moving average price of $52.36.

Institutional Investors Weigh In On Advance Auto Parts

Several hedge funds have recently added to or reduced their stakes in AAP. Savoir Faire Capital Management L.P. increased its stake in shares of Advance Auto Parts by 11.4% during the third quarter. Savoir Faire Capital Management L.P. now owns 226,990 shares of the company’s stock worth $13,937,000 after purchasing an additional 23,172 shares in the last quarter. Federated Hermes Inc. boosted its stake in shares of Advance Auto Parts by 12.8% in the third quarter. Federated Hermes Inc. now owns 2,694,027 shares of the company’s stock worth $165,413,000 after acquiring an additional 306,702 shares during the last quarter. Parkwood LLC purchased a new stake in shares of Advance Auto Parts during the second quarter worth approximately $16,922,000. JPMorgan Chase & Co. increased its position in shares of Advance Auto Parts by 436.4% during the second quarter. JPMorgan Chase & Co. now owns 266,111 shares of the company’s stock worth $12,372,000 after purchasing an additional 216,504 shares in the last quarter. Finally, Bayforest Capital Ltd lifted its holdings in Advance Auto Parts by 1,826.6% in the 2nd quarter. Bayforest Capital Ltd now owns 10,866 shares of the company’s stock valued at $505,000 after purchasing an additional 10,302 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

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.