Advance Auto Parts (NYSE:AAP) Given New $63.00 Price Target at DA Davidson

Key Points

• Advance Auto Parts has had its price target reduced from $65.00 to $63.00 by DA Davidson, which indicates a potential upside of 10.73% from the current price.
• Despite a number of analysts adjusting their price targets, the stock maintains a consensus rating of "Hold" with an average target of $49.72.
• The company's recent quarterly earnings showed a slight increase in EPS but a 7.7% decline in revenue compared to the same quarter last year.

Advance Auto Parts (NYSE:AAP - Get Free Report) had its target price dropped by equities research analysts at DA Davidson from $65.00 to $63.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. DA Davidson's price objective would indicate a potential upside of 10.73% from the stock's current price.

A number of other equities research analysts have also recently commented on the stock. Bank of America increased their price objective on shares of Advance Auto Parts from $33.00 to $39.00 and gave the company an "underperform" rating in a research note on Friday, May 23rd. Evercore ISI increased their price objective on shares of Advance Auto Parts from $56.00 to $58.00 and gave the company an "in-line" rating in a research note on Tuesday. Redburn Partners raised shares of Advance Auto Parts from a "sell" rating to a "neutral" rating and set a $45.00 price objective on the stock in a research note on Tuesday, June 3rd. UBS Group set a $65.00 price objective on shares of Advance Auto Parts and gave the company a "neutral" rating in a research note on Tuesday. Finally, Wall Street Zen cut shares of Advance Auto Parts from a "hold" rating to a "sell" rating in a research note on Sunday, June 29th. Three research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $49.72.

Advance Auto Parts Stock Performance

AAP traded down $4.92 on Thursday, hitting $56.90. 7,324,370 shares of the company traded hands, compared to its average volume of 2,706,027. The company has a 50 day moving average of $54.97 and a 200-day moving average of $44.58. The company has a quick ratio of 0.49, a current ratio of 1.27 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $3.41 billion, a PE ratio of -9.69 and a beta of 1.05. Advance Auto Parts has a 12-month low of $28.89 and a 12-month high of $70.00.

Advance Auto Parts (NYSE:AAP - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.10. The firm had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $1.97 billion. Advance Auto Parts had a negative net margin of 3.74% and a negative return on equity of 1.76%. The firm's revenue was down 7.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.75 earnings per share. Sell-side analysts anticipate that Advance Auto Parts will post -0.46 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Jason Hand sold 948 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $48.52, for a total transaction of $45,996.96. Following the completion of the sale, the senior vice president directly owned 9,876 shares in the company, valued at approximately $479,183.52. This trade represents a 8.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.35% of the company's stock.

Institutional Investors Weigh In On Advance Auto Parts

Several institutional investors and hedge funds have recently modified their holdings of the business. REAP Financial Group LLC bought a new stake in shares of Advance Auto Parts during the 2nd quarter worth $26,000. Hexagon Capital Partners LLC boosted its holdings in shares of Advance Auto Parts by 189.0% during the 1st quarter. Hexagon Capital Partners LLC now owns 711 shares of the company's stock worth $28,000 after buying an additional 465 shares during the period. Parallel Advisors LLC boosted its holdings in shares of Advance Auto Parts by 355.8% during the 2nd quarter. Parallel Advisors LLC now owns 939 shares of the company's stock worth $44,000 after buying an additional 733 shares during the period. Advisory Services Network LLC acquired a new stake in shares of Advance Auto Parts in the fourth quarter worth $46,000. Finally, Financial Management Professionals Inc. acquired a new stake in shares of Advance Auto Parts in the first quarter worth $49,000. Institutional investors and hedge funds own 88.75% of the company's stock.

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.

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