Advance Auto Parts (NYSE:AAP) Price Target Cut to $35.00 by Analysts at Wells Fargo & Company

Advance Auto Parts (NYSE:AAP - Get Free Report) had its price objective reduced by Wells Fargo & Company from $40.00 to $35.00 in a report released on Monday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Wells Fargo & Company's target price points to a potential upside of 0.03% from the company's previous close.

AAP has been the topic of a number of other reports. Citigroup lowered their price objective on Advance Auto Parts from $47.00 to $40.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. Royal Bank of Canada lowered their price target on shares of Advance Auto Parts from $50.00 to $44.00 and set a "sector perform" rating on the stock in a report on Thursday, February 27th. Truist Financial dropped their price target on shares of Advance Auto Parts from $39.00 to $34.00 and set a "hold" rating for the company in a research report on Thursday, February 27th. Evercore ISI reduced their price objective on shares of Advance Auto Parts from $37.00 to $35.00 and set an "in-line" rating for the company in a research note on Tuesday, March 11th. Finally, BMO Capital Markets lowered their target price on shares of Advance Auto Parts from $45.00 to $40.00 and set a "market perform" rating on the stock in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Advance Auto Parts currently has an average rating of "Hold" and a consensus target price of $44.50.

Advance Auto Parts Price Performance

NYSE AAP opened at $34.99 on Monday. The business's fifty day moving average is $34.44 and its 200 day moving average is $40.34. Advance Auto Parts has a fifty-two week low of $28.89 and a fifty-two week high of $74.59. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.62 and a current ratio of 1.34. The company has a market capitalization of $2.09 billion, a PE ratio of 47.93, a price-to-earnings-growth ratio of 1.98 and a beta of 0.93.

Insider Buying and Selling at Advance Auto Parts

In other news, Director Eugene I. Lee, Jr. acquired 14,640 shares of the business's stock in a transaction dated Thursday, March 6th. The stock was purchased at an average price of $34.15 per share, for a total transaction of $499,956.00. Following the completion of the transaction, the director now directly owns 34,070 shares in the company, valued at approximately $1,163,490.50. This trade represents a 75.35% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Shane M. Okelly bought 1,500 shares of Advance Auto Parts stock in a transaction dated 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 completion of the acquisition, the chief executive officer now directly owns 183,121 shares of the company's stock, valued at approximately $6,737,021.59. The trade was a 0.83% increase in their position. The disclosure for this purchase can be found here. 0.35% of the stock is currently owned by insiders.

Institutional Trading of Advance Auto Parts

Several hedge funds have recently modified their holdings of the company. Empowered Funds LLC grew its holdings in shares of Advance Auto Parts by 1.9% in the first quarter. Empowered Funds LLC now owns 192,880 shares of the company's stock valued at $7,563,000 after purchasing an additional 3,686 shares in the last quarter. Caxton Associates LLP bought a new position in Advance Auto Parts during the first quarter valued at $1,068,000. Goldman Sachs Group Inc. grew its stake in shares of Advance Auto Parts by 327.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 362,918 shares of the company's stock worth $14,230,000 after buying an additional 278,066 shares in the last quarter. Scientech Research LLC bought a new stake in shares of Advance Auto Parts in the 1st quarter worth about $616,000. Finally, Invenomic Capital Management LP increased its holdings in shares of Advance Auto Parts by 281.2% in the 1st quarter. Invenomic Capital Management LP now owns 600,895 shares of the company's stock worth $23,561,000 after buying an additional 443,251 shares during the last quarter. 88.75% of the stock is owned by hedge funds and other institutional investors.

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.

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