Advance Auto Parts (NYSE:AAP) Price Target Raised to $45.00 at Evercore ISI

Advance Auto Parts (NYSE:AAP - Get Free Report) had its price objective upped by equities researchers at Evercore ISI from $35.00 to $45.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an "in-line" rating on the stock. Evercore ISI's target price would suggest a potential downside of 4.21% from the company's current price.

Several other research firms have also issued reports on AAP. Wells Fargo & Company set a $35.00 target price on Advance Auto Parts and gave the company an "equal weight" rating in a research note on Monday. Royal Bank of Canada reduced their price target on shares of Advance Auto Parts from $50.00 to $44.00 and set a "sector perform" rating for the company in a research report on Thursday, February 27th. Truist Financial decreased their price objective on Advance Auto Parts from $39.00 to $34.00 and set a "hold" rating for the company in a report on Thursday, February 27th. Citigroup cut their target price on shares of Advance Auto Parts from $47.00 to $40.00 and set a "neutral" rating for the company in a report on Thursday, February 27th. Finally, BMO Capital Markets decreased their target price on Advance Auto Parts from $45.00 to $40.00 and set a "market perform" rating on the stock in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $45.29.

Advance Auto Parts Price Performance

Shares of AAP stock traded down $2.19 on Friday, hitting $46.98. 1,901,271 shares of the stock traded hands, compared to its average volume of 2,405,284. The firm has a 50 day simple moving average of $34.41 and a two-hundred day simple moving average of $40.30. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.34 and a quick ratio of 0.62. Advance Auto Parts has a 52 week low of $28.89 and a 52 week high of $71.62. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of 64.24, a PEG ratio of 1.98 and a beta of 0.93.

Advance Auto Parts (NYSE:AAP - Get Free Report) last posted its earnings results on Thursday, May 22nd. The company reported ($0.22) earnings per share for the quarter, beating analysts' consensus estimates of ($0.81) by $0.59. The firm had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.51 billion. Advance Auto Parts had a net margin of 0.41% and a return on equity of 1.82%. Advance Auto Parts's revenue for the quarter was down 24.2% compared to the same quarter last year. During the same period last year, the firm posted $0.67 earnings per share. As a group, equities research analysts predict that Advance Auto Parts will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Shane M. Okelly acquired 1,500 shares of the company's stock in a transaction on Tuesday, March 11th. The shares were bought at an average price of $36.79 per share, with a total value of $55,185.00. Following the completion of the acquisition, the chief executive officer now owns 183,121 shares in the company, valued at $6,737,021.59. This trade represents a 0.83% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eugene I. Lee, Jr. acquired 14,640 shares of the company's stock in a transaction on Thursday, March 6th. The stock was acquired at an average price of $34.15 per share, for a total transaction of $499,956.00. Following the completion of the purchase, the director now owns 34,070 shares of the company's stock, valued at $1,163,490.50. This trade represents a 75.35% increase in their position. The disclosure for this purchase can be found here. 0.67% of the stock is currently owned by insiders.

Institutional Trading of Advance Auto Parts

Several hedge funds have recently modified their holdings of the business. Hexagon Capital Partners LLC lifted its position 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 valued at $28,000 after acquiring an additional 465 shares during the period. Allworth Financial LP lifted its stake in Advance Auto Parts by 1,543.4% in the 4th quarter. Allworth Financial LP now owns 871 shares of the company's stock valued at $40,000 after buying an additional 818 shares in the last quarter. Vision Financial Markets LLC acquired a new stake in Advance Auto Parts during the 4th quarter valued at $42,000. Advisory Services Network LLC purchased a new stake in Advance Auto Parts during the 4th quarter worth about $46,000. Finally, Financial Management Professionals Inc. acquired a new position in Advance Auto Parts in the 1st quarter valued at about $49,000. 88.75% of the stock is owned by institutional investors and hedge funds.

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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