Advance Auto Parts (NYSE:AAP) Price Target Raised to $50.00 at Evercore ISI

Advance Auto Parts (NYSE:AAP - Get Free Report) had its price target raised by equities research analysts at Evercore ISI from $45.00 to $50.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "in-line" rating on the stock. Evercore ISI's target price suggests a potential upside of 1.19% from the company's previous close.

A number of other analysts have also commented on the stock. Truist Financial lowered their target price on shares of Advance Auto Parts from $39.00 to $34.00 and set a "hold" rating for the company in a report on Thursday, February 27th. Roth Capital set a $50.00 target price on shares of Advance Auto Parts and gave the stock a "neutral" rating in a report on Wednesday, May 28th. Redburn Partners raised shares of Advance Auto Parts from a "sell" rating to a "neutral" rating and set a $45.00 target price for the company in a report on Tuesday, June 3rd. Redburn Atlantic raised shares of Advance Auto Parts from a "sell" rating to a "neutral" rating and lifted their target price for the stock from $28.00 to $45.00 in a report on Tuesday, June 3rd. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and set a $48.00 target price (up previously from $43.00) on shares of Advance Auto Parts in a report on Thursday, May 22nd. One analyst has rated the stock with a sell rating, twenty have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, Advance Auto Parts presently has an average rating of "Hold" and an average target price of $46.25.

Advance Auto Parts Price Performance

Shares of Advance Auto Parts stock traded up $0.86 during midday trading on Tuesday, reaching $49.41. The company had a trading volume of 1,809,555 shares, compared to its average volume of 2,483,602. The company has a current ratio of 1.27, a quick ratio of 0.49 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $2.96 billion, a price-to-earnings ratio of -8.42 and a beta of 1.06. The stock has a fifty day simple moving average of $40.34 and a 200 day simple moving average of $41.68. Advance Auto Parts has a 1-year low of $28.89 and a 1-year high of $67.03.

Advance Auto Parts (NYSE:AAP - Get Free Report) last issued its quarterly 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 business had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.51 billion. Advance Auto Parts had a negative net margin of 3.74% and a negative return on equity of 1.76%. Advance Auto Parts's revenue for the quarter was down 24.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.67 earnings per share. As a group, equities research analysts forecast that Advance Auto Parts will post -0.46 earnings per share for the current year.

Institutional Investors Weigh In On Advance Auto Parts

Several institutional investors have recently added to or reduced their stakes in AAP. Hexagon Capital Partners LLC lifted its position in Advance Auto Parts by 189.0% in 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 in the last quarter. Allworth Financial LP lifted its position in Advance Auto Parts by 1,543.4% during the 4th quarter. Allworth Financial LP now owns 871 shares of the company's stock worth $40,000 after buying an additional 818 shares in the last quarter. Vision Financial Markets LLC bought a new stake in Advance Auto Parts during the 4th quarter worth about $42,000. Advisory Services Network LLC bought a new stake in Advance Auto Parts during the 4th quarter worth about $46,000. Finally, Financial Management Professionals Inc. bought a new stake in Advance Auto Parts during the 1st quarter worth about $49,000. 88.75% of the stock is owned by institutional investors.

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.