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

Advance Auto Parts (NYSE:AAP) had its price target upped by equities researchers at Wells Fargo & Company from $40.00 to $50.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential downside of 14.33% from the company’s current price.

Several other equities analysts have also recently issued reports on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Advance Auto Parts in a research note on Wednesday, January 21st. BMO Capital Markets reiterated a “market perform” rating and set a $55.00 price target on shares of Advance Auto Parts in a research note on Friday, October 31st. TD Cowen cut their price target on shares of Advance Auto Parts from $62.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, January 20th. Citigroup raised Advance Auto Parts from a “hold” rating to a “buy” rating in a report on Wednesday, January 21st. Finally, Truist Financial set a $48.00 target price on Advance Auto Parts in a research report on Wednesday, December 17th. Three investment analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Advance Auto Parts presently has an average rating of “Hold” and an average target price of $50.98.

Advance Auto Parts Stock Performance

Shares of AAP stock traded up $1.76 during midday trading on Wednesday, hitting $58.36. The company had a trading volume of 288,506 shares, compared to its average volume of 1,941,914. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of -9.25 and a beta of 1.14. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.73 and a quick ratio of 0.88. The company’s 50 day simple moving average is $45.50 and its 200 day simple moving average is $52.27. Advance Auto Parts has a 52-week low of $28.89 and a 52-week high of $70.00.

Insider Activity at Advance Auto Parts

In other news, EVP Kristen L. Soler sold 7,662 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $51.00, for a total transaction of $390,762.00. Following the sale, the executive vice president owned 23,165 shares of the company’s stock, valued at $1,181,415. The trade was a 24.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.67% of the stock is owned by company insiders.

Institutional Trading of Advance Auto Parts

A number of institutional investors have recently bought and sold shares of AAP. Amalgamated Bank grew its holdings in Advance Auto Parts by 1.1% in the third quarter. Amalgamated Bank now owns 17,270 shares of the company’s stock valued at $1,060,000 after purchasing an additional 185 shares during the last quarter. Hsbc Holdings PLC boosted its position in shares of Advance Auto Parts by 3.1% in the 2nd quarter. Hsbc Holdings PLC now owns 6,306 shares of the company’s stock worth $293,000 after buying an additional 191 shares in the last quarter. Arizona State Retirement System grew its stake in Advance Auto Parts by 1.6% in the 3rd quarter. Arizona State Retirement System now owns 17,733 shares of the company’s stock valued at $1,089,000 after acquiring an additional 272 shares during the last quarter. Rockefeller Capital Management L.P. increased its holdings in Advance Auto Parts by 2.0% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 14,535 shares of the company’s stock valued at $676,000 after acquiring an additional 283 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in Advance Auto Parts by 0.6% during the 3rd quarter. Envestnet Asset Management Inc. now owns 54,237 shares of the company’s stock valued at $3,330,000 after acquiring an additional 297 shares in the last quarter. 88.70% of the stock is currently 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.