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

Advance Auto Parts (NYSE:AAP) had its price target lowered by Wells Fargo & Company from $40.00 to $35.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 0.03% from the company’s previous close.

Several other equities research analysts also recently weighed in on the stock. Royal Bank of Canada reduced their target price on shares of Advance Auto Parts from $50.00 to $44.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 27th. Evercore ISI cut their price target on shares of Advance Auto Parts from $37.00 to $35.00 and set an “in-line” rating on the stock in a report on Tuesday, March 11th. Citigroup decreased their price objective on shares of Advance Auto Parts from $47.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. BMO Capital Markets dropped their target price on Advance Auto Parts from $45.00 to $40.00 and set a “market perform” rating for the company in a research report on Thursday, February 27th. Finally, Truist Financial reduced their price target on Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $44.50.

Advance Auto Parts Stock Performance

NYSE:AAP opened at $34.99 on Monday. The firm has a market capitalization of $2.09 billion, a PE ratio of 47.93, a PEG ratio of 1.98 and a beta of 0.93. The stock’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.

Insider Activity

In other Advance Auto Parts news, Director Eugene I. Lee, Jr. acquired 14,640 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average cost of $34.15 per share, with a total value of $499,956.00. Following the completion of the purchase, the director now directly owns 34,070 shares in the company, valued at $1,163,490.50. The trade was a 75.35% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Shane M. Okelly bought 1,500 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were acquired at an average price of $36.79 per share, for a total transaction 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 represents a 0.83% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Advance Auto Parts

Large investors have recently modified their holdings of the business. Arkadios Wealth Advisors increased its holdings in Advance Auto Parts by 45.6% during the fourth quarter. Arkadios Wealth Advisors now owns 25,136 shares of the company’s stock valued at $1,189,000 after buying an additional 7,867 shares during the period. Nisa Investment Advisors LLC boosted its position in Advance Auto Parts by 58.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 19,689 shares of the company’s stock valued at $931,000 after acquiring an additional 7,285 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Advance Auto Parts by 57.2% in the 4th quarter. SG Americas Securities LLC now owns 8,603 shares of the company’s stock valued at $407,000 after acquiring an additional 3,130 shares during the period. Blue Trust Inc. raised its position in shares of Advance Auto Parts by 75.9% in the 4th quarter. Blue Trust Inc. now owns 2,119 shares of the company’s stock worth $100,000 after acquiring an additional 914 shares in the last quarter. Finally, KBC Group NV raised its position in shares of Advance Auto Parts by 51.6% in the 4th quarter. KBC Group NV now owns 2,651 shares of the company’s stock worth $125,000 after acquiring an additional 902 shares in the last quarter. Institutional investors own 88.75% of the company’s stock.

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.