Advance Auto Parts (NYSE:AAP) Given New $50.00 Price Target at Wells Fargo & Company

Advance Auto Parts (NYSE:AAP) had its target price upped by stock analysts at Wells Fargo & Company from $40.00 to $50.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently 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.

Other equities research analysts also recently issued reports about the stock. BMO Capital Markets reissued a “market perform” rating and issued a $55.00 price objective on shares of Advance Auto Parts in a research report on Friday, October 31st. Evercore lowered their target price on shares of Advance Auto Parts from $58.00 to $56.00 and set an “in-line” rating for the company in a research note on Tuesday, December 16th. Northcoast Research raised Advance Auto Parts from a “neutral” rating to a “buy” rating and set a $55.00 target price on the stock in a report on Wednesday, January 21st. TD Cowen decreased their price target on Advance Auto Parts from $62.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, January 20th. Finally, JPMorgan Chase & Co. upped their price objective on Advance Auto Parts from $44.00 to $62.00 and gave the stock a “neutral” rating in a research report on Friday, October 31st. Three equities research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $50.98.

Advance Auto Parts Stock Up 3.1%

Shares of AAP stock traded up $1.76 during trading hours on Wednesday, reaching $58.36. 288,506 shares of the stock were exchanged, compared to its average volume of 1,941,914. The business’s fifty day moving average is $45.50 and its two-hundred day moving average is $52.27. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.73 and a quick ratio of 0.88. Advance Auto Parts has a 12-month low of $28.89 and a 12-month high of $70.00. The firm has a market capitalization of $3.50 billion, a P/E ratio of -9.25 and a beta of 1.14.

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 dated Thursday, November 13th. The stock was sold at an average price of $51.00, for a total value of $390,762.00. Following the completion of the sale, the executive vice president directly owned 23,165 shares of the company’s stock, valued at approximately $1,181,415. The trade was a 24.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Salomon & Ludwin LLC acquired a new stake in shares of Advance Auto Parts in the third quarter valued at approximately $26,000. Caitong International Asset Management Co. Ltd purchased a new stake in Advance Auto Parts in the 3rd quarter valued at $31,000. AlphaCore Capital LLC boosted its stake in Advance Auto Parts by 6,288.9% during the 3rd quarter. AlphaCore Capital LLC now owns 575 shares of the company’s stock worth $35,000 after purchasing an additional 566 shares during the period. Hantz Financial Services Inc. boosted its stake in Advance Auto Parts by 184.5% during the 4th quarter. Hantz Financial Services Inc. now owns 919 shares of the company’s stock worth $36,000 after purchasing an additional 596 shares during the period. Finally, Smartleaf Asset Management LLC grew its position in Advance Auto Parts by 290.3% during the 2nd quarter. Smartleaf Asset Management LLC now owns 925 shares of the company’s stock worth $43,000 after purchasing an additional 688 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

About Advance Auto Parts

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.