The Goldman Sachs Group Issues Pessimistic Forecast for Advance Auto Parts (NYSE:AAP) Stock Price

Advance Auto Parts (NYSE:AAP) had its price target dropped by investment analysts at The Goldman Sachs Group from $60.00 to $43.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective indicates a potential upside of 14.09% from the company’s previous close.

A number of other analysts also recently commented on AAP. Truist Financial decreased their price objective on shares of Advance Auto Parts from $46.00 to $41.00 and set a “hold” rating on the stock in a report on Thursday, November 7th. TD Cowen dropped their price objective on Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating for the company in a research note on Friday, August 23rd. Evercore ISI decreased their target price on Advance Auto Parts from $71.00 to $67.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 22nd. Roth Mkm restated a “neutral” rating and issued a $40.00 price target on shares of Advance Auto Parts in a research report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $49.14.

Advance Auto Parts Price Performance

Shares of NYSE:AAP opened at $37.69 on Friday. Advance Auto Parts has a 52 week low of $35.59 and a 52 week high of $88.56. The company has a 50-day moving average price of $39.02 and a 200 day moving average price of $54.24. The company has a market cap of $2.25 billion, a P/E ratio of 51.63, a PEG ratio of 1.33 and a beta of 1.17. The company has a quick ratio of 0.30, a current ratio of 1.23 and a debt-to-equity ratio of 0.69.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings results on Thursday, August 22nd. The company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.22). The business had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Advance Auto Parts had a net margin of 0.01% and a return on equity of 0.05%. The firm’s quarterly revenue was down .1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.43 earnings per share. Research analysts predict that Advance Auto Parts will post 2.19 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in AAP. Savoie Capital LLC grew its position in shares of Advance Auto Parts by 117.2% in the third quarter. Savoie Capital LLC now owns 69,500 shares of the company’s stock valued at $2,710,000 after purchasing an additional 37,500 shares during the period. XTX Topco Ltd purchased a new position in Advance Auto Parts during the third quarter worth about $503,000. Redwood Investment Management LLC boosted its stake in Advance Auto Parts by 26.4% in the 3rd quarter. Redwood Investment Management LLC now owns 10,858 shares of the company’s stock worth $449,000 after buying an additional 2,269 shares during the last quarter. Maple Rock Capital Partners Inc. purchased a new stake in Advance Auto Parts in the 3rd quarter valued at about $9,046,000. Finally, Invenomic Capital Management LP acquired a new position in shares of Advance Auto Parts during the 3rd quarter valued at about $3,342,000. Hedge funds and other 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.