Advance Auto Parts (NYSE:AAP) Given New $40.00 Price Target at Citigroup

Advance Auto Parts (NYSE:AAP) had its price objective reduced by research analysts at Citigroup from $47.00 to $40.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price target suggests a potential upside of 8.40% from the company’s previous close.

Several other research firms have also recently weighed in on AAP. Royal Bank of Canada decreased their target price on Advance Auto Parts from $50.00 to $44.00 and set a “sector perform” rating for the company in a research note on Thursday. DA Davidson reaffirmed a “neutral” rating and set a $45.00 price target on shares of Advance Auto Parts in a research report on Friday, November 15th. UBS Group lifted their price target on Advance Auto Parts from $42.00 to $44.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Evercore ISI lifted their price target on Advance Auto Parts from $45.00 to $60.00 and gave the stock a “hold” rating in a research report on Wednesday, November 20th. Finally, Truist Financial cut their price target on Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating on the stock in a research report on Thursday. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $46.69.

Advance Auto Parts Price Performance

AAP stock opened at $36.90 on Thursday. The business has a 50 day moving average price of $46.01 and a 200 day moving average price of $43.88. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of 50.55, a PEG ratio of 1.98 and a beta of 1.15. Advance Auto Parts has a fifty-two week low of $35.59 and a fifty-two week high of $88.56. The company has a quick ratio of 0.62, a current ratio of 1.34 and a debt-to-equity ratio of 0.69.

Insider Activity

In other news, EVP Tammy M. Finley sold 1,276 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $44.06, for a total value of $56,220.56. Following the transaction, the executive vice president now owns 24,266 shares of the company’s stock, valued at approximately $1,069,159.96. The trade was a 5.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.35% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its holdings in Advance Auto Parts by 34.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,685,541 shares of the company’s stock worth $316,160,000 after acquiring an additional 1,706,328 shares during the period. Fuller & Thaler Asset Management Inc. grew its holdings in Advance Auto Parts by 11.2% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 3,449,554 shares of the company’s stock worth $163,129,000 after acquiring an additional 347,587 shares during the period. Pzena Investment Management LLC grew its holdings in Advance Auto Parts by 12.5% during the fourth quarter. Pzena Investment Management LLC now owns 3,270,897 shares of the company’s stock worth $154,681,000 after acquiring an additional 362,239 shares during the period. Dimensional Fund Advisors LP grew its holdings in Advance Auto Parts by 12.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,728,289 shares of the company’s stock worth $129,016,000 after acquiring an additional 297,741 shares during the period. Finally, Eminence Capital LP acquired a new position in Advance Auto Parts during the fourth quarter worth $87,214,000. Institutional investors and hedge funds own 88.75% of the company’s stock.

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.