Advance Auto Parts (NYSE:AAP) Price Target Cut to $40.00 by Analysts at Citigroup

Advance Auto Parts (NYSE:AAP) had its price objective decreased by research analysts at Citigroup from $47.00 to $40.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price objective would suggest a potential upside of 6.34% from the company’s previous close.

Several other research firms have also weighed in on AAP. The Goldman Sachs Group cut their target price on Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Wells Fargo & Company raised their price target on Advance Auto Parts from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Evercore ISI raised their price target on Advance Auto Parts from $45.00 to $60.00 and gave the company a “hold” rating in a research report on Wednesday, November 20th. Royal Bank of Canada lowered their price target on Advance Auto Parts from $50.00 to $44.00 and set a “sector perform” rating on the stock in a research report on Thursday. Finally, Truist Financial lowered 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 assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $46.69.

Advance Auto Parts Stock Down 0.2 %

NYSE AAP traded down $0.09 during trading on Thursday, hitting $37.62. 2,813,285 shares of the company traded hands, compared to its average volume of 2,041,210. Advance Auto Parts has a 12 month low of $35.59 and a 12 month high of $88.56. The business has a fifty day simple moving average of $46.11 and a 200 day simple moving average of $43.93. The company has a current ratio of 1.34, a quick ratio of 0.62 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $2.25 billion, a P/E ratio of 51.40, a PEG ratio of 1.98 and a beta of 1.15.

Insider Buying and Selling

In other news, EVP Tammy M. Finley sold 1,276 shares of the company’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $44.06, for a total value of $56,220.56. Following the sale, the executive vice president now directly owns 24,266 shares of the company’s stock, valued at approximately $1,069,159.96. This represents a 5.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company 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 AAP. Eminence Capital LP acquired a new stake in shares of Advance Auto Parts during the 4th quarter worth approximately $87,214,000. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 buying an additional 1,706,328 shares in the last quarter. Pzena Investment Management LLC increased its holdings in shares of Advance Auto Parts by 140.3% during the third quarter. Pzena Investment Management LLC now owns 2,908,658 shares of the company’s stock worth $113,409,000 after buying an additional 1,698,155 shares in the last quarter. Cooper Creek Partners Management LLC acquired a new stake in shares of Advance Auto Parts during the 4th quarter valued at $75,055,000. Finally, Marshall Wace LLP grew its position in Advance Auto Parts by 2,585.1% during the 4th quarter. Marshall Wace LLP now owns 1,353,912 shares of the company’s stock worth $64,026,000 after acquiring an additional 1,303,488 shares during the last quarter. Institutional investors and hedge funds 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.