Advance Auto Parts (NYSE:AAP) Price Target Cut to $43.00 by Analysts at The Goldman Sachs Group

Advance Auto Parts (NYSE:AAP) had its target price cut by research analysts at The Goldman Sachs Group from $60.00 to $43.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target indicates a potential upside of 4.50% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Royal Bank of Canada cut their price objective on Advance Auto Parts from $52.00 to $46.00 and set a “sector perform” rating for the company in a research report on Monday. Wells Fargo & Company reduced their price objective on shares of Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating for the company in a research report on Friday, September 13th. Truist Financial dropped 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 research report on Thursday, November 7th. Roth Capital raised shares of Advance Auto Parts to a “hold” rating in a report on Tuesday, October 15th. Finally, TD Cowen cut their price objective on shares of Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating for the company in a research report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $51.77.

Advance Auto Parts Price Performance

Shares of NYSE AAP opened at $41.15 on Friday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.23 and a quick ratio of 0.30. The business has a 50-day moving average of $39.06 and a 200-day moving average of $54.63. The stock has a market capitalization of $2.46 billion, a price-to-earnings ratio of 4,115.00, a PEG ratio of 1.33 and a beta of 1.17. Advance Auto Parts has a fifty-two week low of $35.59 and a fifty-two week high of $88.56.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its holdings in Advance Auto Parts by 1.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,998,910 shares of the company’s stock valued at $340,268,000 after buying an additional 40,669 shares during the period. Pzena Investment Management LLC raised its position in 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 valued at $113,409,000 after purchasing an additional 1,698,155 shares in the last quarter. Capital World Investors boosted its holdings in shares of Advance Auto Parts by 67.0% in the 1st quarter. Capital World Investors now owns 1,533,933 shares of the company’s stock valued at $130,522,000 after purchasing an additional 615,674 shares in the last quarter. Third Point LLC acquired a new position in shares of Advance Auto Parts during the 1st quarter worth $127,234,000. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Advance Auto Parts by 76.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,266,362 shares of the company’s stock worth $80,197,000 after buying an additional 547,696 shares in the last quarter. 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.