AutoZone (NYSE:AZO) Price Target Raised to $3,450.00 at Wells Fargo & Company

AutoZone (NYSE:AZO) had its target price raised by stock analysts at Wells Fargo & Company from $3,400.00 to $3,450.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 8.51% from the company’s current price.

AZO has been the topic of several other research reports. BNP Paribas raised AutoZone to a “strong-buy” rating in a research note on Wednesday, September 25th. Morgan Stanley upped their price objective on AutoZone from $3,038.00 to $3,125.00 and gave the company an “overweight” rating in a research note on Wednesday, September 25th. The Goldman Sachs Group lowered AutoZone from a “buy” rating to a “sell” rating and decreased their target price for the stock from $3,205.00 to $2,917.00 in a report on Monday, October 14th. Truist Financial increased their target price on shares of AutoZone from $3,341.00 to $3,501.00 and gave the company a “buy” rating in a report on Monday, October 14th. Finally, Citigroup decreased their target price on AutoZone from $3,787.00 to $3,500.00 and set a “buy” rating for the company in a research report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, fifteen have issued a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, AutoZone currently has a consensus rating of “Moderate Buy” and an average price target of $3,216.44.

AutoZone Price Performance

AutoZone stock opened at $3,179.52 on Tuesday. The firm has a 50 day simple moving average of $3,121.25 and a 200-day simple moving average of $3,037.24. AutoZone has a 1-year low of $2,510.00 and a 1-year high of $3,256.37. The stock has a market cap of $53.73 billion, a price-to-earnings ratio of 21.23, a price-to-earnings-growth ratio of 1.60 and a beta of 0.71.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, September 24th. The company reported $48.11 earnings per share for the quarter, missing analysts’ consensus estimates of $53.31 by ($5.20). AutoZone had a negative return on equity of 52.99% and a net margin of 14.40%. The business had revenue of $6.21 billion for the quarter, compared to analysts’ expectations of $6.25 billion. During the same period last year, the business earned $46.46 earnings per share. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. Equities analysts expect that AutoZone will post 158.09 earnings per share for the current fiscal year.

Insider Buying and Selling at AutoZone

In related news, Chairman William C. Rhodes III sold 300 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $3,075.20, for a total transaction of $922,560.00. Following the transaction, the chairman now directly owns 13,857 shares of the company’s stock, valued at approximately $42,613,046.40. This trade represents a 2.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP John Scott Murphy sold 1,580 shares of AutoZone stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $3,107.69, for a total value of $4,910,150.20. Following the completion of the transaction, the vice president now directly owns 1,218 shares in the company, valued at $3,785,166.42. This trade represents a 56.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 14,880 shares of company stock valued at $46,225,660 in the last 90 days. Corporate insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On AutoZone

A number of large investors have recently made changes to their positions in AZO. Massmutual Trust Co. FSB ADV boosted its position in shares of AutoZone by 20.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 42 shares of the company’s stock valued at $124,000 after purchasing an additional 7 shares in the last quarter. Kingswood Wealth Advisors LLC boosted its position in shares of AutoZone by 11.8% during the second quarter. Kingswood Wealth Advisors LLC now owns 237 shares of the company’s stock valued at $702,000 after purchasing an additional 25 shares in the last quarter. CWM LLC boosted its position in shares of AutoZone by 2.1% during the second quarter. CWM LLC now owns 342 shares of the company’s stock valued at $1,014,000 after purchasing an additional 7 shares in the last quarter. Aprio Wealth Management LLC boosted its position in shares of AutoZone by 12.9% during the second quarter. Aprio Wealth Management LLC now owns 96 shares of the company’s stock valued at $285,000 after purchasing an additional 11 shares in the last quarter. Finally, Simplicity Wealth LLC boosted its position in shares of AutoZone by 21.8% during the second quarter. Simplicity Wealth LLC now owns 559 shares of the company’s stock valued at $1,657,000 after purchasing an additional 100 shares in the last quarter. 92.74% of the stock is currently owned by institutional investors.

About AutoZone

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.