AutoZone (NYSE:AZO) Shares Break Above 200 Day Moving Average – Time to Sell?

AutoZone, Inc. (NYSE:AZO)’s stock price passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $3,257.98 and traded as high as $3,347.37. AutoZone shares last traded at $3,327.6390, with a volume of 183,471 shares trading hands.

Wall Street Analyst Weigh In

AZO has been the topic of several recent analyst reports. Morgan Stanley lowered shares of AutoZone from an “overweight” rating to a “market perform” rating in a research note on Tuesday, September 29th. Sanford C. Bernstein started coverage on shares of AutoZone in a report on Tuesday, September 29th. They issued an “outperform” rating and a $3,698.00 target price on the stock. The Goldman Sachs Group lowered their price objective on shares of AutoZone from $4,096.00 to $3,917.00 and set a “buy” rating for the company in a research report on Wednesday, September 23rd. Citigroup lowered their price objective on shares of AutoZone from $3,700.00 to $3,450.00 and set a “buy” rating for the company in a research report on Monday, September 14th. Finally, DA Davidson lowered their price target on AutoZone from $3,750.00 to $3,500.00 and set a “buy” rating for the company in a report on Wednesday, September 23rd. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $3,674.36.

AutoZone Price Performance

The company has a market capitalization of $53.54 billion, a price-to-earnings ratio of 21.78, a PEG ratio of 1.65 and a beta of 0.37. The firm has a 50-day moving average price of $2,980.58 and a two-hundred day moving average price of $3,257.98.

AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, September 22nd. The company reported $56.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $55.51. The business had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.70 billion. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%. AutoZone’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter last year, the firm earned $48.71 EPS. On average, equities analysts predict that AutoZone, Inc. will post 170.30 EPS for the current year.

Insider Activity

In other news, VP Dennis LeRiche sold 1,455 shares of the business’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the sale, the vice president owned 441 shares of the company’s stock, valued at $1,367,100. The trade was a 76.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Edmond DE Rothschild Holding S.A. acquired a new position in shares of AutoZone during the 2nd quarter worth about $29,000. Asset Dedication LLC increased its position in shares of AutoZone by 150.0% in the first quarter. Asset Dedication LLC now owns 10 shares of the company’s stock valued at $34,000 after acquiring an additional 6 shares during the last quarter. Tacita Capital Inc bought a new stake in AutoZone during the second quarter worth about $32,000. Burkett Financial Services LLC bought a new stake in AutoZone during the third quarter worth about $31,000. Finally, Heritage Family Offices LLP acquired a new position in AutoZone during the third quarter valued at approximately $31,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

About AutoZone

AutoZone, Inc is a specialty retailer and distributor of automotive replacement parts, equipment and accessories. The company serves do-it-yourself customers, professional automotive technicians and commercial repair businesses through its retail stores, distribution network and digital platforms.

Its merchandise includes replacement batteries, brakes, filters, belts, hoses, ignition components, tools, fluids, lighting products and other maintenance items. AutoZone also offers private-label products under brands such as Duralast, as well as vehicle diagnostic services and parts delivery for commercial customers.

Founded in 1979 as Auto Shack by Pitt Hyde, the company adopted the AutoZone name in 1987.