Royal Bank of Canada Initiates Coverage on Intuit (NASDAQ:INTU)

Equities research analysts at Royal Bank of Canada began coverage on shares of Intuit (NASDAQ:INTU) in a note issued to investors on Wednesday, Marketbeat.com reports. The firm set an “outperform” rating and a $760.00 price target on the software maker’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 15.17% from the company’s previous close.

A number of other analysts have also issued reports on the company. UBS Group raised their price target on Intuit from $625.00 to $670.00 and gave the stock a “neutral” rating in a research note on Monday, May 20th. Stifel Nicolaus reduced their price objective on Intuit from $720.00 to $690.00 and set a “buy” rating on the stock in a research note on Friday, May 24th. Susquehanna reduced their price objective on Intuit from $775.00 to $757.00 and set a “positive” rating on the stock in a research note on Friday, May 24th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $700.00 price objective on shares of Intuit in a research note on Tuesday, March 26th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $770.00 price objective on shares of Intuit in a research note on Thursday, June 13th. Five investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $687.22.

Intuit Trading Up 0.6 %

Intuit stock opened at $659.90 on Wednesday. The stock has a 50-day moving average price of $620.43 and a 200 day moving average price of $629.18. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.32. Intuit has a 52 week low of $444.19 and a 52 week high of $676.62. The stock has a market cap of $184.47 billion, a PE ratio of 60.88, a P/E/G ratio of 3.75 and a beta of 1.23.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.12 by $1.76. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The firm had revenue of $6.74 billion for the quarter, compared to analyst estimates of $6.65 billion. During the same period last year, the company earned $7.80 EPS. The firm’s quarterly revenue was up 11.9% on a year-over-year basis. Equities research analysts predict that Intuit will post 11.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Scott D. Cook sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total value of $44,838,750.00. Following the completion of the sale, the insider now directly owns 6,791,469 shares in the company, valued at approximately $4,060,279,741.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Sandeep Aujla sold 1,415 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total value of $855,480.70. Following the completion of the sale, the chief financial officer now directly owns 2,332 shares in the company, valued at approximately $1,409,880.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Scott D. Cook sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $597.85, for a total value of $44,838,750.00. Following the completion of the sale, the insider now owns 6,791,469 shares of the company’s stock, valued at $4,060,279,741.65. The disclosure for this sale can be found here. Insiders have sold 195,963 shares of company stock worth $114,442,445 in the last three months. 2.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Intuit by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 26,057,696 shares of the software maker’s stock worth $16,937,502,000 after buying an additional 283,291 shares during the last quarter. Morgan Stanley grew its stake in Intuit by 3.7% during the 3rd quarter. Morgan Stanley now owns 3,848,401 shares of the software maker’s stock worth $1,966,304,000 after buying an additional 137,198 shares during the last quarter. Wellington Management Group LLP grew its stake in Intuit by 173.0% during the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock worth $2,304,850,000 after buying an additional 2,336,654 shares during the last quarter. Brown Advisory Inc. grew its stake in Intuit by 2.3% during the 4th quarter. Brown Advisory Inc. now owns 3,548,119 shares of the software maker’s stock worth $2,217,681,000 after buying an additional 80,517 shares during the last quarter. Finally, Norges Bank bought a new position in Intuit during the 4th quarter worth $2,101,848,000. 83.66% of the stock is currently owned by institutional investors.

About Intuit

Intuit Inc provides financial management and compliance products and services for consumers, small businesses, self-employed, and accounting professionals in the United States, Canada, and internationally. The company operates in four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.