Barclays Trims Intuit (NASDAQ:INTU) Target Price to $740.00

Intuit (NASDAQ:INTU) had its price objective dropped by Barclays from $745.00 to $740.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the software maker’s stock. Barclays‘s price target points to a potential upside of 17.26% from the company’s current price.

A number of other research firms have also recently weighed in on INTU. Susquehanna reissued a “positive” rating and issued a $757.00 price objective on shares of Intuit in a research report on Friday, August 16th. Piper Sandler reissued an “overweight” rating and issued a $768.00 price objective (up previously from $760.00) on shares of Intuit in a research report on Friday. BMO Capital Markets raised their price objective on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research report on Friday. Morgan Stanley cut Intuit from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $750.00 to $685.00 in a research report on Wednesday, August 14th. Finally, Erste Group Bank reaffirmed a “hold” rating on shares of Intuit in a research report on Friday, June 14th. Five equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $703.27.

Intuit Stock Down 5.1 %

NASDAQ INTU traded down $34.22 during midday trading on Friday, hitting $631.07. 515,121 shares of the company traded hands, compared to its average volume of 1,311,323. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.50 and a quick ratio of 1.50. The company has a market cap of $176.41 billion, a PE ratio of 58.22, a price-to-earnings-growth ratio of 3.14 and a beta of 1.23. The company’s 50-day simple moving average is $638.78 and its 200-day simple moving average is $634.58. Intuit has a 52 week low of $473.56 and a 52 week high of $676.62.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.12 by $1.76. The business had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.65 billion. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The business’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same quarter last year, the firm earned $7.80 EPS. As a group, equities research analysts forecast that Intuit will post 11.72 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction dated 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 sale, the insider now directly owns 6,791,469 shares in the company, valued at approximately $4,060,279,741.65. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 transaction of $855,480.70. Following the transaction, 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 legal filing with the SEC, which is available at the SEC website. Also, 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 transaction, the insider now owns 6,791,469 shares in the company, valued at $4,060,279,741.65. The disclosure for this sale can be found here. In the last three months, insiders have sold 195,963 shares of company stock worth $114,442,445. Insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. JFS Wealth Advisors LLC lifted its holdings in Intuit by 1.0% in the fourth quarter. JFS Wealth Advisors LLC now owns 1,564 shares of the software maker’s stock valued at $978,000 after acquiring an additional 16 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Intuit by 3.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 449 shares of the software maker’s stock valued at $281,000 after purchasing an additional 16 shares during the period. Fortitude Family Office LLC raised its position in Intuit by 2.8% in the second quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock valued at $382,000 after purchasing an additional 16 shares during the period. WASHINGTON TRUST Co raised its position in Intuit by 10.5% in the second quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock valued at $110,000 after purchasing an additional 16 shares during the period. Finally, Gemmer Asset Management LLC raised its position in Intuit by 3.7% in the second quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock valued at $294,000 after purchasing an additional 16 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Intuit Company Profile

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.