AMG National Trust Bank Lowers Holdings in Intuit Inc. (NASDAQ:INTU)

AMG National Trust Bank lowered its stake in shares of Intuit Inc. (NASDAQ:INTU) by 7.5% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 1,408 shares of the software maker’s stock after selling 114 shares during the period. AMG National Trust Bank’s holdings in Intuit were worth $874,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Legal & General Group Plc raised its position in Intuit by 1.0% during the second quarter. Legal & General Group Plc now owns 2,340,555 shares of the software maker’s stock valued at $1,538,236,000 after acquiring an additional 23,995 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of Intuit by 17.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock worth $1,062,578,000 after purchasing an additional 238,486 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Intuit by 4.2% during the 2nd quarter. Principal Financial Group Inc. now owns 1,407,862 shares of the software maker’s stock valued at $925,262,000 after purchasing an additional 56,370 shares in the last quarter. Capital World Investors lifted its stake in shares of Intuit by 1.0% in the 1st quarter. Capital World Investors now owns 1,188,779 shares of the software maker’s stock valued at $772,706,000 after purchasing an additional 12,068 shares during the period. Finally, Unisphere Establishment boosted its holdings in Intuit by 4.2% during the second quarter. Unisphere Establishment now owns 1,000,000 shares of the software maker’s stock worth $657,210,000 after buying an additional 40,000 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Stock Performance

NASDAQ INTU opened at $644.17 on Wednesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. The stock’s fifty day moving average is $634.32 and its two-hundred day moving average is $630.75. The firm has a market capitalization of $180.55 billion, a P/E ratio of 61.64, a price-to-earnings-growth ratio of 3.36 and a beta of 1.25. Intuit Inc. has a fifty-two week low of $557.29 and a fifty-two week high of $714.78.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The firm had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the prior year, the firm posted $0.40 earnings per share. Intuit’s quarterly revenue was up 17.4% on a year-over-year basis. On average, research analysts anticipate that Intuit Inc. will post 14.05 earnings per share for the current year.

Insider Transactions at Intuit

In related news, insider Scott D. Cook sold 2,461 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total value of $1,568,124.59. Following the sale, the insider now directly owns 6,453,105 shares in the company, valued at approximately $4,111,853,974.95. The trade was a 0.04 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Alex G. Balazs sold 2,941 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the completion of the transaction, the executive vice president now directly owns 20 shares in the company, valued at $12,575.20. The trade was a 99.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,297 shares of company stock worth $35,220,046 in the last 90 days. Insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Scotiabank initiated coverage on shares of Intuit in a research report on Monday. They issued a “sector perform” rating and a $700.00 price objective for the company. Susquehanna reiterated a “positive” rating and set a $757.00 price target on shares of Intuit in a research report on Friday, August 16th. Jefferies Financial Group boosted their price objective on Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Piper Sandler reiterated an “overweight” rating and set a $768.00 target price on shares of Intuit in a research report on Friday, September 27th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a report on Friday, August 23rd. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $737.06.

Intuit 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.