Portfolio Design Labs LLC Cuts Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Portfolio Design Labs LLC reduced its stake in Intuit Inc. (NASDAQ:INTU) by 84.1% during the third quarter, HoldingsChannel.com reports. The fund owned 887 shares of the software maker’s stock after selling 4,707 shares during the quarter. Portfolio Design Labs LLC’s holdings in Intuit were worth $551,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Bessemer Group Inc. grew its holdings in Intuit by 14.2% during the 1st quarter. Bessemer Group Inc. now owns 19,676 shares of the software maker’s stock valued at $12,790,000 after buying an additional 2,450 shares in the last quarter. MQS Management LLC purchased a new position in shares of Intuit in the first quarter valued at $294,000. EntryPoint Capital LLC bought a new stake in Intuit in the first quarter worth $60,000. Delap Wealth Advisory LLC purchased a new stake in Intuit during the first quarter valued at $252,000. Finally, Freestone Capital Holdings LLC lifted its position in Intuit by 220.5% during the first quarter. Freestone Capital Holdings LLC now owns 3,510 shares of the software maker’s stock valued at $2,282,000 after purchasing an additional 2,415 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on INTU. Susquehanna restated a “positive” rating and issued a $757.00 target price on shares of Intuit in a report on Friday, August 16th. Bank of America upped their price objective on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a research note on Monday, September 30th. Piper Sandler reiterated an “overweight” rating and set a $768.00 price objective on shares of Intuit in a research report on Friday, September 27th. Finally, BMO Capital Markets increased their price target on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $737.06.

Intuit Trading Down 5.1 %

INTU opened at $644.17 on Wednesday. Intuit Inc. has a 12 month low of $557.29 and a 12 month high of $714.78. The stock has a fifty day moving average price of $634.32 and a 200-day moving average price of $630.75. The firm has a market cap of $180.55 billion, a price-to-earnings ratio of 61.64, a PEG ratio of 3.36 and a beta of 1.25. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30.

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

Insider Buying and Selling at Intuit

In related news, Director Eve B. Burton sold 2,988 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $649.87, for a total transaction of $1,941,811.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Scott D. Cook sold 2,461 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 55,297 shares of company stock worth $35,220,046. 2.90% of the stock is owned by insiders.

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.