Intuit (NASDAQ:INTU) Lowered to Hold Rating by StockNews.com

StockNews.com downgraded shares of Intuit (NASDAQ:INTU) from a buy rating to a hold rating in a research note published on Friday.

A number of other research analysts have also issued reports on the stock. Piper Sandler reduced their target price on shares of Intuit from $768.00 to $765.00 and set an “overweight” rating on the stock in a report on Friday. Bank of America increased their price objective on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Scotiabank began coverage on shares of Intuit in a report on Monday, November 18th. They set a “sector perform” rating and a $700.00 price objective on the stock. JPMorgan Chase & Co. increased their price objective on shares of Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Stifel Nicolaus cut their price objective on shares of Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a report on Friday. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $737.44.

Intuit Price Performance

Shares of NASDAQ INTU opened at $640.12 on Friday. The stock has a market cap of $179.31 billion, a price-to-earnings ratio of 62.15, a PEG ratio of 3.32 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. The company’s 50-day moving average price is $634.81 and its 200 day moving average price is $631.27. Intuit has a 52 week low of $557.29 and a 52 week high of $714.78.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.14. The company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.14 billion. Intuit had a net margin of 17.59% and a return on equity of 18.28%. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.14 EPS. As a group, research analysts forecast that Intuit will post 14.05 earnings per share for the current fiscal year.

Insider Buying and Selling at Intuit

In other news, EVP Kerry J. Mclean sold 11,079 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the completion of the sale, the executive vice president now owns 24,941 shares of the company’s stock, valued at approximately $15,752,985.01. This trade represents a 30.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Sandeep Aujla sold 775 shares of the firm’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total transaction of $466,015.25. Following the sale, the chief financial officer now directly owns 4,451 shares of the company’s stock, valued at $2,676,430.81. The trade was a 14.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,297 shares of company stock valued at $35,220,046 over the last 90 days. 2.90% of the stock is owned by corporate insiders.

Institutional Trading of Intuit

A number of hedge funds have recently made changes to their positions in INTU. EntryPoint Capital LLC acquired a new stake in shares of Intuit during the first quarter worth approximately $60,000. Bamco Inc. NY boosted its holdings in Intuit by 33.9% in the first quarter. Bamco Inc. NY now owns 23,419 shares of the software maker’s stock worth $15,222,000 after purchasing an additional 5,928 shares during the period. Ascent Group LLC boosted its holdings in Intuit by 51.8% in the first quarter. Ascent Group LLC now owns 4,496 shares of the software maker’s stock worth $2,922,000 after purchasing an additional 1,534 shares during the period. Caxton Associates LP acquired a new position in Intuit in the first quarter worth $754,000. Finally, Zurich Insurance Group Ltd FI boosted its holdings in Intuit by 11.6% in the first quarter. Zurich Insurance Group Ltd FI now owns 141,023 shares of the software maker’s stock worth $91,665,000 after purchasing an additional 14,648 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

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.