Intuit (NASDAQ:INTU) Given New $800.00 Price Target at Barclays

Intuit (NASDAQ:INTU) had its price objective boosted by Barclays from $740.00 to $800.00 in a research note published on Friday,Benzinga reports. They currently have an overweight rating on the software maker’s stock.

INTU has been the topic of a number of other reports. Piper Sandler reiterated an “overweight” rating and issued a $768.00 price target on shares of Intuit in a research report on Friday, September 27th. JPMorgan Chase & Co. upped their target price on shares of Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a report on Friday, August 23rd. BMO Capital Markets lifted their price target on shares of Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. Morgan Stanley lowered shares of Intuit from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $750.00 to $685.00 in a research report on Wednesday, August 14th. Finally, Susquehanna reaffirmed a “positive” rating and set a $757.00 price objective on shares of Intuit in a report on Friday, August 16th. Four investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $739.24.

Intuit Stock Performance

INTU stock traded down $12.89 during midday trading on Friday, hitting $687.87. The stock had a trading volume of 1,799,379 shares, compared to its average volume of 1,335,732. Intuit has a 52 week low of $552.68 and a 52 week high of $714.78. 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 stock has a 50-day simple moving average of $633.08 and a 200 day simple moving average of $630.06. The firm has a market capitalization of $192.80 billion, a price-to-earnings ratio of 65.82, a P/E/G ratio of 3.45 and a beta of 1.25.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping 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 company had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same period last year, the firm earned $0.40 EPS. The firm’s revenue for the quarter was up 17.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Intuit will post 14.04 earnings per share for the current year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Thursday, October 10th were given a dividend of $1.04 per share. This is a boost from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.60%. Intuit’s payout ratio is presently 39.81%.

Insider Activity

In other Intuit news, EVP Laura A. Fennell sold 30,159 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $642.36, for a total value of $19,372,935.24. Following the completion of the sale, the executive vice president now owns 52,038 shares of the company’s stock, valued at approximately $33,427,129.68. This represents a 36.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sandeep Aujla sold 4,000 shares of the firm’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $617.28, for a total value of $2,469,120.00. Following the sale, the chief financial officer now directly owns 452 shares in the company, valued at $279,010.56. The trade was a 89.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 55,297 shares of company stock valued at $35,220,046 in the last 90 days. 2.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Intuit

Several large investors have recently modified their holdings of INTU. Kingsview Wealth Management LLC grew its stake in shares of Intuit by 6.5% during the 1st quarter. Kingsview Wealth Management LLC now owns 1,222 shares of the software maker’s stock worth $795,000 after acquiring an additional 75 shares in the last quarter. Jupiter Asset Management Ltd. raised its stake in Intuit by 19.9% in the 1st quarter. Jupiter Asset Management Ltd. now owns 29,270 shares of the software maker’s stock worth $19,026,000 after purchasing an additional 4,858 shares in the last quarter. Nicolet Advisory Services LLC boosted its stake in shares of Intuit by 20.4% in the first quarter. Nicolet Advisory Services LLC now owns 908 shares of the software maker’s stock valued at $585,000 after buying an additional 154 shares during the period. Intech Investment Management LLC grew its position in Intuit by 134.7% during the first quarter. Intech Investment Management LLC now owns 4,601 shares of the software maker’s stock worth $2,991,000 after buying an additional 2,641 shares in the last quarter. Finally, Acadian Asset Management LLC increased its stake in Intuit by 62.3% during the 1st quarter. Acadian Asset Management LLC now owns 16,327 shares of the software maker’s stock worth $10,606,000 after acquiring an additional 6,266 shares during the period. 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.