First Horizon Advisors Inc. Increases Stake in Intuit Inc. (NASDAQ:INTU)

First Horizon Advisors Inc. raised its position in shares of Intuit Inc. (NASDAQ:INTU) by 0.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 21,837 shares of the software maker’s stock after acquiring an additional 187 shares during the period. First Horizon Advisors Inc.’s holdings in Intuit were worth $13,561,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. LGT Financial Advisors LLC acquired a new stake in Intuit during the second quarter worth about $25,000. Cultivar Capital Inc. acquired a new stake in Intuit in the second quarter worth about $26,000. Fairway Wealth LLC bought a new position in shares of Intuit in the second quarter valued at approximately $26,000. Northwest Investment Counselors LLC acquired a new position in shares of Intuit during the 3rd quarter valued at $27,000. Finally, Hobbs Group Advisors LLC bought a new stake in Intuit in the second quarter worth about $35,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Sandeep Aujla sold 862 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total transaction of $535,327.86. Following the completion of the transaction, the chief financial officer now directly owns 3,840 shares in the company, valued at $2,384,755.20. This trade represents a 18.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Scott D. Cook sold 2,461 shares of Intuit stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the completion of the transaction, the insider now directly owns 6,453,105 shares of the company’s stock, valued at $4,111,853,974.95. This trade represents a 0.04 % decrease in their ownership of the stock. 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 three months. Insiders own 2.90% of the company’s stock.

Intuit Stock Performance

Shares of Intuit stock opened at $644.17 on Wednesday. The firm has a market capitalization 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 business has a 50-day simple moving average of $634.32 and a 200 day simple moving average of $630.75. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. Intuit Inc. has a one year low of $557.29 and a one year high of $714.78.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The company 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 company 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 fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on INTU shares. Stifel Nicolaus raised their target price on shares of Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. JPMorgan Chase & Co. lifted their target price on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. Scotiabank began coverage on Intuit in a research report on Monday. They set a “sector perform” rating and a $700.00 target price for the company. Jefferies Financial Group raised their target price on Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Finally, Susquehanna restated a “positive” rating and set a $757.00 price objective on shares of Intuit in a report on Friday, August 16th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $737.06.

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.