Intuit (NASDAQ:INTU) Now Covered by Analysts at Scotiabank

Scotiabank started coverage on shares of Intuit (NASDAQ:INTU) in a research note released on Monday, MarketBeat Ratings reports. The firm issued a sector perform rating and a $700.00 price target on the software maker’s stock.

Other analysts also recently issued reports about the stock. Susquehanna reiterated a “positive” rating and issued a $757.00 price target on shares of Intuit in a research report on Friday, August 16th. Piper Sandler reiterated an “overweight” rating and issued a $768.00 target price on shares of Intuit in a report on Friday, September 27th. Barclays boosted their price target on shares of Intuit from $740.00 to $800.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Morgan Stanley downgraded Intuit from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $750.00 to $685.00 in a research note on Wednesday, August 14th. Finally, Jefferies Financial Group boosted their target price on Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, Intuit currently has a consensus rating of “Moderate Buy” and an average target price of $737.06.

Intuit Price Performance

Shares of INTU stock opened at $679.40 on Monday. The firm’s 50 day moving average price is $635.12 and its two-hundred day moving average price is $631.23. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. Intuit has a 52-week low of $557.29 and a 52-week high of $714.78. The stock has a market cap of $190.31 billion, a PE ratio of 65.01, a PEG ratio of 3.15 and a beta of 1.25.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.14. The business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.14 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The firm’s revenue was up 10.2% on a year-over-year basis. During the same period last year, the company earned $1.14 EPS. As a group, analysts forecast that Intuit will post 14.05 EPS for the current year.

Insider Transactions at Intuit

In related news, CFO Sandeep Aujla sold 775 shares of the company’s stock in a transaction dated 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 owns 4,451 shares in the company, valued at approximately $2,676,430.81. This represents a 14.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Laura A. Fennell sold 30,159 shares of the 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 transaction, the executive vice president now directly owns 52,038 shares of the company’s stock, valued at $33,427,129.68. This trade represents a 36.69 % decrease in their ownership of the stock. 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 over the last 90 days. 2.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Intuit

A number of institutional investors have recently added to or reduced their stakes in INTU. Anchor Investment Management LLC increased its position in Intuit by 6.6% during the third quarter. Anchor Investment Management LLC now owns 2,415 shares of the software maker’s stock worth $1,500,000 after buying an additional 150 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Intuit during the 3rd quarter worth approximately $7,506,000. Invst LLC acquired a new position in shares of Intuit during the 3rd quarter worth approximately $203,000. Unigestion Holding SA bought a new stake in Intuit in the 3rd quarter valued at $1,136,000. Finally, Soltis Investment Advisors LLC lifted its holdings in Intuit by 13.8% during the 3rd quarter. Soltis Investment Advisors LLC now owns 428 shares of the software maker’s stock valued at $266,000 after purchasing an additional 52 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.