Piper Sandler Cuts Intuit (NASDAQ:INTU) Price Target to $765.00

Intuit (NASDAQ:INTU) had its target price reduced by equities researchers at Piper Sandler from $768.00 to $765.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the software maker’s stock. Piper Sandler’s target price would indicate a potential upside of 12.60% from the stock’s previous close.

A number of other research firms also recently commented on INTU. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a report on Monday, September 30th. Scotiabank initiated coverage on shares of Intuit in a research note on Monday. They set a “sector perform” rating and a $700.00 price objective for the company. Barclays upped their price objective on shares of Intuit from $740.00 to $800.00 and gave the company an “overweight” rating in a report on Friday, November 15th. JPMorgan Chase & Co. boosted their target price on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research report on Friday, August 23rd. Finally, Morgan Stanley downgraded Intuit from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $750.00 to $685.00 in a research report on Wednesday, August 14th. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $736.89.

Intuit Stock Performance

Shares of Intuit stock opened at $679.40 on Friday. The company has a 50 day moving average price of $635.12 and a 200 day moving average price of $631.23. The firm has a market capitalization of $190.31 billion, a P/E ratio of 65.01, a PEG ratio of 3.15 and a beta of 1.25. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. Intuit has a 52 week low of $557.29 and a 52 week high of $714.78.

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

Insider Buying and Selling

In related news, CFO Sandeep Aujla sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $617.28, for a total transaction of $2,469,120.00. Following the completion of the sale, the chief financial officer now directly owns 452 shares in the company, valued at approximately $279,010.56. The trade was a 89.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Scott D. Cook sold 2,461 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total value of $1,568,124.59. Following the completion of the transaction, the insider now owns 6,453,105 shares in the company, valued at $4,111,853,974.95. The trade was a 0.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 55,297 shares of company stock worth $35,220,046 in the last 90 days. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Intuit

A number of institutional investors have recently bought and sold shares of INTU. International Assets Investment Management LLC boosted its holdings in Intuit by 68,404.7% during the 3rd quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker’s stock valued at $300,768,000 after acquiring an additional 483,621 shares during the period. Holocene Advisors LP lifted its position in shares of Intuit by 99.6% during the third quarter. Holocene Advisors LP now owns 625,583 shares of the software maker’s stock worth $388,487,000 after purchasing an additional 312,212 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Intuit in the second quarter valued at approximately $184,982,000. Ameriprise Financial Inc. grew its holdings in shares of Intuit by 17.3% in the second quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock valued at $1,062,578,000 after purchasing an additional 238,486 shares in the last quarter. Finally, State Street Corp increased its stake in Intuit by 1.8% during the 3rd quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock worth $7,648,910,000 after buying an additional 221,885 shares during the period. 83.66% of the stock is owned by hedge funds and other 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.