Fisher Asset Management LLC Boosts Stock Position in Intuit Inc. (NASDAQ:INTU)

Fisher Asset Management LLC increased its stake in Intuit Inc. (NASDAQ:INTU) by 2.9% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,827,671 shares of the software maker’s stock after purchasing an additional 107,482 shares during the quarter. Intuit comprises about 1.0% of Fisher Asset Management LLC’s holdings, making the stock its 29th largest position. Fisher Asset Management LLC’s holdings in Intuit were worth $2,376,984,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in INTU. Legal & General Group Plc increased its position in shares of Intuit by 1.0% during the second quarter. Legal & General Group Plc now owns 2,340,555 shares of the software maker’s stock valued at $1,538,236,000 after buying an additional 23,995 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Intuit by 1.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,688,445 shares of the software maker’s stock valued at $1,048,524,000 after acquiring an additional 26,914 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in Intuit by 17.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock worth $1,062,578,000 after acquiring an additional 238,486 shares during the period. Principal Financial Group Inc. lifted its stake in Intuit by 4.2% in the 2nd quarter. Principal Financial Group Inc. now owns 1,407,862 shares of the software maker’s stock worth $925,262,000 after purchasing an additional 56,370 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in Intuit by 10.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,014,972 shares of the software maker’s stock valued at $630,298,000 after purchasing an additional 98,406 shares during the period. 83.66% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Kerry J. Mclean sold 11,079 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the transaction, the executive vice president now owns 24,941 shares in the company, valued at $15,752,985.01. The trade was a 30.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Laura A. Fennell sold 30,159 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was 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 trade represents a 36.69 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,265 shares of company stock valued at $35,200,125. 2.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $760.00 price target on shares of Intuit in a report on Friday. BMO Capital Markets upped their target price on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Morgan Stanley raised their price target on Intuit from $685.00 to $730.00 and gave the company an “equal weight” rating in a report on Friday. StockNews.com lowered Intuit from a “buy” rating to a “hold” rating in a report on Friday. Finally, Susquehanna reaffirmed a “positive” rating and issued a $757.00 target price on shares of Intuit in a research note on Friday, August 16th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Intuit presently has a consensus rating of “Moderate Buy” and an average target price of $737.44.

Intuit Stock Performance

Intuit stock opened at $640.12 on Monday. The firm has a fifty day simple moving average of $634.81 and a two-hundred day simple moving average of $631.19. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a twelve month low of $557.29 and a twelve month high of $714.78. The company has a market capitalization of $179.26 billion, a PE ratio of 62.15, a P/E/G ratio of 3.13 and a beta of 1.25.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.14. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The company had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.14 billion. During the same quarter in the previous year, the company posted $1.14 EPS. Intuit’s revenue for the quarter was up 10.2% on a year-over-year basis. Research analysts expect that Intuit Inc. will post 14.05 EPS for the current year.

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.