JPMorgan Chase & Co. Upgrades Intuit (NASDAQ:INTU) to Overweight

Intuit (NASDAQ:INTU) was upgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a note issued to investors on Wednesday. The firm currently has a $660.00 price objective on the software maker’s stock, up from their prior price objective of $640.00. JPMorgan Chase & Co.‘s price target indicates a potential upside of 10.35% from the stock’s current price.

A number of other research analysts also recently issued reports on the company. Oppenheimer boosted their price target on Intuit from $712.00 to $722.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. Citigroup decreased their price objective on shares of Intuit from $760.00 to $726.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Morgan Stanley raised shares of Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 price objective on the stock in a report on Wednesday, February 26th. Royal Bank of Canada reissued an “outperform” rating and set a $760.00 target price on shares of Intuit in a report on Friday, November 22nd. Finally, BMO Capital Markets decreased their target price on shares of Intuit from $760.00 to $714.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Intuit has an average rating of “Moderate Buy” and a consensus price target of $721.61.

Intuit Price Performance

NASDAQ INTU opened at $598.07 on Wednesday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $167.20 billion, a P/E ratio of 58.07, a P/E/G ratio of 2.85 and a beta of 1.24. Intuit has a 12-month low of $553.24 and a 12-month high of $714.78. The firm’s fifty day simple moving average is $604.21 and its two-hundred day simple moving average is $626.30.

Insider Buying and Selling at Intuit

In related news, insider Scott D. Cook sold 6,446 shares of Intuit stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $604.26, for a total value of $3,895,059.96. Following the sale, the insider now owns 6,219,900 shares of the company’s stock, valued at approximately $3,758,436,774. The trade was a 0.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Alex G. Balazs sold 23,810 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $665.98, for a total value of $15,856,983.80. Following the transaction, the executive vice president now directly owns 489 shares in the company, valued at approximately $325,664.22. This trade represents a 97.99 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 224,460 shares of company stock valued at $144,750,747. Company insiders own 2.68% of the company’s stock.

Institutional Investors Weigh In On Intuit

A number of hedge funds and other institutional investors have recently modified their holdings of INTU. Brown Financial Advisors boosted its position in Intuit by 0.9% in the 3rd quarter. Brown Financial Advisors now owns 1,639 shares of the software maker’s stock valued at $1,018,000 after buying an additional 15 shares during the period. Truvestments Capital LLC boosted its holdings in Intuit by 1.5% in the third quarter. Truvestments Capital LLC now owns 1,078 shares of the software maker’s stock valued at $669,000 after purchasing an additional 16 shares during the period. True North Advisors LLC grew its stake in Intuit by 4.3% during the 4th quarter. True North Advisors LLC now owns 409 shares of the software maker’s stock worth $257,000 after purchasing an additional 17 shares in the last quarter. Great Diamond Partners LLC grew its position in shares of Intuit by 2.8% during the fourth quarter. Great Diamond Partners LLC now owns 627 shares of the software maker’s stock worth $394,000 after buying an additional 17 shares in the last quarter. Finally, Kovack Advisors Inc. increased its stake in shares of Intuit by 4.8% during the third quarter. Kovack Advisors Inc. now owns 393 shares of the software maker’s stock worth $244,000 after buying an additional 18 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

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.