Intuit (NASDAQ:INTU) Price Target Raised to $640.00

Intuit (NASDAQ:INTU) had its price target hoisted by JPMorgan Chase & Co. from $600.00 to $640.00 in a report published on Friday,Benzinga reports. They currently have a neutral rating on the software maker’s stock.

Several other brokerages have also commented on INTU. Scotiabank began coverage on shares of Intuit in a research note on Monday, November 18th. They issued a “sector perform” rating and a $700.00 price target on the stock. Stifel Nicolaus dropped their target price on shares of Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a research report on Friday. Piper Sandler reduced their price target on shares of Intuit from $768.00 to $765.00 and set an “overweight” rating for the company in a research report on Friday. Oppenheimer raised their price objective on Intuit from $712.00 to $722.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Barclays reduced their target price on Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a report on Friday. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Intuit has an average rating of “Moderate Buy” and an average target price of $737.44.

Intuit Price Performance

Shares of INTU opened at $640.12 on Friday. The firm has a market capitalization of $179.31 billion, a price-to-earnings ratio of 62.15, a PEG ratio of 3.32 and a beta of 1.25. The firm’s fifty day simple moving average is $634.81 and its 200-day simple moving average is $631.19. Intuit has a twelve month low of $557.29 and a twelve month high of $714.78. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last posted its quarterly 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. The company had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.14 billion. Intuit had a return on equity of 18.28% and a net margin of 17.59%. Intuit’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the firm earned $1.14 earnings per share. Equities analysts forecast that Intuit will post 14.05 EPS for the current fiscal year.

Insider Transactions at Intuit

In other Intuit news, EVP Kerry J. Mclean sold 11,079 shares of Intuit stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $631.61, for a total value of $6,997,607.19. Following the sale, the executive vice president now owns 24,941 shares of the company’s stock, valued at approximately $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 can be accessed through the SEC website. Also, insider Scott D. Cook sold 2,461 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total value of $1,568,124.59. Following the transaction, the insider now directly owns 6,453,105 shares of the company’s stock, valued at approximately $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 have sold a total of 55,265 shares of company stock worth $35,200,125 over the last ninety days. 2.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Intuit

A number of institutional investors and hedge funds have recently made changes to their positions in INTU. International Assets Investment Management LLC boosted its holdings in Intuit by 68,404.7% during the third quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker’s stock worth $300,768,000 after buying an additional 483,621 shares in the last quarter. Holocene Advisors LP boosted its stake in shares of Intuit by 99.6% during the 3rd quarter. Holocene Advisors LP now owns 625,583 shares of the software maker’s stock worth $388,487,000 after acquiring an additional 312,212 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Intuit during the 2nd quarter worth approximately $184,982,000. Ameriprise Financial Inc. grew its holdings in shares of Intuit by 17.3% in 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. Finally, State Street Corp increased its stake in Intuit by 1.8% in the 3rd quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock valued at $7,648,910,000 after purchasing an additional 221,885 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

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.