Intuit (NASDAQ:INTU) Receives New Coverage from Analysts at Royal Bank of Canada

Research analysts at Royal Bank of Canada started coverage on shares of Intuit (NASDAQ:INTU) in a research report issued on Wednesday, Briefing.com reports. The brokerage set an “outperform” rating and a $760.00 price target on the software maker’s stock. Royal Bank of Canada’s price objective points to a potential upside of 15.81% from the company’s previous close.

Several other research analysts also recently commented on the stock. Morgan Stanley lifted their target price on shares of Intuit from $680.00 to $740.00 and gave the stock an “overweight” rating in a report on Monday, May 13th. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a research note on Monday, May 27th. Susquehanna lowered their target price on Intuit from $775.00 to $757.00 and set a “positive” rating on the stock in a report on Friday, May 24th. Bank of America reduced their price objective on Intuit from $760.00 to $730.00 and set a “buy” rating for the company in a research report on Friday, May 24th. Finally, Erste Group Bank reaffirmed a “hold” rating on shares of Intuit in a research report on Friday, June 14th. Five research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $687.22.

Intuit Stock Performance

INTU opened at $656.22 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.50 and a current ratio of 1.50. The company has a market cap of $183.45 billion, a PE ratio of 60.54, a price-to-earnings-growth ratio of 3.76 and a beta of 1.23. The stock has a 50-day moving average of $619.43 and a 200-day moving average of $628.63. Intuit has a 52-week low of $444.19 and a 52-week high of $676.62.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.12 by $1.76. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The firm had revenue of $6.74 billion during the quarter, compared to analysts’ expectations of $6.65 billion. During the same quarter in the prior year, the business earned $7.80 earnings per share. The company’s revenue was up 11.9% on a year-over-year basis. As a group, equities research analysts forecast that Intuit will post 11.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Intuit

In related news, insider Scott D. Cook sold 27,309 shares of the stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $593.16, for a total transaction of $16,198,606.44. Following the sale, the insider now directly owns 6,524,412 shares in the company, valued at approximately $3,870,020,221.92. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, insider Scott D. Cook sold 27,309 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $593.16, for a total transaction of $16,198,606.44. Following the transaction, the insider now owns 6,524,412 shares in the company, valued at approximately $3,870,020,221.92. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Sandeep Aujla sold 1,415 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $855,480.70. Following the sale, the chief financial officer now directly owns 2,332 shares in the company, valued at approximately $1,409,880.56. The disclosure for this sale can be found here. Insiders have sold a total of 193,937 shares of company stock worth $113,123,232 over the last ninety days. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of Intuit in the 4th quarter valued at $2,101,848,000. Wellington Management Group LLP lifted its position in Intuit by 173.0% during the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after purchasing an additional 2,336,654 shares during the period. Lone Pine Capital LLC bought a new position in shares of Intuit in the 4th quarter valued at about $467,852,000. Parnassus Investments LLC grew its position in shares of Intuit by 119.0% during the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after buying an additional 727,185 shares during the period. Finally, International Assets Investment Management LLC grew its position in shares of Intuit by 60,534.9% during the 4th quarter. International Assets Investment Management LLC now owns 472,952 shares of the software maker’s stock worth $295,609,000 after buying an additional 472,172 shares during the period. Institutional investors own 83.66% of the company’s stock.

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.