Intuit (NASDAQ:INTU) Given New $760.00 Price Target at BMO Capital Markets

Intuit (NASDAQ:INTU) had its target price raised by analysts at BMO Capital Markets from $700.00 to $760.00 in a research report issued on Friday, MarketBeat reports. The brokerage presently has an “outperform” rating on the software maker’s stock. BMO Capital Markets’ target price points to a potential upside of 14.24% from the company’s previous close.

A number of other research analysts have also issued reports on the stock. Royal Bank of Canada started coverage on shares of Intuit in a report on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price objective for the company. Susquehanna restated a “positive” rating and set a $757.00 price target on shares of Intuit in a report on Friday, August 16th. StockNews.com upgraded shares of Intuit from a “hold” rating to a “buy” rating in a report on Monday, May 27th. Morgan Stanley lowered shares of Intuit from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $750.00 to $685.00 in a report on Wednesday, August 14th. Finally, UBS Group lifted their price objective on shares of Intuit from $625.00 to $670.00 and gave the company a “neutral” rating in a research note on Monday, May 20th. Five research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $701.55.

Intuit Stock Down 0.8 %

Shares of NASDAQ INTU opened at $665.29 on Friday. The company has a 50 day simple moving average of $638.78 and a 200 day simple moving average of $634.58. The firm has a market cap of $185.98 billion, a PE ratio of 61.37, a price-to-earnings-growth ratio of 3.14 and a beta of 1.23. Intuit has a 1 year low of $473.56 and a 1 year high of $676.62. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.50 and a quick ratio of 1.50.

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

Insider Activity at Intuit

In related news, EVP Mark P. Notarainni sold 465 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total value of $281,129.70. Following the sale, the executive vice president now directly owns 869 shares in the company, valued at approximately $525,380.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Mark P. Notarainni sold 465 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $281,129.70. Following the sale, the executive vice president now directly owns 869 shares in the company, valued at $525,380.02. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Sandeep Aujla sold 1,061 shares of the company’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total value of $690,997.47. Following the sale, the chief financial officer now owns 3,333 shares in the company, valued at $2,170,682.91. The disclosure for this sale can be found here. In the last three months, insiders have sold 195,963 shares of company stock worth $114,442,445. Company insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Intuit

Several hedge funds and other institutional investors have recently modified their holdings of INTU. Vanguard Group Inc. increased its position in shares of Intuit by 1.1% in the first quarter. Vanguard Group Inc. now owns 26,057,696 shares of the software maker’s stock worth $16,937,502,000 after purchasing an additional 283,291 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Intuit by 173.0% in the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock worth $2,304,850,000 after purchasing an additional 2,336,654 shares during the last quarter. Brown Advisory Inc. increased its position in shares of Intuit by 2.3% in the fourth quarter. Brown Advisory Inc. now owns 3,548,119 shares of the software maker’s stock worth $2,217,681,000 after purchasing an additional 80,517 shares during the last quarter. Norges Bank bought a new position in shares of Intuit in the fourth quarter worth approximately $2,101,848,000. Finally, Fisher Asset Management LLC increased its position in shares of Intuit by 9.5% in the fourth quarter. Fisher Asset Management LLC now owns 3,114,975 shares of the software maker’s stock worth $1,946,954,000 after purchasing an additional 270,432 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

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.