Intuit (NASDAQ:INTU) Downgraded by StockNews.com to “Hold”

StockNews.com lowered shares of Intuit (NASDAQ:INTU) from a buy rating to a hold rating in a research report report published on Friday morning.

Several other research analysts have also issued reports on INTU. Piper Sandler reaffirmed an overweight rating and issued a $768.00 target price (up previously from $760.00) on shares of Intuit in a research note on Friday. Citigroup increased their price target on shares of Intuit from $727.00 to $750.00 and gave the company a buy rating in a research report on Friday, June 28th. Stifel Nicolaus increased their price target on shares of Intuit from $690.00 to $795.00 and gave the company a buy rating in a research report on Friday. JPMorgan Chase & Co. increased their price target on shares of Intuit from $585.00 to $600.00 and gave the company a neutral rating in a research report on Friday. Finally, UBS Group increased their price target on shares of Intuit from $625.00 to $670.00 and gave the company a neutral rating in a research report on Monday, May 20th. Six equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $703.27.

Intuit Stock Down 6.8 %

Shares of NASDAQ INTU opened at $619.85 on Friday. The firm has a market capitalization of $173.28 billion, a PE ratio of 57.18, a price-to-earnings-growth ratio of 3.14 and a beta of 1.23. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.32. Intuit has a 1 year low of $473.56 and a 1 year high of $676.62. The firm’s 50-day moving average is $639.27 and its 200-day moving average is $634.44.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.12 by $1.76. The company had revenue of $6.74 billion for 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 company’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same quarter last year, the firm earned $7.80 EPS. Equities analysts expect that Intuit will post 11.72 EPS for the current year.

Insider Activity

In other news, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $597.85, for a total value of $44,838,750.00. Following the sale, the insider now directly owns 6,791,469 shares in the company, valued at $4,060,279,741.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Scott D. Cook sold 14,748 shares of Intuit stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $567.40, for a total value of $8,368,015.20. Following the sale, the insider now directly owns 6,701,721 shares in the company, valued at $3,802,556,495.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $597.85, for a total transaction of $44,838,750.00. Following the completion of the sale, the insider now owns 6,791,469 shares in the company, valued at $4,060,279,741.65. The disclosure for this sale can be found here. Insiders have sold 195,963 shares of company stock worth $114,442,445 over the last ninety days. Insiders own 2.90% of the company’s stock.

Institutional Trading of Intuit

A number of hedge funds and other institutional investors have recently made changes to their positions in INTU. JFS Wealth Advisors LLC increased its holdings in Intuit by 1.0% during the fourth quarter. JFS Wealth Advisors LLC now owns 1,564 shares of the software maker’s stock worth $978,000 after buying an additional 16 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in Intuit by 3.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 449 shares of the software maker’s stock worth $281,000 after buying an additional 16 shares during the last quarter. Fortitude Family Office LLC increased its holdings in Intuit by 2.8% during the second quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock worth $382,000 after buying an additional 16 shares during the last quarter. WASHINGTON TRUST Co increased its holdings in Intuit by 10.5% during the second quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock worth $110,000 after buying an additional 16 shares during the last quarter. Finally, Gemmer Asset Management LLC increased its holdings in Intuit by 3.7% during the second quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock worth $294,000 after buying an additional 16 shares during the last quarter. 83.66% of the stock is currently 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.