Intuit (NASDAQ:INTU) Sees Unusually-High Trading Volume on Analyst Upgrade

Shares of Intuit Inc. (NASDAQ:INTU) saw unusually-high trading volume on Friday after Jefferies Financial Group raised their price target on the stock from $770.00 to $790.00. Jefferies Financial Group currently has a buy rating on the stock. Approximately 515,121 shares traded hands during mid-day trading, a decline of 61% from the previous session’s volume of 1,311,323 shares.The stock last traded at $631.07 and had previously closed at $665.29.

Several other equities research analysts have also recently issued reports on INTU. Piper Sandler reiterated an “overweight” rating and issued a $768.00 price target (up from $760.00) on shares of Intuit in a research note on Friday. KeyCorp upped their target price on Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a research note on Monday, May 20th. Wells Fargo & Company upped their target price on Intuit from $725.00 to $750.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 21st. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a research note on Monday, May 27th. Finally, Susquehanna restated a “positive” rating and set a $757.00 target price on shares of Intuit in a research note on Friday, August 16th. 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 MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $703.27.

Insider Activity at Intuit

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

Institutional Trading of Intuit

A number of institutional investors have recently bought and sold shares of INTU. DiNuzzo Private Wealth Inc. bought a new stake in Intuit during the fourth quarter valued at $25,000. LGT Financial Advisors LLC bought a new stake in Intuit during the second quarter valued at $25,000. Cultivar Capital Inc. bought a new stake in Intuit during the second quarter valued at $26,000. Fairway Wealth LLC bought a new stake in Intuit during the second quarter valued at $26,000. Finally, West Branch Capital LLC boosted its position in Intuit by 79.2% during the first quarter. West Branch Capital LLC now owns 43 shares of the software maker’s stock valued at $28,000 after acquiring an additional 19 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

Intuit Stock Down 6.8 %

The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.32. The firm has a market cap of $173.28 billion, a P/E ratio of 57.18, a PEG ratio of 3.14 and a beta of 1.23. The stock’s 50-day simple moving average is $639.27 and its 200 day simple moving average is $634.44.

Intuit (NASDAQ:INTU) last released its quarterly earnings data 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. The company had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.65 billion. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The business’s revenue was up 11.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $7.80 EPS. As a group, research analysts forecast that Intuit Inc. will post 11.72 EPS for the current fiscal year.

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.