Intuit (NASDAQ:INTU) Rating Increased to Buy at StockNews.com

Intuit (NASDAQ:INTU) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Monday.

Several other equities analysts have also recently weighed in on INTU. Morgan Stanley cut shares of Intuit from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $750.00 to $685.00 in a research note on Wednesday, August 14th. Bank of America boosted their target price on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Stifel Nicolaus lifted their price objective on Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $768.00 price objective on shares of Intuit in a report on Friday. Finally, 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 target price for the company. Four research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $735.71.

Intuit Price Performance

INTU stock traded up $1.97 during trading on Monday, reaching $621.00. The company’s stock had a trading volume of 1,361,498 shares, compared to its average volume of 1,328,815. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The company’s fifty day moving average is $634.62 and its 200-day moving average is $630.21. The company has a market capitalization of $173.60 billion, a P/E ratio of 57.29, a price-to-earnings-growth ratio of 3.13 and a beta of 1.24. Intuit has a 1 year low of $473.56 and a 1 year high of $676.62.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The company had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter last year, the company earned $0.40 EPS. The firm’s quarterly revenue was up 17.4% on a year-over-year basis. On average, research analysts expect that Intuit will post 14.07 earnings per share for the current fiscal year.

Insider Buying and Selling at Intuit

In other Intuit news, CFO Sandeep Aujla sold 862 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the sale, the chief financial officer now owns 3,840 shares in the company, valued at $2,384,755.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Intuit news, EVP Alex G. Balazs sold 2,941 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the transaction, the executive vice president now directly owns 20 shares in the company, valued at approximately $12,575.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Sandeep Aujla sold 862 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total transaction of $535,327.86. Following the completion of the sale, the chief financial officer now directly owns 3,840 shares of the company’s stock, valued at approximately $2,384,755.20. The disclosure for this sale can be found here. Insiders sold 52,548 shares of company stock worth $33,604,124 over the last 90 days. Company insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP raised its holdings in 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 in the last quarter. Lone Pine Capital LLC purchased a new stake in Intuit during the fourth quarter valued at approximately $467,852,000. Capital World Investors boosted its stake in Intuit by 54.7% in the fourth quarter. Capital World Investors now owns 1,176,711 shares of the software maker’s stock valued at $735,480,000 after acquiring an additional 416,099 shares in the last quarter. SG Americas Securities LLC grew its holdings in Intuit by 940.4% in the first quarter. SG Americas Securities LLC now owns 315,670 shares of the software maker’s stock worth $205,186,000 after purchasing an additional 285,328 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Intuit by 1.1% during 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 in the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

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.