Intuit (NASDAQ:INTU) Trading Down 3.6% on Analyst Downgrade

Intuit Inc. (NASDAQ:INTU) traded down 3.6% during mid-day trading on Friday after StockNews.com downgraded the stock from a buy rating to a hold rating. The stock traded as low as $645.98 and last traded at $654.50. 839,122 shares were traded during trading, a decline of 38% from the average session volume of 1,346,641 shares. The stock had previously closed at $678.70.

Several other analysts have also recently commented on the stock. Piper Sandler decreased their price target on shares of Intuit from $768.00 to $765.00 and set an “overweight” rating on the stock in a research note on Friday. BMO Capital Markets increased their price objective on Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research report on Friday, August 23rd. Barclays dropped their target price on Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a research report on Friday. Morgan Stanley raised their price target on Intuit from $685.00 to $730.00 and gave the company an “equal weight” rating in a report on Friday. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $760.00 price objective on shares of Intuit in a report on Friday. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $737.44.

Insider Buying and Selling

In related news, insider Scott D. Cook sold 2,461 shares of Intuit stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the completion of the sale, the insider now directly owns 6,453,105 shares of the company’s stock, valued at approximately $4,111,853,974.95. This trade represents a 0.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Sandeep Aujla sold 775 shares of Intuit stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total value of $466,015.25. Following the sale, the chief financial officer now directly owns 4,451 shares of the company’s stock, valued at $2,676,430.81. This represents a 14.83 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 55,297 shares of company stock worth $35,220,046. Insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Intuit

Several institutional investors have recently made changes to their positions in the stock. LGT Financial Advisors LLC bought a new position in shares of Intuit in the 2nd quarter valued at $25,000. Cultivar Capital Inc. bought a new position in Intuit in the second quarter valued at about $26,000. Fairway Wealth LLC bought a new position in shares of Intuit in the second quarter worth about $26,000. Northwest Investment Counselors LLC acquired a new stake in shares of Intuit in the 3rd quarter valued at approximately $27,000. Finally, Hobbs Group Advisors LLC acquired a new stake in Intuit in the second quarter valued at approximately $35,000. 83.66% of the stock is currently owned by institutional investors.

Intuit Trading Down 5.7 %

The business’s 50 day simple moving average is $634.81 and its two-hundred day simple moving average is $631.20. The stock has a market cap of $179.31 billion, a P/E ratio of 62.15, a PEG ratio of 3.32 and a beta of 1.25. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.14. The company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.14 billion. Intuit had a net margin of 17.59% and a return on equity of 18.28%. Intuit’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.14 earnings per share. As a group, analysts expect that Intuit Inc. will post 14.05 EPS for the current 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.