Intuit (NASDAQ:INTU) Receives “Overweight” Rating from Piper Sandler

Intuit (NASDAQ:INTU)‘s stock had its “overweight” rating reissued by research analysts at Piper Sandler in a research report issued on Friday, Benzinga reports. They currently have a $768.00 target price on the software maker’s stock. Piper Sandler’s price objective would suggest a potential upside of 24.07% from the company’s previous close.

A number of other equities analysts have also issued reports on INTU. BMO Capital Markets increased their price objective on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. JPMorgan Chase & Co. boosted their price target on Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research report on Friday, August 23rd. Stifel Nicolaus raised their price target on Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Jefferies Financial Group lifted their price objective on shares of Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Finally, Morgan Stanley lowered shares of Intuit from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $750.00 to $685.00 in a research report on Wednesday, August 14th. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $720.37.

Intuit Stock Performance

INTU traded down $17.82 during trading on Friday, reaching $619.01. 861,369 shares of the company were exchanged, compared to its average volume of 1,325,632. Intuit has a 52 week low of $473.56 and a 52 week high of $676.62. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. The firm has a 50 day moving average of $635.44 and a 200 day moving average of $631.03. The stock has a market cap of $173.04 billion, a P/E ratio of 57.10, a PEG ratio of 3.13 and a beta of 1.24.

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

Insider Activity at Intuit

In related news, EVP Laura A. Fennell sold 30,159 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the completion of the sale, the executive vice president now directly owns 52,038 shares in the company, valued at $33,427,129.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Sandeep Aujla sold 1,061 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total value of $690,997.47. Following the transaction, the chief financial officer now owns 3,333 shares in the company, valued at $2,170,682.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Laura A. Fennell sold 30,159 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the transaction, the executive vice president now owns 52,038 shares in the company, valued at approximately $33,427,129.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 52,548 shares of company stock valued at $33,604,124. Company insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Intuit

Large investors have recently bought and sold shares of the business. Wellington Management Group LLP grew its holdings in Intuit by 173.0% during the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after purchasing an additional 2,336,654 shares during the last quarter. Lone Pine Capital LLC bought a new stake in shares of Intuit during the 4th quarter worth $467,852,000. Capital World Investors grew its stake in Intuit by 54.7% in the 4th quarter. Capital World Investors now owns 1,176,711 shares of the software maker’s stock valued at $735,480,000 after buying an additional 416,099 shares during the last quarter. SG Americas Securities LLC raised its holdings in Intuit by 940.4% in the 1st quarter. SG Americas Securities LLC now owns 315,670 shares of the software maker’s stock worth $205,186,000 after acquiring an additional 285,328 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of Intuit by 1.1% during the 1st 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. 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.