Piper Sandler Reaffirms Overweight Rating for Intuit (NASDAQ:INTU)

Piper Sandler reiterated their overweight rating on shares of Intuit (NASDAQ:INTU) in a research report report published on Friday morning,Benzinga reports. They currently have a $765.00 target price on the software maker’s stock.

A number of other equities analysts have also commented on the stock. Barclays decreased their price target on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. Jefferies Financial Group upped their price target on Intuit from $790.00 to $800.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Royal Bank of Canada reissued an “outperform” rating and issued a $760.00 target price on shares of Intuit in a research report on Friday, November 22nd. Scotiabank initiated coverage on shares of Intuit in a research note on Monday, November 18th. They issued a “sector perform” rating and a $700.00 price target for the company. Finally, Morgan Stanley boosted their price objective on shares of Intuit from $685.00 to $730.00 and gave the stock an “equal weight” rating in a research note on Friday, November 22nd. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $737.44.

Intuit Trading Down 0.4 %

Shares of INTU stock opened at $623.43 on Friday. Intuit has a 12-month low of $557.29 and a 12-month high of $714.78. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. The company has a 50 day moving average of $649.58 and a 200-day moving average of $638.21. The firm has a market cap of $174.51 billion, a P/E ratio of 60.53, a PEG ratio of 3.24 and a beta of 1.25.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.14. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The firm had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.14 billion. During the same period in the previous year, the company posted $1.14 earnings per share. The business’s revenue was up 10.2% on a year-over-year basis. Sell-side analysts anticipate that Intuit will post 14.07 earnings per share for the current year.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Thursday, January 9th will be paid a dividend of $1.04 per share. The ex-dividend date is Friday, January 10th. This represents a $4.16 annualized dividend and a yield of 0.67%. Intuit’s payout ratio is presently 40.39%.

Insider Activity at Intuit

In other news, EVP Alex G. Balazs sold 23,810 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $665.98, for a total value of $15,856,983.80. Following the completion of the sale, the executive vice president now directly owns 489 shares in the company, valued at $325,664.22. The trade was a 97.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Scott D. Cook sold 75,000 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $641.82, for a total transaction of $48,136,500.00. Following the completion of the sale, the insider now directly owns 6,378,105 shares of the company’s stock, valued at approximately $4,093,595,351.10. The trade was a 1.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 291,936 shares of company stock worth $188,324,604 over the last quarter. Insiders own 2.68% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Quest Partners LLC boosted its holdings in shares of Intuit by 588.6% during the 2nd quarter. Quest Partners LLC now owns 544 shares of the software maker’s stock worth $358,000 after purchasing an additional 465 shares during the last quarter. MGO One Seven LLC grew its holdings in Intuit by 47.9% in the 2nd quarter. MGO One Seven LLC now owns 1,897 shares of the software maker’s stock valued at $1,247,000 after buying an additional 614 shares in the last quarter. LPL Financial LLC grew its holdings in Intuit by 4.7% in the 2nd quarter. LPL Financial LLC now owns 183,248 shares of the software maker’s stock valued at $120,433,000 after buying an additional 8,266 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Intuit by 10.6% during the 2nd quarter. American Century Companies Inc. now owns 51,454 shares of the software maker’s stock worth $33,816,000 after acquiring an additional 4,913 shares during the period. Finally, Eagle Strategies LLC purchased a new position in shares of Intuit during the 2nd quarter worth $314,000. 83.66% of the stock is owned by institutional investors and hedge funds.

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.