Intuit (NASDAQ:INTU) Posts Quarterly Earnings Results, Beats Expectations By $1.62 EPS

Intuit (NASDAQ:INTU – Get Rating) released its quarterly earnings results on Tuesday. The software maker reported $8.92 earnings per share for the quarter, beating the consensus estimate of $7.30 by $1.62, Briefing.com reports. Intuit had a return on equity of 16.88% and a net margin of 15.91%. The company had revenue of $6.02 billion for the quarter, compared to analyst estimates of $6.09 billion. During the same period in the previous year, the company posted $6.70 earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. Intuit updated its Q4 guidance to $1.43-1.48 EPS.

Intuit Stock Down 7.5 %

INTU stock opened at $415.92 on Thursday. The business’s 50-day moving average price is $433.62 and its 200-day moving average price is $412.08. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.42. Intuit has a twelve month low of $352.63 and a twelve month high of $490.83. The stock has a market cap of $116.69 billion, a P/E ratio of 52.52, a PEG ratio of 3.36 and a beta of 1.19.

Insider Buying and Selling

In related news, Director Eve B. Burton sold 4,539 shares of the business’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $412.57, for a total value of $1,872,655.23. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Eve B. Burton sold 4,539 shares of the business’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $412.57, for a total value of $1,872,655.23. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Michelle M. Clatterbuck sold 545 shares of Intuit stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $421.38, for a total value of $229,652.10. Following the completion of the sale, the chief financial officer now directly owns 1,350 shares in the company, valued at approximately $568,863. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,328 shares of company stock valued at $3,019,323. Corporate insiders own 3.18% of the company’s stock.

Institutional Trading of Intuit

Large investors have recently added to or reduced their stakes in the company. SeaCrest Wealth Management LLC increased its position in shares of Intuit by 3.1% during the 4th quarter. SeaCrest Wealth Management LLC now owns 806 shares of the software maker’s stock valued at $314,000 after purchasing an additional 24 shares during the last quarter. Syntax Advisors LLC grew its position in Intuit by 5.0% in the 4th quarter. Syntax Advisors LLC now owns 571 shares of the software maker’s stock valued at $222,000 after acquiring an additional 27 shares during the last quarter. First Commonwealth Financial Corp PA grew its position in Intuit by 2.3% in the 1st quarter. First Commonwealth Financial Corp PA now owns 1,548 shares of the software maker’s stock valued at $744,000 after acquiring an additional 35 shares during the last quarter. AJ Wealth Strategies LLC grew its position in Intuit by 6.1% in the 1st quarter. AJ Wealth Strategies LLC now owns 675 shares of the software maker’s stock valued at $325,000 after acquiring an additional 39 shares during the last quarter. Finally, Carolinas Wealth Consulting LLC grew its position in Intuit by 24.0% in the 1st quarter. Carolinas Wealth Consulting LLC now owns 222 shares of the software maker’s stock valued at $107,000 after acquiring an additional 43 shares during the last quarter. Institutional investors own 82.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on INTU. Barclays boosted their target price on Intuit from $465.00 to $495.00 in a report on Monday, May 15th. Mizuho dropped their target price on Intuit from $650.00 to $550.00 in a report on Tuesday, May 16th. Atlantic Securities began coverage on Intuit in a report on Monday, April 24th. They issued an “overweight” rating and a $530.00 target price on the stock. BMO Capital Markets boosted their target price on Intuit from $462.00 to $485.00 in a report on Wednesday. Finally, Morgan Stanley boosted their price target on Intuit from $520.00 to $525.00 in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $491.35.

About Intuit

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Intuit, Inc engages in the provision of business and financial management solutions. It operates through the following segments: Small Business and Self-Employed, Consumer, Credit Karma, and ProConnect. The Small Business and Self-Employed segment offers QuickBooks financial and business management online services and desktop software, payroll solutions, payment processing solutions, and financing for small businesses.