StockNews.com Upgrades Intuit (NASDAQ:INTU) to “Buy”

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

A number of other brokerages have also issued reports on INTU. Stifel Nicolaus boosted their price target on Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Piper Sandler reiterated an “overweight” rating and issued a $768.00 target price on shares of Intuit in a research report on Friday, September 27th. Barclays dropped their price target on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a research report on Friday, August 23rd. Erste Group Bank reiterated a “hold” rating on shares of Intuit in a report on Friday, June 14th. Finally, Citigroup boosted their target price on Intuit from $727.00 to $750.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Four analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, Intuit has a consensus rating of “Moderate Buy” and an average price target of $735.71.

Intuit Price Performance

Shares of INTU opened at $606.28 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. The company has a market cap of $169.48 billion, a P/E ratio of 55.93, a PEG ratio of 3.13 and a beta of 1.24. Intuit has a 12 month low of $473.56 and a 12 month high of $676.62. The stock has a fifty day moving average price of $634.00 and a 200 day moving average price of $630.07.

Intuit (NASDAQ:INTU) last posted its 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 firm had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. Intuit’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 EPS. On average, research analysts forecast that Intuit will post 14.07 earnings per share for the current year.

Insider Activity at Intuit

In other Intuit news, EVP Alex G. Balazs sold 2,941 shares of Intuit stock in a transaction that occurred on 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Sandeep Aujla sold 862 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value 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 $2,384,755.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Alex G. Balazs sold 2,941 shares of the business’s stock in a transaction that occurred on 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 $12,575.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 50,522 shares of company stock worth $32,284,911. 2.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Intuit

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings 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 acquiring an additional 283,291 shares in the last quarter. Wellington Management Group LLP increased its position in Intuit by 173.0% in the 4th 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 during the last quarter. Fisher Asset Management LLC raised its stake in shares of Intuit by 9.5% during the 4th quarter. Fisher Asset Management LLC now owns 3,114,975 shares of the software maker’s stock worth $1,946,954,000 after purchasing an additional 270,432 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Intuit by 1.0% during the 2nd quarter. Legal & General Group Plc now owns 2,340,555 shares of the software maker’s stock valued at $1,538,236,000 after buying an additional 23,995 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of Intuit by 17.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock valued at $1,062,578,000 after buying an additional 238,486 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

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.