Parnassus Investments LLC Sells 113,106 Shares of Intuit Inc. (NASDAQ:INTU)

Parnassus Investments LLC reduced its stake in Intuit Inc. (NASDAQ:INTU) by 8.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,194,018 shares of the software maker’s stock after selling 113,106 shares during the quarter. Intuit makes up 1.6% of Parnassus Investments LLC’s portfolio, making the stock its 26th biggest position. Parnassus Investments LLC’s holdings in Intuit were worth $741,485,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of INTU. Legal & General Group Plc grew its holdings in shares of Intuit by 1.0% during the second 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. Ameriprise Financial Inc. raised its position in shares of Intuit by 17.3% in the second quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock valued at $1,062,578,000 after purchasing an additional 238,486 shares during the period. Principal Financial Group Inc. raised its position in shares of Intuit by 4.2% in the second quarter. Principal Financial Group Inc. now owns 1,407,862 shares of the software maker’s stock valued at $925,262,000 after purchasing an additional 56,370 shares during the period. Capital World Investors increased its holdings in Intuit by 1.0% during the 1st quarter. Capital World Investors now owns 1,188,779 shares of the software maker’s stock worth $772,706,000 after acquiring an additional 12,068 shares during the period. Finally, Unisphere Establishment increased its holdings in Intuit by 4.2% during the 2nd quarter. Unisphere Establishment now owns 1,000,000 shares of the software maker’s stock worth $657,210,000 after acquiring an additional 40,000 shares during the period. 83.66% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Alex G. Balazs sold 2,941 shares of the firm’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 value of $1,849,183.16. Following the transaction, the executive vice president now owns 20 shares of the company’s stock, valued at approximately $12,575.20. This trade represents a 99.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Scott D. Cook sold 2,461 shares of the firm’s 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 transaction, the insider now directly owns 6,453,105 shares in the company, valued at approximately $4,111,853,974.95. The trade was a 0.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 55,297 shares of company stock valued at $35,220,046 in the last 90 days. 2.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Barclays upped their target price on shares of Intuit from $740.00 to $800.00 and gave the stock an “overweight” rating in a report on Friday. BMO Capital Markets boosted their price target on shares of Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a research note on Monday, September 30th. Bank of America boosted their price target on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Finally, Piper Sandler reissued an “overweight” rating and issued a $768.00 price target on shares of Intuit in a research note on Friday, September 27th. Five 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 stock presently has a consensus rating of “Moderate Buy” and an average target price of $737.06.

Intuit Trading Down 1.3 %

Shares of INTU opened at $678.81 on Tuesday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The firm has a fifty day simple moving average of $634.11 and a two-hundred day simple moving average of $630.65. The stock has a market capitalization of $190.26 billion, a P/E ratio of 64.96, a PEG ratio of 3.36 and a beta of 1.25. Intuit Inc. has a twelve month low of $557.29 and a twelve month high of $714.78.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating analysts’ consensus estimates 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%. Intuit’s revenue was up 17.4% compared to the same quarter last year. During the same period last year, the business earned $0.40 EPS. On average, research analysts anticipate 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.