Intuit Inc. (NASDAQ:INTU) Shares Sold by Ithaka Group LLC

Ithaka Group LLC cut its position in Intuit Inc. (NASDAQ:INTU) by 3.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 16,072 shares of the software maker’s stock after selling 546 shares during the period. Intuit makes up 1.9% of Ithaka Group LLC’s holdings, making the stock its 22nd largest position. Ithaka Group LLC’s holdings in Intuit were worth $9,981,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Biltmore Family Office LLC grew its holdings in Intuit by 0.7% during the third quarter. Biltmore Family Office LLC now owns 4,609 shares of the software maker’s stock worth $2,862,000 after acquiring an additional 32 shares during the period. AlphaCore Capital LLC grew its holdings in Intuit by 5.3% during the third quarter. AlphaCore Capital LLC now owns 1,599 shares of the software maker’s stock worth $993,000 after acquiring an additional 80 shares during the period. Eagle Asset Management Inc. grew its holdings in Intuit by 20.8% during the third quarter. Eagle Asset Management Inc. now owns 4,649 shares of the software maker’s stock worth $3,181,000 after acquiring an additional 799 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Intuit by 1.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,688,445 shares of the software maker’s stock worth $1,048,524,000 after acquiring an additional 26,914 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its holdings in Intuit by 10.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,014,972 shares of the software maker’s stock worth $630,298,000 after acquiring an additional 98,406 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Kerry J. Mclean sold 11,079 shares of Intuit stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $631.61, for a total value of $6,997,607.19. Following the completion of the sale, the executive vice president now directly owns 24,941 shares of the company’s stock, valued at approximately $15,752,985.01. The trade was a 30.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Sandeep Aujla sold 4,000 shares of Intuit stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $617.28, for a total value of $2,469,120.00. Following the completion of the sale, the chief financial officer now directly owns 452 shares of the company’s stock, valued at $279,010.56. The trade was a 89.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 55,297 shares of company stock valued at $35,220,046 over the last quarter. 2.90% of the stock is owned by insiders.

Intuit Stock Performance

Shares of Intuit stock opened at $679.40 on Friday. Intuit Inc. has a one year low of $557.29 and a one year high of $714.78. The company has a market cap of $190.31 billion, a price-to-earnings ratio of 65.01, a PEG ratio of 3.15 and a beta of 1.25. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. The business’s 50 day moving average price is $635.12 and its 200 day moving average price is $631.23.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.14. The company had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.14 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.14 earnings per share. On average, research analysts predict that Intuit Inc. will post 14.05 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Bank of America increased their price target on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Susquehanna reiterated a “positive” rating and set a $757.00 price target on shares of Intuit in a research report on Friday, August 16th. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a research report on Monday, September 30th. Barclays increased their price target on Intuit from $740.00 to $800.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Piper Sandler decreased their target price on Intuit from $768.00 to $765.00 and set an “overweight” rating on the stock in a research report on Friday. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $739.39.

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.