Intuit (NASDAQ:INTU) Receives Outperform Rating from Royal Bank of Canada

Intuit (NASDAQ:INTU)‘s stock had its “outperform” rating reissued by investment analysts at Royal Bank of Canada in a report released on Friday,Benzinga reports. They currently have a $760.00 target price on the software maker’s stock. Royal Bank of Canada’s price target suggests a potential upside of 17.16% from the company’s current price.

A number of other research analysts also recently issued reports on INTU. StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a research report on Monday, September 30th. BMO Capital Markets upped 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. Bank of America upped their target price on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Scotiabank assumed coverage on shares of Intuit in a research note on Monday. They set a “sector perform” rating and a $700.00 target price on the stock. Finally, Piper Sandler lowered their target price on shares of Intuit from $768.00 to $765.00 and set an “overweight” rating on the stock in a research note on Friday. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $737.44.

Intuit Trading Down 4.4 %

Shares of NASDAQ INTU traded down $29.99 during mid-day trading on Friday, hitting $648.71. The stock had a trading volume of 1,510,263 shares, compared to its average volume of 1,349,597. 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 has a 50 day moving average price of $635.12 and a two-hundred day moving average price of $631.23. The firm has a market cap of $181.72 billion, a P/E ratio of 62.18, a price-to-earnings-growth ratio of 3.15 and a beta of 1.25. Intuit has a 1 year low of $557.29 and a 1 year high of $714.78.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.14. The business had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.14 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.14 EPS. On average, equities analysts anticipate that Intuit will post 14.05 EPS for the current fiscal year.

Insider Activity

In related news, Director Eve B. Burton sold 2,988 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $649.87, for a total value of $1,941,811.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Sandeep Aujla sold 4,000 shares of the firm’s stock in a transaction on Thursday, October 10th. The stock was 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 owns 452 shares of the company’s stock, valued at approximately $279,010.56. This represents a 89.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,297 shares of company stock worth $35,220,046. 2.90% of the stock is currently owned by insiders.

Institutional Trading of Intuit

Several institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp lifted its position in shares of Intuit by 1.8% during the third quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock worth $7,648,910,000 after purchasing an additional 221,885 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Intuit by 1.4% during the third quarter. Geode Capital Management LLC now owns 5,978,713 shares of the software maker’s stock valued at $3,701,762,000 after buying an additional 80,463 shares during the period. Fisher Asset Management LLC lifted its stake in Intuit by 2.9% in the third quarter. Fisher Asset Management LLC now owns 3,827,671 shares of the software maker’s stock worth $2,376,984,000 after acquiring an additional 107,482 shares during the period. Legal & General Group Plc boosted its stake 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 purchasing an additional 23,995 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Intuit by 4.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,300,789 shares of the software maker’s stock valued at $1,428,790,000 after purchasing an additional 87,517 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors.

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.