Intuit (NASDAQ:INTU) Price Target Raised to $640.00

Intuit (NASDAQ:INTU) had its target price upped by investment analysts at JPMorgan Chase & Co. from $600.00 to $640.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential downside of 2.22% from the company’s current price.

Several other brokerages also recently commented on INTU. Morgan Stanley raised their price target on shares of Intuit from $685.00 to $730.00 and gave the company an “equal weight” rating in a report on Friday. Piper Sandler dropped their target price on Intuit from $768.00 to $765.00 and set an “overweight” rating for the company in a report on Friday. Stifel Nicolaus dropped their price objective on Intuit from $795.00 to $725.00 and set a “buy” rating for the company in a report on Friday. Scotiabank assumed coverage on Intuit in a research report on Monday. They set a “sector perform” rating and a $700.00 price objective on the stock. Finally, BMO Capital Markets raised their price objective on shares of Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research note on Friday, August 23rd. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $736.89.

Intuit Stock Down 3.6 %

NASDAQ:INTU traded down $24.20 during trading hours on Friday, reaching $654.50. The company had a trading volume of 839,122 shares, compared to its average volume of 1,346,641. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. Intuit has a twelve month low of $557.29 and a twelve month high of $714.78. The business’s 50-day simple moving average is $635.12 and its two-hundred day simple moving average is $631.23. The firm has a market cap of $183.34 billion, a price-to-earnings ratio of 62.52, a P/E/G ratio of 3.15 and a beta of 1.25.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, topping the consensus estimate of $2.36 by $0.14. The firm had revenue of $3.28 billion for the quarter, compared to analysts’ expectations 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 quarter last year, the firm earned $1.14 EPS. On average, equities analysts expect that Intuit will post 14.05 earnings per share for the current year.

Insider Activity at Intuit

In other Intuit news, CFO Sandeep Aujla sold 775 shares of Intuit stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total transaction of $466,015.25. Following the sale, the chief financial officer now directly owns 4,451 shares in the company, valued at $2,676,430.81. The trade was a 14.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eve B. Burton sold 2,988 shares of Intuit stock in a transaction that occurred 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 disclosure for this sale can be found here. Over 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

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Brown Financial Advisors grew its position in Intuit by 0.9% in the third quarter. Brown Financial Advisors now owns 1,639 shares of the software maker’s stock worth $1,018,000 after buying an additional 15 shares during the last quarter. Fortitude Family Office LLC grew its position in shares of Intuit by 2.8% in the second quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock valued at $382,000 after purchasing an additional 16 shares during the last quarter. WASHINGTON TRUST Co increased its position in Intuit by 10.5% in the 2nd quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock worth $110,000 after buying an additional 16 shares during the period. Gemmer Asset Management LLC grew its position in Intuit by 3.7% in the 2nd quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock worth $294,000 after purchasing an additional 16 shares during the last quarter. Finally, Truvestments Capital LLC raised its holdings in Intuit by 1.5% in the 3rd quarter. Truvestments Capital LLC now owns 1,078 shares of the software maker’s stock valued at $669,000 after acquiring an additional 16 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.