Piper Sandler Increases Intuit (NASDAQ:INTU) Price Target to $642.00

Intuit (NASDAQ:INTU) had its price objective hoisted by Piper Sandler from $528.00 to $642.00 in a research note published on Monday, MarketBeat Ratings reports. The brokerage currently has an overweight rating on the software maker’s stock.

INTU has been the subject of several other reports. Oppenheimer upped their target price on shares of Intuit from $476.00 to $530.00 and gave the company an outperform rating in a research note on Friday, August 25th. Mizuho lifted their target price on Intuit from $550.00 to $600.00 and gave the stock a buy rating in a research report on Thursday, September 7th. Jefferies Financial Group upped their price target on Intuit from $525.00 to $600.00 and gave the company a buy rating in a report on Monday, August 14th. Citigroup lifted their price objective on Intuit from $495.00 to $565.00 and gave the stock a buy rating in a report on Monday, August 28th. Finally, KeyCorp boosted their price objective on Intuit from $535.00 to $600.00 and gave the company an overweight rating in a research report on Thursday, September 7th. Four analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $551.73.

Intuit Stock Performance

Shares of INTU opened at $547.60 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.47 and a quick ratio of 1.51. Intuit has a one year low of $352.63 and a one year high of $558.64. The company’s fifty day moving average price is $505.82 and its 200 day moving average price is $458.06. The company has a market capitalization of $153.49 billion, a PE ratio of 64.88, a price-to-earnings-growth ratio of 3.36 and a beta of 1.19.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, August 24th. The software maker reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.22. The business had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.64 billion. Intuit had a return on equity of 16.61% and a net margin of 16.59%. The firm’s revenue was up 12.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.22 EPS. As a group, analysts expect that Intuit will post 11.25 earnings per share for the current year.

Intuit Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 17th. Investors of record on Monday, October 9th will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.66%. This is a boost from Intuit’s previous quarterly dividend of $0.78. The ex-dividend date is Thursday, October 5th. Intuit’s payout ratio is currently 42.65%.

Insiders Place Their Bets

In other Intuit news, CAO Lauren D. Hotz sold 550 shares of the business’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $549.42, for a total value of $302,181.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,054 shares of the company’s stock, valued at $1,128,508.68. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CAO Lauren D. Hotz sold 550 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $549.42, for a total value of $302,181.00. Following the completion of the transaction, the chief accounting officer now owns 2,054 shares in the company, valued at approximately $1,128,508.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Marianna Tessel sold 8,702 shares of the stock in a transaction on Monday, September 11th. The shares were sold at an average price of $552.63, for a total value of $4,808,986.26. Following the completion of the transaction, the executive vice president now owns 32,171 shares in the company, valued at $17,778,659.73. The disclosure for this sale can be found here. Insiders have sold a total of 90,927 shares of company stock valued at $44,218,147 in the last 90 days. 3.18% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. HHM Wealth Advisors LLC bought a new stake in shares of Intuit during the 1st quarter valued at $25,000. Raleigh Capital Management Inc. grew its stake in shares of Intuit by 100.0% during the first quarter. Raleigh Capital Management Inc. now owns 58 shares of the software maker’s stock worth $26,000 after purchasing an additional 29 shares during the period. Activest Wealth Management bought a new stake in Intuit in the first quarter valued at about $27,000. Householder Group Estate & Retirement Specialist LLC acquired a new position in Intuit in the first quarter valued at about $29,000. Finally, Barrett & Company Inc. acquired a new position in shares of Intuit during the 1st quarter worth about $29,000. 82.63% 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 ProConnect.