Magellan Asset Management Ltd Sells 185,943 Shares of Intuit Inc. (NASDAQ:INTU)

Magellan Asset Management Ltd decreased its stake in Intuit Inc. (NASDAQ:INTU) by 16.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 955,908 shares of the software maker’s stock after selling 185,943 shares during the period. Intuit accounts for about 3.9% of Magellan Asset Management Ltd’s holdings, making the stock its 11th biggest position. Magellan Asset Management Ltd owned about 0.34% of Intuit worth $437,987,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Aspire Private Capital LLC purchased a new stake in shares of Intuit during the 1st quarter valued at approximately $12,037,410,000. Raleigh Capital Management Inc. boosted its holdings in shares of Intuit by 100.0% in the first quarter. Raleigh Capital Management Inc. now owns 58 shares of the software maker’s stock worth $26,000 after acquiring an additional 29 shares during the period. Barrett & Company Inc. purchased a new position in shares of Intuit in the first quarter valued at $29,000. WealthPLAN Partners LLC purchased a new stake in Intuit during the 1st quarter worth about $34,000. Finally, GPS Wealth Strategies Group LLC grew its holdings in Intuit by 71.1% during the 2nd quarter. GPS Wealth Strategies Group LLC now owns 77 shares of the software maker’s stock valued at $35,000 after buying an additional 32 shares in the last quarter. 82.63% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CFO Sandeep Aujla sold 10,732 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $531.01, for a total value of $5,698,799.32. Following the sale, the chief financial officer now directly owns 235 shares of the company’s stock, valued at approximately $124,787.35. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CFO Sandeep Aujla sold 10,732 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $531.01, for a total value of $5,698,799.32. Following the completion of the transaction, the chief financial officer now directly owns 235 shares in the company, valued at approximately $124,787.35. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Alex G. Balazs sold 2,307 shares of the stock in a transaction on Friday, September 29th. The shares were sold at an average price of $523.58, for a total value of $1,207,899.06. Following the sale, the executive vice president now directly owns 3,774 shares in the company, valued at $1,975,990.92. The disclosure for this sale can be found here. Insiders sold a total of 41,073 shares of company stock worth $22,091,651 in the last three months. 3.18% of the stock is owned by corporate insiders.

Intuit Trading Down 0.7 %

Shares of INTU stock traded down $3.86 during trading hours on Tuesday, reaching $560.64. The company’s stock had a trading volume of 227,164 shares, compared to its average volume of 1,569,744. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.35. Intuit Inc. has a one year low of $370.62 and a one year high of $567.03. The stock has a market capitalization of $157.15 billion, a P/E ratio of 66.88, a P/E/G ratio of 3.37 and a beta of 1.20. The firm’s fifty day simple moving average is $521.31 and its 200 day simple moving average is $490.03.

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, beating the consensus estimate of $1.43 by $0.22. The business had revenue of $2.71 billion for 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 business’s revenue was up 12.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.22 EPS. Equities research analysts expect that Intuit Inc. will post 11.25 EPS for the current year.

Analysts Set New Price Targets

INTU has been the subject of a number of recent analyst reports. Citigroup boosted their price target on shares of Intuit from $495.00 to $565.00 and gave the company a “buy” rating in a research report on Monday, August 28th. Stifel Nicolaus raised their price target on Intuit from $475.00 to $550.00 and gave the company a “buy” rating in a report on Friday, August 25th. Barclays boosted their price objective on Intuit from $495.00 to $570.00 and gave the stock an “overweight” rating in a report on Friday, August 18th. HSBC began coverage on shares of Intuit in a research note on Friday, September 29th. They issued a “hold” rating and a $520.00 target price on the stock. Finally, Wells Fargo & Company boosted their price target on shares of Intuit from $550.00 to $575.00 and gave the stock an “overweight” rating in a research note on Friday, September 29th. Three analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $567.41.

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.