ARK Investment Management LLC Has $40.56 Million Stock Position in Intuit Inc. (NASDAQ:INTU)

ARK Investment Management LLC lowered its stake in Intuit Inc. (NASDAQ:INTU) by 1.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 64,900 shares of the software maker’s stock after selling 957 shares during the period. ARK Investment Management LLC’s holdings in Intuit were worth $40,564,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Fairfield Bush & CO. grew its position in shares of Intuit by 39.6% during the 1st quarter. Fairfield Bush & CO. now owns 3,648 shares of the software maker’s stock worth $1,754,000 after purchasing an additional 1,035 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Intuit by 10.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 504,309 shares of the software maker’s stock worth $242,492,000 after purchasing an additional 48,196 shares in the last quarter. Cetera Investment Advisers grew its position in shares of Intuit by 8.4% during the 1st quarter. Cetera Investment Advisers now owns 3,227 shares of the software maker’s stock worth $1,552,000 after purchasing an additional 249 shares in the last quarter. Baird Financial Group Inc. grew its position in shares of Intuit by 7.1% during the 1st quarter. Baird Financial Group Inc. now owns 53,691 shares of the software maker’s stock worth $25,825,000 after purchasing an additional 3,576 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in shares of Intuit by 6.6% during the 1st quarter. Mackenzie Financial Corp now owns 34,207 shares of the software maker’s stock worth $16,448,000 after purchasing an additional 2,127 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insider Activity

In other news, EVP Alex G. Balazs sold 280 shares of the firm’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total transaction of $178,186.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Alex G. Balazs sold 280 shares of the firm’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total transaction of $178,186.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kerry J. Mclean sold 3,692 shares of Intuit stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $663.84, for a total transaction of $2,450,897.28. Following the transaction, the executive vice president now directly owns 22,948 shares of the company’s stock, valued at approximately $15,233,800.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,260 shares of company stock valued at $20,667,475. Insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on INTU. Susquehanna increased their price target on shares of Intuit from $700.00 to $775.00 and gave the stock a “positive” rating in a research report on Friday, February 23rd. JPMorgan Chase & Co. increased their price target on shares of Intuit from $560.00 to $585.00 and gave the stock a “neutral” rating in a research report on Friday, February 23rd. Stifel Nicolaus increased their price target on shares of Intuit from $600.00 to $720.00 and gave the stock a “buy” rating in a research report on Friday, February 23rd. Wells Fargo & Company increased their price target on shares of Intuit from $615.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 21st. Finally, Mizuho increased their price target on shares of Intuit from $670.00 to $725.00 and gave the stock a “buy” rating in a research report on Friday, February 23rd. Four analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $645.00.

Intuit Price Performance

INTU stock opened at $648.74 on Thursday. The company has a fifty day moving average price of $645.76 and a 200-day moving average price of $586.88. The company has a market capitalization of $181.65 billion, a P/E ratio of 66.20, a PEG ratio of 3.90 and a beta of 1.22. Intuit Inc. has a 52-week low of $400.22 and a 52-week high of $671.01. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.17 and a current ratio of 1.17.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, February 22nd. The software maker reported $2.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.33. The firm had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.39 billion. Intuit had a net margin of 18.35% and a return on equity of 17.51%. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.05 earnings per share. As a group, equities analysts expect that Intuit Inc. will post 11.27 EPS for the current year.

Intuit Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 18th. Stockholders of record on Wednesday, April 10th will be paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 0.55%. The ex-dividend date of this dividend is Tuesday, April 9th. Intuit’s payout ratio is currently 36.73%.

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.