Bank of America Lowers Intuit (NASDAQ:INTU) Price Target to $730.00

Intuit (NASDAQ:INTU) had its price target decreased by analysts at Bank of America from $760.00 to $730.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Bank of America‘s target price points to a potential upside of 20.07% from the company’s previous close.

A number of other brokerages also recently weighed in on INTU. Barclays upped their target price on Intuit from $735.00 to $745.00 and gave the company an “overweight” rating in a report on Friday, February 23rd. Evercore ISI upped their target price on Intuit from $670.00 to $725.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. Oppenheimer upped their target price on Intuit from $678.00 to $712.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. Mizuho upped their target price on Intuit from $670.00 to $725.00 and gave the company a “buy” rating in a report on Friday, February 23rd. Finally, StockNews.com cut Intuit from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Four investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $679.41.

Intuit Price Performance

NASDAQ INTU opened at $608.00 on Friday. The stock’s 50-day moving average price is $634.12 and its two-hundred day moving average price is $622.77. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.32. The company has a market cap of $169.97 billion, a PE ratio of 56.00, a PEG ratio of 3.70 and a beta of 1.22. Intuit has a 1 year low of $400.22 and a 1 year high of $676.62.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.12 by $1.76. The firm had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $6.65 billion. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $7.80 EPS. On average, analysts predict that Intuit will post 11.28 EPS for the current year.

Insider Transactions at Intuit

In other news, EVP Alex G. Balazs sold 280 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $636.38, for a total transaction of $178,186.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. V Square Quantitative Management LLC raised its stake in shares of Intuit by 18.8% in the third quarter. V Square Quantitative Management LLC now owns 3,050 shares of the software maker’s stock valued at $1,558,000 after purchasing an additional 482 shares in the last quarter. Maryland State Retirement & Pension System raised its stake in shares of Intuit by 1.1% in the fourth quarter. Maryland State Retirement & Pension System now owns 21,268 shares of the software maker’s stock valued at $13,293,000 after purchasing an additional 226 shares in the last quarter. Glenmede Trust Co. NA raised its stake in shares of Intuit by 12.7% in the third quarter. Glenmede Trust Co. NA now owns 18,397 shares of the software maker’s stock valued at $9,400,000 after purchasing an additional 2,074 shares in the last quarter. Hixon Zuercher LLC acquired a new position in shares of Intuit in the fourth quarter valued at $1,292,000. Finally, Signature Wealth Management Group acquired a new position in shares of Intuit in the fourth quarter valued at $1,747,000. 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.