Intuit’s (INTU) “Overweight” Rating Reaffirmed at Piper Sandler

Intuit (NASDAQ:INTU)‘s stock had its “overweight” rating reiterated by equities research analysts at Piper Sandler in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $768.00 target price on the software maker’s stock, up from their prior target price of $760.00. Piper Sandler’s price objective would indicate a potential upside of 15.44% from the stock’s previous close.

Several other research firms have also recently issued reports on INTU. Susquehanna reiterated a “positive” rating and set a $757.00 target price on shares of Intuit in a research report on Friday, August 16th. Wells Fargo & Company increased their price objective on shares of Intuit from $725.00 to $750.00 and gave the company an “overweight” rating in a report on Tuesday, May 21st. BMO Capital Markets lifted their price objective on shares of Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research report on Friday. KeyCorp upped their target price on shares of Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. Finally, Erste Group Bank reaffirmed a “hold” rating on shares of Intuit in a research note on Friday, June 14th. Five analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $701.91.

Intuit Stock Performance

Shares of NASDAQ INTU opened at $665.29 on Friday. The stock has a market cap of $185.98 billion, a PE ratio of 61.37, a price-to-earnings-growth ratio of 3.14 and a beta of 1.23. Intuit has a 1 year low of $473.56 and a 1 year high of $676.62. The firm has a fifty day moving average price of $638.78 and a 200-day moving average price of $634.58. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.50 and a quick ratio of 1.50.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share for the quarter, topping the consensus estimate of $8.12 by $1.76. The company had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.65 billion. Intuit had a net margin of 19.43% and a return on equity of 18.61%. Intuit’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $7.80 EPS. Equities analysts anticipate that Intuit will post 11.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Sandeep Aujla sold 1,061 shares of the company’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total transaction of $690,997.47. Following the transaction, the chief financial officer now directly owns 3,333 shares in the company, valued at approximately $2,170,682.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total transaction of $690,997.47. Following the completion of the transaction, the chief financial officer now owns 3,333 shares in the company, valued at approximately $2,170,682.91. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Mark P. Notarainni sold 965 shares of the stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total value of $628,215.00. Following the completion of the sale, the executive vice president now owns 1,020 shares in the company, valued at approximately $664,020. The disclosure for this sale can be found here. In the last ninety days, insiders sold 195,963 shares of company stock valued at $114,442,445. Company insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Intuit

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INTU. Intech Investment Management LLC increased its position in shares of Intuit by 134.7% during the first quarter. Intech Investment Management LLC now owns 4,601 shares of the software maker’s stock worth $2,991,000 after acquiring an additional 2,641 shares during the period. Parnassus Investments LLC boosted its holdings in shares of Intuit by 119.0% in the fourth quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock valued at $836,377,000 after purchasing an additional 727,185 shares during the period. Maryland State Retirement & Pension System grew its stake in Intuit by 1.1% in the fourth quarter. Maryland State Retirement & Pension System now owns 21,268 shares of the software maker’s stock worth $13,293,000 after purchasing an additional 226 shares in the last quarter. Public Employees Retirement System of Ohio increased its holdings in Intuit by 1.1% during the 4th quarter. Public Employees Retirement System of Ohio now owns 179,801 shares of the software maker’s stock worth $112,381,000 after purchasing an additional 1,990 shares during the period. Finally, Wellington Management Group LLP increased its holdings in Intuit by 173.0% during the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock worth $2,304,850,000 after purchasing an additional 2,336,654 shares during the period. Institutional investors own 83.66% of the company’s stock.

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.