Intuit (NASDAQ:INTU) Coverage Initiated by Analysts at Scotiabank

Scotiabank began coverage on shares of Intuit (NASDAQ:INTU) in a research note issued to investors on Monday morning,Benzinga reports. The firm issued a sector perform rating and a $700.00 price objective on the software maker’s stock.

A number of other equities research analysts have also recently commented on the company. Susquehanna restated a “positive” rating and set a $757.00 target price on shares of Intuit in a research report on Friday, August 16th. Piper Sandler restated an “overweight” rating and set a $768.00 target price on shares of Intuit in a research report on Friday, September 27th. Barclays raised their price target on shares of Intuit from $740.00 to $800.00 and gave the company an “overweight” rating in a research note on Friday. Morgan Stanley lowered shares of Intuit from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $750.00 to $685.00 in a research note on Wednesday, August 14th. Finally, JPMorgan Chase & Co. raised their price target on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $737.06.

Intuit Stock Performance

Intuit stock opened at $678.81 on Monday. The company has a 50 day moving average price of $634.11 and a 200-day moving average price of $630.65. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. Intuit has a fifty-two week low of $557.29 and a fifty-two week high of $714.78. The company has a market capitalization of $190.26 billion, a PE ratio of 64.96, a P/E/G ratio of 3.36 and a beta of 1.25.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The business had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the prior year, the firm posted $0.40 earnings per share. The business’s quarterly revenue was up 17.4% on a year-over-year basis. As a group, equities analysts forecast that Intuit will post 14.05 earnings per share for the current year.

Insider Activity at Intuit

In other news, CFO Sandeep Aujla sold 862 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value of $535,327.86. Following the sale, the chief financial officer now owns 3,840 shares of the company’s stock, valued at $2,384,755.20. The trade was a 18.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Laura A. Fennell sold 30,159 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the sale, the executive vice president now directly owns 52,038 shares in the company, valued at $33,427,129.68. This trade represents a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,297 shares of company stock worth $35,220,046. 2.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Intuit

A number of large investors have recently bought and sold shares of INTU. Harvest Portfolios Group Inc. lifted its holdings in shares of Intuit by 5.4% in the third quarter. Harvest Portfolios Group Inc. now owns 35,902 shares of the software maker’s stock worth $22,295,000 after acquiring an additional 1,853 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Intuit by 33.7% in the third quarter. GAMMA Investing LLC now owns 3,838 shares of the software maker’s stock worth $2,383,000 after acquiring an additional 968 shares during the last quarter. Cetera Advisors LLC lifted its holdings in shares of Intuit by 33.4% in the first quarter. Cetera Advisors LLC now owns 10,607 shares of the software maker’s stock worth $6,895,000 after acquiring an additional 2,655 shares during the last quarter. Park Avenue Securities LLC lifted its holdings in shares of Intuit by 13.4% in the second quarter. Park Avenue Securities LLC now owns 11,257 shares of the software maker’s stock worth $7,398,000 after acquiring an additional 1,328 shares during the last quarter. Finally, BDF Gestion bought a new position in shares of Intuit in the second quarter worth about $7,196,000. 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.