Intuit Inc. (NASDAQ:INTU) Stake Cut by Legacy Capital Group California Inc.

Legacy Capital Group California Inc. reduced its stake in Intuit Inc. (NASDAQ:INTU) by 3.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,528 shares of the software maker’s stock after selling 51 shares during the period. Legacy Capital Group California Inc.’s holdings in Intuit were worth $1,004,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Intuit by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 26,057,696 shares of the software maker’s stock valued at $16,937,502,000 after purchasing an additional 283,291 shares during the last quarter. Wellington Management Group LLP grew its holdings in Intuit by 173.0% in 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 buying an additional 2,336,654 shares in the last quarter. Brown Advisory Inc. increased its position in Intuit by 2.3% in the 4th quarter. Brown Advisory Inc. now owns 3,548,119 shares of the software maker’s stock valued at $2,217,681,000 after acquiring an additional 80,517 shares during the period. Norges Bank bought a new stake in Intuit during the 4th quarter valued at $2,101,848,000. Finally, Fisher Asset Management LLC grew its stake in shares of Intuit by 9.5% in the fourth quarter. Fisher Asset Management LLC now owns 3,114,975 shares of the software maker’s stock worth $1,946,954,000 after purchasing an additional 270,432 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors.

Intuit Stock Up 0.6 %

NASDAQ INTU traded up $3.98 during trading on Tuesday, reaching $667.28. 1,110,379 shares of the company’s stock were exchanged, compared to its average volume of 1,315,665. The firm has a market capitalization of $186.54 billion, a PE ratio of 61.56, a P/E/G ratio of 3.14 and a beta of 1.23. Intuit Inc. has a fifty-two week low of $473.56 and a fifty-two week high of $676.62. 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’s fifty day simple moving average is $635.80 and its 200-day simple moving average is $634.12.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, May 23rd. The software maker reported $9.88 EPS for the quarter, beating analysts’ consensus estimates 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 net margin of 19.43% and a return on equity of 18.61%. The firm’s revenue was up 11.9% on a year-over-year basis. During the same period in the previous year, the firm posted $7.80 earnings per share. Sell-side analysts predict that Intuit Inc. will post 11.72 EPS for the current year.

Insider Activity

In other news, CFO Sandeep Aujla sold 1,061 shares of Intuit stock in a transaction dated 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 sale, 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 filing with the SEC, which can be accessed through this link. In other Intuit news, EVP Mark P. Notarainni sold 465 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $281,129.70. Following the transaction, the executive vice president now directly owns 869 shares in the company, valued at $525,380.02. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Sandeep Aujla sold 1,061 shares of the company’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total value of $690,997.47. Following the sale, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at approximately $2,170,682.91. The disclosure for this sale can be found here. Insiders have sold a total of 195,963 shares of company stock worth $114,442,445 in the last ninety days. Corporate insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on INTU shares. Bank of America reduced their price objective on shares of Intuit from $760.00 to $730.00 and set a “buy” rating for the company in a report on Friday, May 24th. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a report on Monday, May 27th. Piper Sandler reaffirmed an “overweight” rating and set a $760.00 price target on shares of Intuit in a research note on Friday, July 12th. KeyCorp boosted their price objective on Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a research note on Monday, May 20th. Finally, Citigroup raised their target price on Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Five analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $691.77.

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.