Advisors Asset Management Inc. Buys 648 Shares of Intuit Inc. (NASDAQ:INTU)

Advisors Asset Management Inc. boosted its position in shares of Intuit Inc. (NASDAQ:INTU) by 3.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 20,034 shares of the software maker’s stock after buying an additional 648 shares during the quarter. Advisors Asset Management Inc.’s holdings in Intuit were worth $12,441,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. LGT Financial Advisors LLC acquired a new position in shares of Intuit in the second quarter valued at $25,000. Cultivar Capital Inc. acquired a new position in shares of Intuit in the 2nd quarter valued at $26,000. Fairway Wealth LLC bought a new position in shares of Intuit during the 2nd quarter worth about $26,000. Northwest Investment Counselors LLC bought a new stake in Intuit in the third quarter valued at about $27,000. Finally, Hobbs Group Advisors LLC acquired a new position in Intuit in the second quarter worth about $35,000. Institutional investors own 83.66% of the company’s stock.

Intuit Price Performance

Shares of NASDAQ INTU opened at $644.17 on Wednesday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $180.55 billion, a PE ratio of 61.64, a P/E/G ratio of 3.36 and a beta of 1.25. The firm has a fifty day simple moving average of $634.32 and a 200 day simple moving average of $630.75. Intuit Inc. has a twelve month low of $557.29 and a twelve month high of $714.78.

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, beating the consensus estimate of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The firm had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same period in the previous year, the firm earned $0.40 earnings per share. The company’s revenue was up 17.4% compared to the same quarter last year. On average, sell-side analysts forecast that Intuit Inc. will post 14.05 EPS for the current year.

Insider Buying and Selling

In other Intuit news, CFO Sandeep Aujla sold 775 shares of Intuit stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total transaction of $466,015.25. Following the completion of the transaction, the chief financial officer now owns 4,451 shares in the company, valued at approximately $2,676,430.81. The trade was a 14.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Scott D. Cook sold 2,461 shares of Intuit stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total value of $1,568,124.59. Following the transaction, the insider now directly owns 6,453,105 shares in the company, valued at approximately $4,111,853,974.95. The trade was a 0.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 55,297 shares of company stock worth $35,220,046 in the last ninety days. Corporate insiders own 2.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. JPMorgan Chase & Co. boosted their price target on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. BMO Capital Markets upped their price objective on shares of Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Bank of America lifted their target price on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Piper Sandler restated an “overweight” rating and set a $768.00 price target on shares of Intuit in a research report on Friday, September 27th. Finally, Stifel Nicolaus lifted their price objective on Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $737.06.

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.