Intuit (NASDAQ:INTU) Now Covered by Scotiabank

Scotiabank assumed coverage on shares of Intuit (NASDAQ:INTU) in a research report sent to investors on Monday, MarketBeat Ratings reports. The brokerage issued a sector perform rating and a $700.00 price target on the software maker’s stock.

Several other research analysts have also recently commented on the stock. Barclays raised their target price on shares of Intuit from $740.00 to $800.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Susquehanna restated a “positive” rating and set a $757.00 price objective on shares of Intuit in a research note on Friday, August 16th. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a research report on Monday, September 30th. BMO Capital Markets increased their target price on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $768.00 price target on shares of Intuit in a research note on Friday, September 27th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, Intuit currently has an average rating of “Moderate Buy” and a consensus target price of $737.06.

Intuit Stock Performance

NASDAQ:INTU opened at $679.40 on Monday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. The stock has a 50 day simple moving average of $635.12 and a 200 day simple moving average of $631.23. Intuit has a 1-year low of $557.29 and a 1-year high of $714.78. The stock has a market cap of $190.31 billion, a P/E ratio of 65.01, a PEG ratio of 3.15 and a beta of 1.25.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.14 billion. During the same quarter in the previous year, the business posted $1.14 earnings per share. Intuit’s quarterly revenue was up 10.2% on a year-over-year basis. Research analysts anticipate that Intuit will post 14.05 earnings per share for the current year.

Insider Buying and Selling at Intuit

In other news, insider Scott D. Cook sold 2,461 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total value of $1,568,124.59. Following the completion of the transaction, the insider now owns 6,453,105 shares of the company’s stock, valued at $4,111,853,974.95. This represents a 0.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Sandeep Aujla sold 862 shares of Intuit stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total transaction of $535,327.86. Following the sale, the chief financial officer now owns 3,840 shares in the company, valued at approximately $2,384,755.20. This represents a 18.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 55,297 shares of company stock worth $35,220,046 over the last quarter. Corporate insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Intuit

Several large investors have recently modified their holdings of the business. Ontario Teachers Pension Plan Board acquired a new position in Intuit during the 1st quarter worth about $1,075,000. Bessemer Group Inc. boosted its holdings in Intuit by 14.2% in the first quarter. Bessemer Group Inc. now owns 19,676 shares of the software maker’s stock valued at $12,790,000 after acquiring an additional 2,450 shares during the last quarter. MQS Management LLC acquired a new stake in Intuit during the 1st quarter valued at approximately $294,000. Crewe Advisors LLC bought a new position in Intuit during the 1st quarter worth approximately $505,000. Finally, Mattern Capital Management LLC bought a new position in Intuit during the 1st quarter worth approximately $396,000. Institutional investors own 83.66% of the company’s stock.

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.