Intuit (NASDAQ:INTU) Price Target Cut to $765.00 by Analysts at Piper Sandler

Intuit (NASDAQ:INTU) had its price objective decreased by equities researchers at Piper Sandler from $768.00 to $765.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the software maker’s stock. Piper Sandler’s price objective points to a potential upside of 12.60% from the stock’s current price.

Several other research firms have also commented on INTU. Barclays increased their target price on Intuit from $740.00 to $800.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Morgan Stanley downgraded Intuit from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $750.00 to $685.00 in a report on Wednesday, August 14th. Scotiabank started coverage on Intuit in a research report on Monday. They set a “sector perform” rating and a $700.00 target price on the stock. BMO Capital Markets upped their price target on Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. Finally, JPMorgan Chase & Co. raised their price objective on shares of Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a report 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 MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $736.89.

Intuit Stock Performance

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

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $3.14 billion. During the same quarter in the previous year, the firm earned $1.14 earnings per share. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. On average, analysts predict that Intuit will post 14.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Scott D. Cook sold 2,461 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the completion of the sale, the insider now directly owns 6,453,105 shares of the company’s stock, valued at $4,111,853,974.95. This trade represents a 0.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Sandeep Aujla sold 4,000 shares of Intuit stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $617.28, for a total transaction of $2,469,120.00. Following the completion of the transaction, the chief financial officer now owns 452 shares in the company, valued at approximately $279,010.56. This trade represents a 89.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 55,297 shares of company stock valued at $35,220,046 over the last quarter. 2.90% of the stock is currently owned by insiders.

Institutional Trading of Intuit

Hedge funds have recently made changes to their positions in the company. State Street Corp raised its holdings in Intuit by 1.8% during the third quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock worth $7,648,910,000 after purchasing an additional 221,885 shares in the last quarter. Geode Capital Management LLC increased its position in Intuit by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 5,978,713 shares of the software maker’s stock worth $3,701,762,000 after purchasing an additional 80,463 shares during the period. Fisher Asset Management LLC increased its position in Intuit by 2.9% during the 3rd quarter. Fisher Asset Management LLC now owns 3,827,671 shares of the software maker’s stock worth $2,376,984,000 after purchasing an additional 107,482 shares during the period. Legal & General Group Plc raised its stake in shares of Intuit by 1.0% during the 2nd quarter. Legal & General Group Plc now owns 2,340,555 shares of the software maker’s stock worth $1,538,236,000 after buying an additional 23,995 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Intuit by 4.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,300,789 shares of the software maker’s stock valued at $1,428,790,000 after buying an additional 87,517 shares during the period. Institutional investors and hedge funds 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.