TrinityPoint Wealth LLC Cuts Stock Holdings in Intuit Inc. (NASDAQ:INTU)

TrinityPoint Wealth LLC lessened its holdings in Intuit Inc. (NASDAQ:INTU) by 9.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 1,245 shares of the software maker’s stock after selling 125 shares during the period. TrinityPoint Wealth LLC’s holdings in Intuit were worth $773,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of INTU. Ontario Teachers Pension Plan Board purchased a new position in shares of Intuit in the 1st quarter valued at $1,075,000. Bessemer Group Inc. grew its stake 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 purchasing an additional 2,450 shares during the last quarter. MQS Management LLC bought a new position in Intuit in the first quarter worth about $294,000. Crewe Advisors LLC purchased a new stake in shares of Intuit during the first quarter valued at about $505,000. Finally, Mattern Capital Management LLC bought a new stake in shares of Intuit in the 1st quarter valued at about $396,000. 83.66% of the stock is currently owned by institutional investors.

Intuit Stock Performance

Shares of INTU stock opened at $678.81 on Tuesday. The stock has a market cap of $190.26 billion, a PE ratio of 64.96, a price-to-earnings-growth ratio of 3.36 and a beta of 1.25. Intuit Inc. has a 52-week low of $557.29 and a 52-week high of $714.78. The business has a 50-day simple moving average of $634.11 and a 200-day simple moving average of $630.65. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last posted its 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. The firm had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business’s revenue was up 17.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.40 EPS. On average, equities analysts expect that Intuit Inc. will post 14.05 EPS for the current year.

Insider Transactions at Intuit

In other news, CFO Sandeep Aujla sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was 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 directly owns 452 shares of the company’s stock, valued at $279,010.56. This represents a 89.85 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Alex G. Balazs sold 2,941 shares of Intuit stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the completion of the sale, the executive vice president now directly owns 20 shares in the company, valued at $12,575.20. This represents a 99.32 % 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 valued at $35,220,046 in the last ninety days. 2.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research note on Friday, August 23rd. Piper Sandler reiterated an “overweight” rating and set a $768.00 price objective on shares of Intuit in a report on Friday, September 27th. Bank of America boosted their target price on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Stifel Nicolaus upped their target price on Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Finally, Barclays raised their price target on Intuit from $740.00 to $800.00 and gave the stock an “overweight” rating in a report on Friday. Five 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, Intuit currently has an average rating of “Moderate Buy” and a consensus price target of $737.06.

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.