Intuit Inc. (NASDAQ:INTU) Position Trimmed by ShawSpring Partners LLC

ShawSpring Partners LLC reduced its position in shares of Intuit Inc. (NASDAQ:INTU) by 14.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 106,952 shares of the software maker’s stock after selling 18,225 shares during the period. Intuit accounts for about 8.4% of ShawSpring Partners LLC’s portfolio, making the stock its 9th largest holding. ShawSpring Partners LLC’s holdings in Intuit were worth $66,417,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Freedom Investment Management Inc. boosted its position in Intuit by 8.2% during the third quarter. Freedom Investment Management Inc. now owns 2,931 shares of the software maker’s stock worth $1,820,000 after acquiring an additional 221 shares during the last quarter. Fernbridge Capital Management LP lifted its stake in Intuit by 10.9% in the 3rd quarter. Fernbridge Capital Management LP now owns 130,902 shares of the software maker’s stock worth $81,290,000 after purchasing an additional 12,822 shares in the last quarter. Townsquare Capital LLC boosted its holdings in shares of Intuit by 11.9% during the 3rd quarter. Townsquare Capital LLC now owns 15,000 shares of the software maker’s stock worth $9,315,000 after purchasing an additional 1,595 shares during the last quarter. Cadence Bank purchased a new stake in shares of Intuit in the third quarter valued at approximately $1,598,000. Finally, Principal Street Partners LLC increased its holdings in shares of Intuit by 98.2% in the third quarter. Principal Street Partners LLC now owns 900 shares of the software maker’s stock valued at $591,000 after purchasing an additional 446 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Laura A. Fennell sold 30,159 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $642.36, for a total value of $19,372,935.24. Following the completion of the sale, the executive vice president now directly owns 52,038 shares of the company’s stock, valued at approximately $33,427,129.68. The trade was a 36.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Scott D. Cook sold 2,461 shares of the firm’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 transaction, the insider now owns 6,453,105 shares in the company, valued at $4,111,853,974.95. This represents a 0.04 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 55,265 shares of company stock valued at $35,200,125. 2.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

INTU has been the subject of a number of recent research reports. Bank of America raised 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. StockNews.com downgraded shares of Intuit from a “buy” rating to a “hold” rating in a report on Friday, November 22nd. Piper Sandler cut their target price on Intuit from $768.00 to $765.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Jefferies Financial Group raised their price objective on Intuit from $790.00 to $800.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Finally, Stifel Nicolaus decreased their target price on shares of Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Intuit currently has a consensus rating of “Moderate Buy” and an average price target of $737.44.

Intuit Price Performance

Intuit stock opened at $638.83 on Wednesday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The company has a fifty day simple moving average of $634.46 and a 200-day simple moving average of $631.29. The stock has a market cap of $178.90 billion, a P/E ratio of 62.02, a price-to-earnings-growth ratio of 3.14 and a beta of 1.25. Intuit Inc. has a 12-month low of $557.29 and a 12-month high of $714.78.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.14. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The business had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.14 billion. During the same period in the prior year, the firm posted $1.14 EPS. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. Equities analysts expect that Intuit Inc. will post 14.05 EPS for the current fiscal year.

Intuit Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Thursday, January 9th will be issued a dividend of $1.04 per share. The ex-dividend date is Thursday, January 9th. This represents a $4.16 dividend on an annualized basis and a yield of 0.65%. Intuit’s payout ratio is currently 40.39%.

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.