Intuit (NASDAQ:INTU) Earns Sector Perform Rating from Analysts at Scotiabank

Investment analysts at Scotiabank started coverage on shares of Intuit (NASDAQ:INTU) in a research report issued to clients and investors on Monday, Marketbeat reports. The brokerage set a “sector perform” rating and a $700.00 price target on the software maker’s stock. Scotiabank’s price target points to a potential upside of 8.67% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a research report on Monday, September 30th. Jefferies Financial Group lifted their target price on shares of Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Piper Sandler restated an “overweight” rating and set a $768.00 price target on shares of Intuit in a report on Friday, September 27th. Stifel Nicolaus lifted their price objective on Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Finally, Bank of America increased their target price on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $737.06.

Intuit Stock Down 5.1 %

Intuit stock opened at $644.17 on Monday. The company has a market capitalization of $180.55 billion, a P/E ratio of 61.64, a P/E/G ratio of 3.36 and a beta of 1.25. The firm’s fifty day simple moving average is $634.32 and its 200-day simple moving average is $630.75. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. Intuit has a 1-year low of $557.29 and a 1-year high of $714.78.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping the consensus estimate of $1.85 by $0.14. The firm had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business’s quarterly revenue was up 17.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.40 earnings per share. Sell-side analysts forecast that Intuit will post 14.05 earnings per share for the current fiscal year.

Insider Buying and Selling at Intuit

In other Intuit news, EVP Laura A. Fennell sold 30,159 shares of Intuit stock in a transaction on Friday, September 20th. The stock was sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the completion of the transaction, the executive vice president now directly owns 52,038 shares of the company’s stock, valued at approximately $33,427,129.68. This trade represents a 36.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Scott D. Cook sold 2,461 shares of the company’s stock in a transaction dated 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 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. Over the last ninety days, insiders have sold 55,297 shares of company stock valued at $35,220,046. 2.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of INTU. LGT Financial Advisors LLC bought a new position in Intuit in the 2nd quarter valued at $25,000. Cultivar Capital Inc. bought a new position in shares of Intuit in the second quarter valued at about $26,000. Fairway Wealth LLC bought a new position in shares of Intuit in the second quarter valued at about $26,000. Northwest Investment Counselors LLC bought a new stake in Intuit during the 3rd quarter worth about $27,000. Finally, Hobbs Group Advisors LLC acquired a new stake in Intuit in the 2nd quarter valued at about $35,000. 83.66% of the stock is owned by institutional investors and hedge funds.

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.