Intuit (NASDAQ:INTU) Price Target Cut to $497.00

Intuit (NASDAQ:INTU – Get Rating) had its price objective decreased by equities researchers at Piper Sandler from $510.00 to $497.00 in a report released on Wednesday, The Fly reports. Piper Sandler’s target price would indicate a potential upside of 20.31% from the company’s current price.

Other equities analysts have also issued reports about the stock. Wells Fargo & Company increased their price objective on shares of Intuit from $475.00 to $525.00 and gave the company an “overweight” rating in a research report on Monday, April 3rd. BMO Capital Markets increased their price target on shares of Intuit from $462.00 to $485.00 in a report on Wednesday. UBS Group initiated coverage on shares of Intuit in a report on Wednesday, March 15th. They issued a “neutral” rating and a $430.00 price target on the stock. StockNews.com initiated coverage on shares of Intuit in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Finally, Atlantic Securities initiated coverage on shares of Intuit in a report on Monday, April 24th. They issued an “overweight” rating and a $530.00 price target on the stock. Three research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $491.35.

Intuit Stock Performance

INTU stock opened at $413.10 on Wednesday. The firm has a market cap of $115.90 billion, a price-to-earnings ratio of 52.16, a PEG ratio of 3.36 and a beta of 1.19. The firm has a 50-day simple moving average of $433.52 and a two-hundred day simple moving average of $412.09. Intuit has a one year low of $352.63 and a one year high of $490.83. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.23 and a current ratio of 1.23.

Intuit (NASDAQ:INTU – Get Rating) last released its quarterly earnings results on Tuesday, May 23rd. The software maker reported $8.92 EPS for the quarter, beating the consensus estimate of $7.30 by $1.62. The business had revenue of $6.02 billion during the quarter, compared to analyst estimates of $6.09 billion. Intuit had a net margin of 15.91% and a return on equity of 16.88%. The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm posted $6.70 earnings per share. On average, equities analysts forecast that Intuit will post 9 EPS for the current fiscal year.

Insider Buying and Selling at Intuit

In other Intuit news, CAO Lauren D. Hotz sold 500 shares of the firm’s stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $413.16, for a total value of $206,580.00. Following the transaction, the chief accounting officer now owns 1,781 shares in the company, valued at approximately $735,837.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Marianna Tessel sold 1,744 shares of Intuit stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $407.36, for a total transaction of $710,435.84. Following the transaction, the executive vice president now owns 26,458 shares in the company, valued at approximately $10,777,930.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Lauren D. Hotz sold 500 shares of Intuit stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $413.16, for a total value of $206,580.00. Following the transaction, the chief accounting officer now owns 1,781 shares in the company, valued at approximately $735,837.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,328 shares of company stock worth $3,019,323. Corporate insiders own 3.18% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of INTU. Vanguard Group Inc. raised its holdings in Intuit by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 24,634,094 shares of the software maker’s stock valued at $9,541,277,000 after buying an additional 281,362 shares during the period. Price T Rowe Associates Inc. MD grew its position in Intuit by 0.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 16,660,990 shares of the software maker’s stock valued at $6,484,790,000 after acquiring an additional 120,343 shares in the last quarter. State Street Corp grew its position in Intuit by 1.9% in the 1st quarter. State Street Corp now owns 11,099,653 shares of the software maker’s stock valued at $4,948,558,000 after acquiring an additional 210,246 shares in the last quarter. Geode Capital Management LLC grew its position in Intuit by 1.4% in the 1st quarter. Geode Capital Management LLC now owns 5,183,078 shares of the software maker’s stock valued at $2,305,151,000 after acquiring an additional 73,118 shares in the last quarter. Finally, Brown Advisory Inc. grew its position in Intuit by 6.6% in the 3rd quarter. Brown Advisory Inc. now owns 3,518,173 shares of the software maker’s stock valued at $1,362,659,000 after acquiring an additional 217,504 shares in the last quarter. Hedge funds and other institutional investors own 82.65% of the company’s stock.

About Intuit

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Intuit, Inc engages in the provision of business and financial management solutions. It operates through the following segments: Small Business and Self-Employed, Consumer, Credit Karma, and ProConnect. The Small Business and Self-Employed segment offers QuickBooks financial and business management online services and desktop software, payroll solutions, payment processing solutions, and financing for small businesses.