Red Wave Investments LLC Invests $242,000 in Intuit Inc. (NASDAQ:INTU)

Red Wave Investments LLC purchased a new stake in shares of Intuit Inc. (NASDAQ:INTU) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 387 shares of the software maker’s stock, valued at approximately $242,000.

Several other institutional investors have also recently bought and sold shares of the business. NewSquare Capital LLC bought a new stake in shares of Intuit during the third quarter valued at approximately $25,000. Cape Investment Advisory Inc. bought a new position in Intuit in the 3rd quarter valued at $26,000. MCF Advisors LLC increased its stake in shares of Intuit by 119.0% in the 4th quarter. MCF Advisors LLC now owns 46 shares of the software maker’s stock valued at $29,000 after buying an additional 25 shares during the period. Steward Financial Group LLC raised its position in shares of Intuit by 50.0% during the third quarter. Steward Financial Group LLC now owns 60 shares of the software maker’s stock worth $30,000 after acquiring an additional 20 shares during the last quarter. Finally, Aspire Private Capital LLC lifted its stake in shares of Intuit by 144.4% during the third quarter. Aspire Private Capital LLC now owns 66 shares of the software maker’s stock valued at $34,000 after acquiring an additional 39 shares during the period. Institutional investors own 83.66% of the company’s stock.

Intuit Stock Up 0.2 %

NASDAQ:INTU opened at $637.87 on Monday. The firm has a market cap of $178.60 billion, a P/E ratio of 64.95, a P/E/G ratio of 3.88 and a beta of 1.21. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.17 and a current ratio of 1.17. The firm has a 50-day simple moving average of $640.26 and a two-hundred day simple moving average of $603.61. Intuit Inc. has a fifty-two week low of $400.22 and a fifty-two week high of $671.01.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, February 22nd. The software maker reported $2.63 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.33. Intuit had a return on equity of 17.51% and a net margin of 18.35%. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.39 billion. During the same quarter in the previous year, the business earned $1.05 earnings per share. The company’s revenue was up 11.3% on a year-over-year basis. Analysts predict that Intuit Inc. will post 11.27 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 18th. Stockholders of record on Wednesday, April 10th were paid a $0.90 dividend. The ex-dividend date was Tuesday, April 9th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.56%. Intuit’s dividend payout ratio (DPR) is currently 36.73%.

Insider Buying and Selling

In other Intuit news, EVP Alex G. Balazs sold 280 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $636.38, for a total transaction of $178,186.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Alex G. Balazs sold 280 shares of Intuit stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $636.38, for a total transaction of $178,186.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Kerry J. Mclean sold 3,692 shares of Intuit stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $663.84, for a total value of $2,450,897.28. Following the transaction, the executive vice president now directly owns 22,948 shares in the company, valued at $15,233,800.32. The disclosure for this sale can be found here. Insiders sold 4,717 shares of company stock valued at $3,117,156 over the last 90 days. Company insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on INTU shares. StockNews.com lowered Intuit from a “buy” rating to a “hold” rating in a research report on Monday, April 22nd. Piper Sandler raised their price objective on shares of Intuit from $642.00 to $750.00 and gave the company an “overweight” rating in a research note on Friday, February 23rd. Oppenheimer upped their target price on shares of Intuit from $678.00 to $712.00 and gave the company an “outperform” rating in a research report on Friday, February 23rd. JPMorgan Chase & Co. lifted their price objective on Intuit from $560.00 to $585.00 and gave the stock a “neutral” rating in a research note on Friday, February 23rd. Finally, KeyCorp upped their price objective on Intuit from $700.00 to $720.00 and gave the company an “overweight” rating in a report on Wednesday, March 27th. Five research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $650.23.

About Intuit

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.