Parr Mcknight Wealth Management Group LLC Invests $2.33 Million in Intuit Inc. (NASDAQ:INTU)

Parr Mcknight Wealth Management Group LLC acquired a new stake in Intuit Inc. (NASDAQ:INTU) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,707 shares of the software maker’s stock, valued at approximately $2,330,000.

Several other hedge funds and other institutional investors have also made changes to their positions in INTU. Norges Bank purchased a new position in Intuit in the fourth quarter valued at approximately $2,290,419,000. Proficio Capital Partners LLC lifted its position in shares of Intuit by 112,233.1% during the 4th quarter. Proficio Capital Partners LLC now owns 1,063,794 shares of the software maker’s stock worth $668,595,000 after buying an additional 1,062,847 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Intuit by 33.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,072,021 shares of the software maker’s stock valued at $1,930,765,000 after buying an additional 771,232 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Intuit by 13.3% in the 4th quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker’s stock valued at $3,329,115,000 after buying an additional 620,559 shares during the last quarter. Finally, Unisphere Establishment grew its position in shares of Intuit by 50.0% in the 4th quarter. Unisphere Establishment now owns 1,500,000 shares of the software maker’s stock valued at $942,750,000 after buying an additional 500,000 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. BMO Capital Markets reduced their price target on shares of Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. HSBC upgraded Intuit from a “hold” rating to a “buy” rating and set a $699.00 price target on the stock in a research note on Wednesday, April 23rd. Piper Sandler reissued an “overweight” rating and issued a $785.00 price objective (up from $765.00) on shares of Intuit in a report on Wednesday, February 26th. UBS Group upped their price target on shares of Intuit from $655.00 to $720.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. Finally, Redburn Atlantic started coverage on shares of Intuit in a research note on Wednesday, February 19th. They set a “neutral” rating for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Intuit currently has a consensus rating of “Moderate Buy” and an average target price of $719.06.

Insider Transactions at Intuit

In other Intuit news, EVP Laura A. Fennell sold 8,163 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $612.46, for a total transaction of $4,999,510.98. Following the transaction, the executive vice president now directly owns 21,882 shares in the company, valued at approximately $13,401,849.72. This represents a 27.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Marianna Tessel sold 7,385 shares of the stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $600.13, for a total transaction of $4,431,960.05. Following the completion of the transaction, the executive vice president now directly owns 40,190 shares of the company’s stock, valued at approximately $24,119,224.70. This trade represents a 15.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,696 shares of company stock valued at $14,347,731 in the last ninety days. 2.68% of the stock is currently owned by company insiders.

Intuit Trading Up 0.9%

Shares of Intuit stock opened at $666.07 on Friday. The firm has a market cap of $186.21 billion, a price-to-earnings ratio of 64.67, a price-to-earnings-growth ratio of 2.85 and a beta of 1.24. Intuit Inc. has a 52-week low of $532.65 and a 52-week high of $723.44. The company’s 50-day simple moving average is $614.34 and its 200-day simple moving average is $620.51. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, beating analysts’ consensus estimates of $10.89 by $0.76. The company had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $9.88 EPS. As a group, equities research analysts anticipate that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit 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.