Intuit (NASDAQ:INTU) Now Covered by Royal Bank of Canada

Analysts at Royal Bank of Canada assumed coverage on shares of Intuit (NASDAQ:INTU) in a research report issued to clients and investors on Wednesday, Briefing.com reports. The firm set an “outperform” rating and a $760.00 price target on the software maker’s stock. Royal Bank of Canada’s target price points to a potential upside of 15.81% from the stock’s current price.

A number of other research firms have also recently weighed in on INTU. Erste Group Bank reissued a “hold” rating on shares of Intuit in a report on Friday, June 14th. Morgan Stanley boosted their target price on shares of Intuit from $680.00 to $740.00 and gave the company an “overweight” rating in a research note on Monday, May 13th. Jefferies Financial Group reaffirmed a “buy” rating and set a $770.00 price target on shares of Intuit in a research note on Thursday, June 13th. Bank of America lowered their price target on shares of Intuit from $760.00 to $730.00 and set a “buy” rating for the company in a report on Friday, May 24th. Finally, KeyCorp upped their price objective on shares of Intuit from $720.00 to $740.00 and gave the company an “overweight” rating in a research note on Monday, May 20th. Five equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $687.22.

Intuit Price Performance

Intuit stock opened at $656.22 on Wednesday. The firm has a market capitalization of $183.45 billion, a PE ratio of 60.54, a P/E/G ratio of 3.76 and a beta of 1.23. Intuit has a 52 week low of $444.19 and a 52 week high of $676.62. The firm’s 50-day simple moving average is $619.43 and its 200 day simple moving average is $628.63. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.32.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.12 by $1.76. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The company had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $6.65 billion. During the same quarter in the prior year, the firm earned $7.80 earnings per share. The company’s revenue for the quarter was up 11.9% compared to the same quarter last year. On average, equities research analysts predict that Intuit will post 11.72 EPS for the current fiscal year.

Insider Activity at Intuit

In other Intuit news, EVP Mark P. Notarainni sold 465 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $281,129.70. Following the transaction, the executive vice president now owns 869 shares in the company, valued at $525,380.02. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Scott D. Cook sold 75,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $597.85, for a total transaction of $44,838,750.00. Following the completion of the sale, the insider now directly owns 6,791,469 shares of the company’s stock, valued at approximately $4,060,279,741.65. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Mark P. Notarainni sold 465 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $281,129.70. Following the completion of the transaction, the executive vice president now owns 869 shares in the company, valued at approximately $525,380.02. The disclosure for this sale can be found here. In the last three months, insiders sold 193,937 shares of company stock worth $113,123,232. Corporate insiders own 2.90% of the company’s stock.

Institutional Trading of Intuit

A number of hedge funds and other institutional investors have recently modified their holdings of the business. DiNuzzo Private Wealth Inc. acquired a new position in shares of Intuit in the 4th quarter valued at approximately $25,000. West Branch Capital LLC boosted its stake in Intuit by 79.2% during the 1st quarter. West Branch Capital LLC now owns 43 shares of the software maker’s stock valued at $28,000 after acquiring an additional 19 shares during the last quarter. MCF Advisors LLC grew its holdings in Intuit by 119.0% during the 4th quarter. MCF Advisors LLC now owns 46 shares of the software maker’s stock worth $29,000 after acquiring an additional 25 shares in the last quarter. Wetzel Investment Advisors Inc. bought a new stake in shares of Intuit in the 4th quarter worth about $38,000. Finally, Sachetta LLC bought a new stake in shares of Intuit in the 4th quarter worth about $39,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

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.