Piper Sandler Has Lowered Expectations for Intuit (NASDAQ:INTU) Stock Price

Intuit (NASDAQ:INTU) had its price target dropped by equities researchers at Piper Sandler from $768.00 to $765.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the software maker’s stock. Piper Sandler’s price objective suggests a potential upside of 19.51% from the company’s previous close.

Several other analysts also recently issued reports on the stock. Morgan Stanley downgraded shares of Intuit from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $750.00 to $685.00 in a report on Wednesday, August 14th. Barclays raised their price target on Intuit from $740.00 to $800.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a research note on Monday, September 30th. JPMorgan Chase & Co. upped their price target on Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a report on Friday, August 23rd. Finally, BMO Capital Markets raised their price objective on shares of Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Intuit presently has a consensus rating of “Moderate Buy” and an average price target of $737.44.

Intuit Stock Down 5.7 %

Intuit stock opened at $640.12 on Friday. 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. The firm’s fifty day simple moving average is $634.81 and its 200-day simple moving average is $631.20. The company has a market capitalization of $179.31 billion, a P/E ratio of 62.15, a P/E/G ratio of 3.32 and a beta of 1.25.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.14. Intuit had a return on equity of 18.28% and a net margin of 17.59%. The company had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.14 billion. During the same quarter in the previous year, the firm earned $1.14 earnings per share. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. Sell-side analysts forecast that Intuit will post 14.05 earnings per share for the current fiscal year.

Insider Transactions at Intuit

In other news, CFO Sandeep Aujla sold 775 shares of the company’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total value of $466,015.25. Following the sale, the chief financial officer now directly owns 4,451 shares of the company’s stock, valued at approximately $2,676,430.81. This represents a 14.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 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 disclosure for this sale can be found here. Insiders have sold a total of 55,297 shares of company stock valued at $35,220,046 over the last 90 days. 2.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. LGT Financial Advisors LLC acquired a new position in Intuit in the second quarter valued at about $25,000. Cultivar Capital Inc. bought a new stake in shares of Intuit during the 2nd quarter worth approximately $26,000. Fairway Wealth LLC acquired a new stake in shares of Intuit during the 2nd quarter worth approximately $26,000. Northwest Investment Counselors LLC bought a new position in Intuit in the third quarter valued at approximately $27,000. Finally, Hobbs Group Advisors LLC acquired a new position in Intuit during the second quarter valued at approximately $35,000. 83.66% of the stock is owned by institutional investors.

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.