Intuit’s (INTU) “Outperform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Intuit (NASDAQ:INTU) in a report issued on Friday morning,Benzinga reports. The brokerage currently has a $760.00 target price on the software maker’s stock.

A number of other analysts have also recently issued reports on INTU. JPMorgan Chase & Co. increased their price objective on Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a report on Friday. Oppenheimer increased their price objective on Intuit from $712.00 to $722.00 and gave the stock an “outperform” rating in a report on Friday. Jefferies Financial Group raised their price target on Intuit from $790.00 to $800.00 and gave the company a “buy” rating in a report on Friday. Piper Sandler lowered their price target on Intuit from $768.00 to $765.00 and set an “overweight” rating on the stock in a report on Friday. Finally, Stifel Nicolaus lowered their price target on Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a report on Friday. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $737.44.

Intuit Stock Down 5.7 %

Shares of NASDAQ INTU opened at $640.12 on Friday. The business’s fifty day moving average price is $634.81 and its 200-day moving average price is $631.19. The stock has a market capitalization of $179.31 billion, a PE ratio of 62.15, a P/E/G ratio of 3.32 and a beta of 1.25. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. Intuit has a one year low of $557.29 and a one year high of $714.78.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.14. The business had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.14 billion. Intuit had a return on equity of 18.28% and a net margin of 17.59%. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.14 EPS. On average, equities research analysts anticipate that Intuit will post 14.05 EPS for the current year.

Insider Activity

In related news, CFO Sandeep Aujla sold 862 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total transaction of $535,327.86. Following the transaction, the chief financial officer now directly owns 3,840 shares in the company, valued at $2,384,755.20. This trade represents a 18.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kerry J. Mclean sold 11,079 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $631.61, for a total value of $6,997,607.19. Following the transaction, the executive vice president now owns 24,941 shares in the company, valued at approximately $15,752,985.01. The trade was a 30.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 55,265 shares of company stock worth $35,200,125. 2.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Intuit

Several institutional investors and hedge funds have recently bought and sold shares of INTU. EntryPoint Capital LLC purchased a new stake in Intuit in the 1st quarter worth approximately $60,000. Bamco Inc. NY lifted its stake in shares of Intuit by 33.9% in the 1st quarter. Bamco Inc. NY now owns 23,419 shares of the software maker’s stock valued at $15,222,000 after purchasing an additional 5,928 shares during the period. Ascent Group LLC lifted its stake in shares of Intuit by 51.8% in the 1st quarter. Ascent Group LLC now owns 4,496 shares of the software maker’s stock valued at $2,922,000 after purchasing an additional 1,534 shares during the period. Caxton Associates LP purchased a new position in shares of Intuit in the 1st quarter valued at approximately $754,000. Finally, Zurich Insurance Group Ltd FI lifted its stake in shares of Intuit by 11.6% in the 1st quarter. Zurich Insurance Group Ltd FI now owns 141,023 shares of the software maker’s stock valued at $91,665,000 after purchasing an additional 14,648 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

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.