JPMorgan Chase & Co. Upgrades Intuit (NASDAQ:INTU) to Overweight

Intuit (NASDAQ:INTU) was upgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a note issued to investors on Wednesday, Marketbeat reports. The brokerage presently has a $660.00 price objective on the software maker’s stock, up from their prior price objective of $640.00. JPMorgan Chase & Co.‘s price target suggests a potential upside of 8.84% from the stock’s current price.

Other analysts have also issued research reports about the company. Scotiabank cut their price objective on Intuit from $700.00 to $600.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 27th. Morgan Stanley raised Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 target price on the stock in a report on Wednesday, February 26th. Redburn Atlantic began coverage on Intuit in a report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Piper Sandler reissued an “overweight” rating and issued a $785.00 target price (up previously from $765.00) on shares of Intuit in a report on Wednesday, February 26th. Finally, Jefferies Financial Group increased their target price on Intuit from $790.00 to $800.00 and gave the company a “buy” rating in a report on Friday, November 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $721.61.

Intuit Stock Down 1.8 %

Intuit stock opened at $606.37 on Wednesday. Intuit has a twelve month low of $553.24 and a twelve month high of $714.78. The stock’s fifty day simple moving average is $602.86 and its 200-day simple moving average is $626.10. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $169.52 billion, a P/E ratio of 58.87, a P/E/G ratio of 2.85 and a beta of 1.24.

Insider Transactions at Intuit

In related news, CFO Sandeep Aujla sold 109 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $628.50, for a total transaction of $68,506.50. Following the completion of the transaction, the chief financial officer now directly owns 1,944 shares of the company’s stock, valued at $1,221,804. This represents a 5.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Laura A. Fennell sold 7,700 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $657.64, for a total transaction of $5,063,828.00. Following the transaction, the executive vice president now directly owns 33,916 shares of the company’s stock, valued at $22,304,518.24. This represents a 18.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 220,811 shares of company stock worth $142,391,012. Company insiders own 2.68% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Brown Financial Advisors lifted its position in shares of Intuit by 0.9% during the 3rd quarter. Brown Financial Advisors now owns 1,639 shares of the software maker’s stock valued at $1,018,000 after acquiring an additional 15 shares during the period. Truvestments Capital LLC lifted its position in shares of Intuit by 1.5% during the 3rd quarter. Truvestments Capital LLC now owns 1,078 shares of the software maker’s stock valued at $669,000 after acquiring an additional 16 shares during the period. True North Advisors LLC lifted its position in shares of Intuit by 4.3% during the 4th quarter. True North Advisors LLC now owns 409 shares of the software maker’s stock valued at $257,000 after acquiring an additional 17 shares during the period. Great Diamond Partners LLC lifted its position in shares of Intuit by 2.8% during the 4th quarter. Great Diamond Partners LLC now owns 627 shares of the software maker’s stock valued at $394,000 after acquiring an additional 17 shares during the period. Finally, Kovack Advisors Inc. lifted its position in shares of Intuit by 4.8% during the 3rd quarter. Kovack Advisors Inc. now owns 393 shares of the software maker’s stock valued at $244,000 after acquiring an additional 18 shares during the period. 83.66% of the stock is owned by hedge funds and other 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.