StockNews.com Upgrades Intuit (NASDAQ:INTU) to Buy

Intuit (NASDAQ:INTU) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday.

Other equities analysts have also recently issued research reports about the stock. Bank of America boosted their price objective on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. BMO Capital Markets increased their price objective on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. Erste Group Bank reissued a “hold” rating on shares of Intuit in a research note on Friday, June 14th. JPMorgan Chase & Co. lifted their price target on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a report on Friday, August 23rd. Finally, Piper Sandler restated an “overweight” rating and issued a $768.00 price objective on shares of Intuit in a report on Friday. Four research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $735.71.

Intuit Price Performance

NASDAQ INTU traded up $1.97 on Monday, hitting $621.00. The stock had a trading volume of 1,361,498 shares, compared to its average volume of 1,328,815. The firm has a 50-day moving average of $634.62 and a 200-day moving average of $630.21. The company has a market capitalization of $173.60 billion, a price-to-earnings ratio of 57.29, a price-to-earnings-growth ratio of 3.13 and a beta of 1.24. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. Intuit has a 52-week low of $473.56 and a 52-week high of $676.62.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. The business had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business’s quarterly revenue was up 17.4% on a year-over-year basis. During the same period last year, the business earned $0.40 earnings per share. Equities analysts expect that Intuit will post 14.07 EPS for the current year.

Insider Activity

In related news, EVP Mark P. Notarainni sold 965 shares of the stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total transaction of $628,215.00. Following the sale, the executive vice president now directly owns 1,020 shares of the company’s stock, valued at approximately $664,020. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Intuit news, EVP Mark P. Notarainni sold 965 shares of the stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total transaction of $628,215.00. Following the sale, the executive vice president now directly owns 1,020 shares in the company, valued at approximately $664,020. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Sandeep Aujla sold 862 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the transaction, the chief financial officer now owns 3,840 shares of the company’s stock, valued at approximately $2,384,755.20. The disclosure for this sale can be found here. Insiders sold 52,548 shares of company stock worth $33,604,124 over the last three months. 2.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. LGT Financial Advisors LLC bought a new position in shares of Intuit in the 2nd quarter worth approximately $25,000. Cultivar Capital Inc. bought a new position in Intuit in the second quarter worth approximately $26,000. Fairway Wealth LLC purchased a new position in shares of Intuit during the 2nd quarter worth $26,000. Hobbs Group Advisors LLC purchased a new position in shares of Intuit during the 2nd quarter worth $35,000. Finally, J.Safra Asset Management Corp bought a new stake in shares of Intuit during the 2nd quarter valued at $39,000. 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.