Scotiabank Initiates Coverage on Intuit (NASDAQ:INTU)

Scotiabank began coverage on shares of Intuit (NASDAQ:INTU) in a report issued on Monday, Marketbeat.com reports. The brokerage set a “sector perform” rating and a $700.00 price target on the software maker’s stock. Scotiabank’s price target suggests a potential upside of 8.67% from the company’s previous close.

Several other equities research analysts have also commented on INTU. Stifel Nicolaus raised their price target on shares of Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. JPMorgan Chase & Co. lifted their target price on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. Bank of America increased their price target on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Barclays lifted their price objective on shares of Intuit from $740.00 to $800.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $768.00 target price on shares of Intuit in a research report on Friday, September 27th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $737.06.

Intuit Stock Performance

Shares of INTU stock opened at $644.17 on Monday. The company has a market cap of $180.55 billion, a P/E ratio of 61.64, a PEG ratio of 3.36 and a beta of 1.25. The business has a 50 day moving average of $634.32 and a two-hundred day moving average of $630.75. Intuit has a 52 week low of $557.29 and a 52 week high of $714.78. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The firm had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the prior year, the business earned $0.40 EPS. The firm’s revenue was up 17.4% on a year-over-year basis. As a group, analysts anticipate that Intuit will post 14.05 EPS for the current year.

Insider Buying and Selling

In other news, insider Scott D. Cook sold 2,461 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total value of $1,568,124.59. Following the completion of the sale, the insider now owns 6,453,105 shares of the company’s stock, valued at $4,111,853,974.95. This trade represents a 0.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Kerry J. Mclean sold 11,079 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were 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 directly owns 24,941 shares in the company, valued at $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 quarter, insiders have sold 55,297 shares of company stock valued at $35,220,046. 2.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Intuit

Institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp grew its position in Intuit by 1.8% during the third quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock valued at $7,648,910,000 after purchasing an additional 221,885 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Intuit by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 5,978,713 shares of the software maker’s stock valued at $3,701,762,000 after acquiring an additional 80,463 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of Intuit by 2.9% in the third quarter. Fisher Asset Management LLC now owns 3,827,671 shares of the software maker’s stock worth $2,376,984,000 after acquiring an additional 107,482 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Intuit by 1.0% during the second quarter. Legal & General Group Plc now owns 2,340,555 shares of the software maker’s stock worth $1,538,236,000 after acquiring an additional 23,995 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Intuit by 4.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,300,789 shares of the software maker’s stock valued at $1,428,790,000 after purchasing an additional 87,517 shares in the last quarter. 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.