Oppenheimer Forecasts Strong Price Appreciation for Intuit (NASDAQ:INTU) Stock

Intuit (NASDAQ:INTU) had its price target raised by Oppenheimer from $712.00 to $722.00 in a research note published on Friday,Benzinga reports. Oppenheimer currently has an outperform rating on the software maker’s stock.

A number of other equities research analysts also recently weighed in on the company. Piper Sandler dropped their target price on Intuit from $768.00 to $765.00 and set an “overweight” rating for the company in a report on Friday. Jefferies Financial Group boosted their price target on Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Susquehanna restated a “positive” rating and set a $757.00 target price on shares of Intuit in a research note on Friday, August 16th. Bank of America raised their price target on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Finally, BMO Capital Markets upped their price target on shares of Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a report 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $737.44.

Intuit Price Performance

NASDAQ:INTU opened at $634.62 on Friday. The firm has a fifty day simple moving average of $634.58 and a 200 day simple moving average of $631.24. Intuit has a 1-year low of $557.29 and a 1-year high of $714.78. The stock has a market capitalization of $177.77 billion, a PE ratio of 61.61, a P/E/G ratio of 3.13 and a beta of 1.25. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, topping the consensus estimate of $2.36 by $0.14. The company had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.14 billion. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.14 EPS. On average, research analysts expect that Intuit will post 14.05 EPS for the current fiscal year.

Intuit Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Thursday, January 9th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.66%. The ex-dividend date is Thursday, January 9th. Intuit’s dividend payout ratio is presently 40.39%.

Insider Buying and Selling at Intuit

In related news, CFO Sandeep Aujla sold 775 shares of Intuit stock in a transaction on 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 owns 4,451 shares in the company, valued at $2,676,430.81. The trade was a 14.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Eve B. Burton sold 2,988 shares of Intuit stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $649.87, for a total transaction of $1,941,811.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,265 shares of company stock worth $35,200,125. 2.90% of the stock is currently owned by insiders.

Institutional Trading of Intuit

Hedge funds have recently modified their holdings of the business. LGT Financial Advisors LLC purchased a new position in Intuit during the 2nd quarter valued at about $25,000. Cultivar Capital Inc. purchased a new position in shares of Intuit during the second quarter valued at approximately $26,000. Fairway Wealth LLC bought a new stake in shares of Intuit in the 2nd quarter worth approximately $26,000. Northwest Investment Counselors LLC bought a new stake in shares of Intuit in the 3rd quarter worth approximately $27,000. Finally, Hobbs Group Advisors LLC bought a new position in Intuit during the 2nd quarter valued at approximately $35,000. 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.