Intuit (NASDAQ:INTU) Price Target Cut to $497.00 by Analysts at Piper Sandler

Intuit (NASDAQ:INTU – Get Rating) had its target price trimmed by Piper Sandler from $510.00 to $497.00 in a research note issued to investors on Wednesday, The Fly reports.

INTU has been the subject of a number of other reports. StockNews.com initiated coverage on Intuit in a report on Thursday, May 18th. They issued a hold rating for the company. Morgan Stanley boosted their price target on Intuit from $520.00 to $525.00 in a report on Wednesday. Wells Fargo & Company boosted their price target on Intuit from $475.00 to $525.00 and gave the company an overweight rating in a report on Monday, April 3rd. Atlantic Securities assumed coverage on Intuit in a research note on Monday, April 24th. They set an overweight rating and a $530.00 target price for the company. Finally, Citigroup upped their target price on Intuit from $475.00 to $495.00 in a research note on Wednesday. Four analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $491.35.

Intuit Price Performance

Shares of NASDAQ INTU opened at $415.92 on Wednesday. The business’s 50 day moving average price is $433.62 and its 200 day moving average price is $412.08. The firm has a market cap of $116.69 billion, a P/E ratio of 60.99, a P/E/G ratio of 3.39 and a beta of 1.19. Intuit has a 52 week low of $352.63 and a 52 week high of $490.83. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.42.

Intuit (NASDAQ:INTU – Get Rating) last issued its earnings results on Tuesday, May 23rd. The software maker reported $8.92 EPS for the quarter, beating analysts’ consensus estimates of $7.30 by $1.62. Intuit had a return on equity of 14.89% and a net margin of 14.22%. The firm had revenue of $6.02 billion for the quarter, compared to analyst estimates of $6.09 billion. During the same quarter in the prior year, the firm earned $6.70 earnings per share. Intuit’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, sell-side analysts expect that Intuit will post 9 earnings per share for the current year.

Insider Buying and Selling at Intuit

In other Intuit news, CFO Michelle M. Clatterbuck sold 545 shares of the company’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $421.38, for a total value of $229,652.10. Following the completion of the sale, the chief financial officer now directly owns 1,350 shares in the company, valued at approximately $568,863. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, EVP Marianna Tessel sold 1,744 shares of the stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $407.36, for a total transaction of $710,435.84. Following the completion of the transaction, the executive vice president now directly owns 26,458 shares in the company, valued at approximately $10,777,930.88. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Michelle M. Clatterbuck sold 545 shares of the stock in a transaction on Monday, February 27th. The stock was sold at an average price of $421.38, for a total value of $229,652.10. Following the transaction, the chief financial officer now owns 1,350 shares of the company’s stock, valued at $568,863. The disclosure for this sale can be found here. Insiders sold a total of 7,328 shares of company stock worth $3,019,323 in the last three months. 3.18% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Intuit

A number of hedge funds have recently modified their holdings of INTU. Fairfield Bush & CO. grew its holdings in shares of Intuit by 39.6% during the 1st quarter. Fairfield Bush & CO. now owns 3,648 shares of the software maker’s stock worth $1,754,000 after purchasing an additional 1,035 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Intuit by 10.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 504,309 shares of the software maker’s stock worth $242,492,000 after purchasing an additional 48,196 shares during the period. Cetera Investment Advisers lifted its stake in Intuit by 8.4% during the 1st quarter. Cetera Investment Advisers now owns 3,227 shares of the software maker’s stock worth $1,552,000 after acquiring an additional 249 shares in the last quarter. Baird Financial Group Inc. lifted its stake in Intuit by 7.1% during the 1st quarter. Baird Financial Group Inc. now owns 53,691 shares of the software maker’s stock worth $25,825,000 after acquiring an additional 3,576 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its stake in Intuit by 6.6% during the 1st quarter. Mackenzie Financial Corp now owns 34,207 shares of the software maker’s stock worth $16,448,000 after acquiring an additional 2,127 shares in the last quarter. 82.65% of the stock is currently owned by hedge funds and other institutional investors.

About Intuit

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Intuit, Inc engages in the provision of business and financial management solutions. It operates through the following segments: Small Business and Self-Employed, Consumer, Credit Karma, and ProConnect. The Small Business and Self-Employed segment offers QuickBooks financial and business management online services and desktop software, payroll solutions, payment processing solutions, and financing for small businesses.