Intuit (NASDAQ:INTU) Shares Gap Down Following Analyst Downgrade

Shares of Intuit Inc. (NASDAQ:INTU – Get Rating) gapped down before the market opened on Wednesday after Piper Sandler lowered their price target on the stock from $510.00 to $497.00. The stock had previously closed at $449.80, but opened at $421.00. Intuit shares last traded at $417.83, with a volume of 1,146,764 shares.

Other analysts have also recently issued reports about the company. Citigroup increased their price target on Intuit from $475.00 to $495.00 in a research report on Wednesday. KeyCorp raised their target price on Intuit from $475.00 to $485.00 and gave the company an “overweight” rating in a research report on Monday, April 17th. Bank of America raised their target price on Intuit from $485.00 to $500.00 in a research report on Wednesday. StockNews.com assumed coverage on Intuit in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Finally, Morgan Stanley lifted their price target on Intuit from $520.00 to $525.00 in a research report 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 stock has an average rating of “Moderate Buy” and an average price target of $491.35.

Insider Activity

In other Intuit news, CFO Michelle M. Clatterbuck sold 545 shares of the stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $421.38, for a total value of $229,652.10. Following the transaction, the chief financial officer now directly owns 1,350 shares of the company’s stock, valued at approximately $568,863. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, EVP Marianna Tessel sold 1,744 shares of the firm’s stock in a transaction on Friday, March 3rd. The shares were 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 owns 26,458 shares of the company’s stock, valued at $10,777,930.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Michelle M. Clatterbuck sold 545 shares of the firm’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $421.38, for a total transaction of $229,652.10. Following the transaction, the chief financial officer now directly owns 1,350 shares of the company’s stock, valued at approximately $568,863. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,328 shares of company stock valued at $3,019,323. 3.18% of the stock is owned by company insiders.

Institutional Investors Weigh In On Intuit

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Verity Asset Management Inc. boosted its stake in Intuit by 3.7% in the first quarter. Verity Asset Management Inc. now owns 734 shares of the software maker’s stock valued at $327,000 after acquiring an additional 26 shares during the last quarter. Toroso Investments LLC grew its holdings in Intuit by 19.5% in the 1st quarter. Toroso Investments LLC now owns 5,646 shares of the software maker’s stock worth $2,517,000 after acquiring an additional 922 shares during the last quarter. Raleigh Capital Management Inc. grew its holdings in Intuit by 100.0% in the 1st quarter. Raleigh Capital Management Inc. now owns 58 shares of the software maker’s stock worth $26,000 after acquiring an additional 29 shares during the last quarter. Putnam Investments LLC lifted its position in shares of Intuit by 2.9% in the 1st quarter. Putnam Investments LLC now owns 778,784 shares of the software maker’s stock worth $347,205,000 after purchasing an additional 21,989 shares during the period. Finally, Trivant Custom Portfolio Group LLC purchased a new position in Intuit during the 1st quarter valued at about $3,653,000. 82.65% of the stock is owned by institutional investors.

Intuit Stock Performance

The company has a market capitalization of $116.69 billion, a PE ratio of 60.99, a PEG ratio of 3.39 and a beta of 1.19. The business’s 50-day moving average is $433.62 and its 200-day moving average is $412.08. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.23 and a current ratio of 1.23.

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

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.