Bank of America Raises Intuit (NASDAQ:INTU) Price Target to $780.00

Intuit (NASDAQ:INTU) had its price objective raised by equities researchers at Bank of America from $730.00 to $780.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Bank of America‘s price objective points to a potential upside of 17.24% from the company’s previous close.

Several other analysts have also weighed in on INTU. Wells Fargo & Company upped their target price on Intuit from $725.00 to $750.00 and gave the company an “overweight” rating in a report on Tuesday, May 21st. Morgan Stanley downgraded shares of Intuit from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $750.00 to $685.00 in a report on Wednesday, August 14th. Piper Sandler restated an “overweight” rating and set a $760.00 target price on shares of Intuit in a research report on Friday, July 12th. BMO Capital Markets increased their price target on shares of Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Erste Group Bank restated a “hold” rating on shares of Intuit in a research report on Friday, June 14th. Five research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $701.91.

Intuit Trading Down 0.8 %

Shares of INTU opened at $665.29 on Friday. The firm’s 50-day moving average is $638.78 and its two-hundred day moving average is $634.58. Intuit has a twelve month low of $473.56 and a twelve month high of $676.62. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $185.98 billion, a P/E ratio of 61.37, a PEG ratio of 3.14 and a beta of 1.23.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share for the quarter, topping analysts’ consensus estimates of $8.12 by $1.76. The business had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.65 billion. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The company’s revenue was up 11.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $7.80 EPS. On average, research analysts predict that Intuit will post 11.72 earnings per share for the current fiscal year.

Insider Activity at Intuit

In other Intuit news, EVP Mark P. Notarainni sold 965 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total transaction of $628,215.00. Following the transaction, the executive vice president now owns 1,020 shares of the company’s stock, valued at $664,020. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Sandeep Aujla sold 1,061 shares of Intuit stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total value of $690,997.47. Following the transaction, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at approximately $2,170,682.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark P. Notarainni sold 965 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $664,020. The disclosure for this sale can be found here. Over the last three months, insiders sold 195,963 shares of company stock worth $114,442,445. 2.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. DiNuzzo Private Wealth Inc. acquired a new position in shares of Intuit during the 4th quarter valued at $25,000. LGT Financial Advisors LLC acquired a new position in shares of Intuit during the second quarter worth about $25,000. Cultivar Capital Inc. purchased a new stake in shares of Intuit in the second quarter worth about $26,000. Fairway Wealth LLC acquired a new stake in shares of Intuit in the second quarter valued at about $26,000. Finally, West Branch Capital LLC grew its stake in shares of Intuit by 79.2% in the first quarter. West Branch Capital LLC now owns 43 shares of the software maker’s stock valued at $28,000 after buying an additional 19 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

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.