Intuit (NASDAQ:INTU) Stock Rating Upgraded by Scotiabank

Intuit (NASDAQ:INTU) was upgraded by stock analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a research note issued on Thursday, Marketbeat reports. The firm currently has a $700.00 price objective on the software maker’s stock, up from their previous price objective of $600.00. Scotiabank’s price objective indicates a potential upside of 19.58% from the company’s current price.

INTU has been the topic of several other research reports. Citigroup cut their price target on Intuit from $760.00 to $726.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. BMO Capital Markets dropped their target price on shares of Intuit from $760.00 to $714.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. Piper Sandler reissued an “overweight” rating and set a $785.00 price target (up previously from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. Morgan Stanley lowered their price objective on Intuit from $730.00 to $720.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Redburn Atlantic started coverage on Intuit in a report on Wednesday, February 19th. They issued a “neutral” rating for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $718.56.

Intuit Price Performance

INTU opened at $585.38 on Thursday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The stock has a fifty day simple moving average of $592.03 and a two-hundred day simple moving average of $616.49. The company has a market cap of $163.65 billion, a price-to-earnings ratio of 56.83, a price-to-earnings-growth ratio of 2.85 and a beta of 1.25. Intuit has a 12-month low of $532.65 and a 12-month high of $714.78.

Insider Buying and Selling

In other news, EVP Laura A. Fennell sold 8,163 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $612.46, for a total value of $4,999,510.98. Following the completion of the sale, the executive vice president now directly owns 21,882 shares of the company’s stock, valued at $13,401,849.72. This represents a 27.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Eve B. Burton sold 1,702 shares of the firm’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the sale, the director now owns 8 shares in the company, valued at $4,800. The trade was a 99.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,696 shares of company stock valued at $14,347,731. 2.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On Intuit

A number of institutional investors have recently bought and sold shares of INTU. R Squared Ltd purchased a new stake in shares of Intuit during the fourth quarter worth about $25,000. Copia Wealth Management purchased a new stake in Intuit during the 4th quarter valued at approximately $25,000. NewSquare Capital LLC raised its position in shares of Intuit by 72.0% during the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock valued at $27,000 after buying an additional 18 shares during the last quarter. Heck Capital Advisors LLC purchased a new position in shares of Intuit in the fourth quarter worth $28,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Intuit in the fourth quarter worth $28,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Company Profile

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.