Intuit (NASDAQ:INTU) Sets New 12-Month High on Earnings Beat

Intuit Inc. (NASDAQ:INTU) reached a new 52-week high during trading on Friday following a stronger than expected earnings report. The stock traded as high as $734.18 and last traded at $727.22, with a volume of 2054029 shares trading hands. The stock had previously closed at $666.07.

The software maker reported $11.65 earnings per share for the quarter, beating analysts’ consensus estimates of $10.89 by $0.76. The company had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.56 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $9.88 earnings per share.

Analyst Ratings Changes

Several research analysts have weighed in on INTU shares. Stifel Nicolaus increased their price target on shares of Intuit from $725.00 to $850.00 and gave the stock a “buy” rating in a research report on Friday. The Goldman Sachs Group increased their price target on shares of Intuit from $750.00 to $860.00 and gave the stock a “buy” rating in a research report on Monday. Hsbc Global Res upgraded shares of Intuit from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 23rd. Barclays increased their price target on shares of Intuit from $775.00 to $815.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, KeyCorp increased their price target on shares of Intuit from $770.00 to $850.00 and gave the stock an “overweight” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $785.33.

Insider Activity at Intuit

In related news, EVP Laura A. Fennell sold 8,163 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $612.46, for a total transaction of $4,999,510.98. Following the completion of the transaction, the executive vice president now directly owns 21,882 shares of the company’s stock, valued at approximately $13,401,849.72. This trade represents a 27.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 transaction, the director now directly owns 8 shares of the company’s stock, 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. Over the last ninety days, insiders sold 23,696 shares of company stock valued at $14,347,731. Corporate insiders own 2.68% of the company’s stock.

Hedge Funds Weigh In On Intuit

A number of institutional investors and hedge funds have recently made changes to their positions in INTU. R Squared Ltd purchased a new position in shares of Intuit in the 4th quarter worth $25,000. Copia Wealth Management purchased a new position in shares of Intuit in the 4th quarter worth $25,000. NewSquare Capital LLC grew its stake in shares of Intuit by 72.0% in the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock worth $27,000 after buying an additional 18 shares in the last quarter. Heck Capital Advisors LLC purchased a new position in shares of Intuit in the 4th quarter worth $28,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Intuit in the 4th quarter worth $28,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Stock Up 8.1%

The firm has a market capitalization of $201.32 billion, a PE ratio of 69.92, a PEG ratio of 2.85 and a beta of 1.24. The business’s 50 day simple moving average is $616.76 and its 200 day simple moving average is $621.21. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31.

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.