Citigroup Reiterates “Buy” Rating for Intuit (NASDAQ:INTU)

Intuit (NASDAQ:INTU)‘s stock had its “buy” rating reaffirmed by equities researchers at Citigroup in a research report issued on Friday, MarketBeat reports. They currently have a $789.00 price target on the software maker’s stock, up from their prior price target of $726.00. Citigroup’s price objective would suggest a potential upside of 9.56% from the company’s current price.

Other equities analysts have also issued reports about the stock. Piper Sandler reissued an “overweight” rating and set a $825.00 price objective (up from $785.00) on shares of Intuit in a report on Friday. Evercore ISI boosted their price target on Intuit from $685.00 to $785.00 and gave the stock an “outperform” rating in a research report on Friday. The Goldman Sachs Group raised their price objective on Intuit from $750.00 to $860.00 and gave the company a “buy” rating in a research report on Monday, May 19th. Hsbc Global Res upgraded shares of Intuit from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 23rd. Finally, Mizuho increased their target price on shares of Intuit from $750.00 to $765.00 and gave the company an “outperform” rating in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Intuit currently has an average rating of “Moderate Buy” and an average price target of $785.33.

Intuit Stock Performance

NASDAQ:INTU opened at $720.13 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. The stock’s fifty day moving average is $616.76 and its 200 day moving average is $620.65. 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. Intuit has a fifty-two week low of $532.65 and a fifty-two week high of $734.18.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, topping the consensus estimate of $10.89 by $0.76. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The firm had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.56 billion. During the same period in the prior year, the business posted $9.88 earnings per share. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. On average, sell-side analysts anticipate that Intuit will post 14.09 earnings per share for the current year.

Insider Activity at Intuit

In other news, Director Eve B. Burton sold 1,702 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the transaction, the director now owns 8 shares in the company, valued at $4,800. This trade represents a 99.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Scott D. Cook sold 6,446 shares of Intuit stock in a transaction on Friday, February 28th. The shares were sold at an average price of $604.26, for a total transaction of $3,895,059.96. Following the completion of the sale, the insider now directly owns 6,219,900 shares in the company, valued at $3,758,436,774. This represents a 0.10% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,696 shares of company stock worth $14,347,731. 2.68% of the stock is owned by company insiders.

Hedge Funds Weigh In On Intuit

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INTU. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Intuit by 2.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,605 shares of the software maker’s stock worth $107,854,000 after purchasing an additional 3,648 shares during the last quarter. Capitolis Liquid Global Markets LLC acquired a new stake in shares of Intuit in the fourth quarter worth approximately $109,988,000. Hantz Financial Services Inc. grew its holdings in shares of Intuit by 10.2% during the fourth quarter. Hantz Financial Services Inc. now owns 22,126 shares of the software maker’s stock worth $13,906,000 after buying an additional 2,055 shares in the last quarter. Factory Mutual Insurance Co. purchased a new position in shares of Intuit in the fourth quarter worth about $33,248,000. Finally, V Square Quantitative Management LLC grew its stake in Intuit by 7.0% during the 4th quarter. V Square Quantitative Management LLC now owns 7,671 shares of the software maker’s stock valued at $4,821,000 after acquiring an additional 501 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

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.