Intuit (NASDAQ:INTU) Price Target Raised to $770.00

Intuit (NASDAQ:INTU) had its price target lifted by JPMorgan Chase & Co. from $660.00 to $770.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an overweight rating on the software maker’s stock.

INTU has been the topic of several other reports. Hsbc Global Res upgraded shares of Intuit from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 23rd. Oppenheimer decreased their price objective on shares of Intuit from $722.00 to $642.00 and set an “outperform” rating on the stock in a research report on Friday, April 11th. Piper Sandler reiterated an “overweight” rating and issued a $825.00 price objective (up from $785.00) on shares of Intuit in a research report on Friday. Wall Street Zen upgraded shares of Intuit from a “hold” rating to a “buy” rating in a research report on Tuesday, April 29th. Finally, UBS Group boosted their target price on shares of Intuit from $655.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, May 16th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Intuit currently has an average rating of “Moderate Buy” and an average price target of $785.33.

Intuit Price Performance

Shares of NASDAQ INTU opened at $720.13 on Friday. The firm has a market capitalization of $201.32 billion, a P/E ratio of 69.92, a PEG ratio of 2.85 and a beta of 1.24. Intuit has a one year low of $532.65 and a one year high of $734.18. The company’s fifty day moving average is $616.76 and its two-hundred day moving average is $620.65. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping the consensus estimate of $10.89 by $0.76. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The business had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. During the same period in the previous year, the firm earned $9.88 EPS. The business’s revenue for the quarter was up 15.1% compared to the same quarter last year. Analysts forecast that Intuit will post 14.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Scott D. Cook sold 6,446 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $604.26, for a total transaction of $3,895,059.96. Following the completion of the transaction, the insider now directly owns 6,219,900 shares in the company, valued at approximately $3,758,436,774. This represents a 0.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Laura A. Fennell sold 8,163 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now 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 disclosure for this sale can be found here. Insiders sold a total of 23,696 shares of company stock worth $14,347,731 in the last 90 days. 2.68% of the stock is owned by company insiders.

Hedge Funds Weigh In On Intuit

Several institutional investors and hedge funds have recently made changes to their positions in the business. Peloton Wealth Strategists boosted its stake in shares of Intuit by 0.3% during the 1st quarter. Peloton Wealth Strategists now owns 4,414 shares of the software maker’s stock valued at $2,710,000 after buying an additional 15 shares during the last quarter. Decatur Capital Management Inc. lifted its stake in Intuit by 0.3% during the first quarter. Decatur Capital Management Inc. now owns 4,999 shares of the software maker’s stock worth $3,069,000 after purchasing an additional 16 shares during the last quarter. True North Advisors LLC lifted its stake in Intuit by 4.3% during the fourth quarter. True North Advisors LLC now owns 409 shares of the software maker’s stock worth $257,000 after purchasing an additional 17 shares during the last quarter. Great Diamond Partners LLC lifted its stake in Intuit by 2.8% during the fourth quarter. Great Diamond Partners LLC now owns 627 shares of the software maker’s stock worth $394,000 after purchasing an additional 17 shares during the last quarter. Finally, Drive Wealth Management LLC lifted its stake in Intuit by 2.4% during the fourth quarter. Drive Wealth Management LLC now owns 760 shares of the software maker’s stock worth $478,000 after purchasing an additional 18 shares during the last quarter. 83.66% of the stock is currently 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.