Intuit (NASDAQ:INTU) Price Target Raised to $785.00

Intuit (NASDAQ:INTU) had its target price increased by Evercore ISI from $685.00 to $785.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an outperform rating on the software maker’s stock.

Other equities research analysts have also issued research reports about the stock. Piper Sandler reissued an “overweight” rating and set a $825.00 price objective (up previously from $785.00) on shares of Intuit in a research note on Friday. Citigroup dropped their price objective on shares of Intuit from $760.00 to $726.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. HSBC raised shares of Intuit from a “hold” rating to a “buy” rating and set a $699.00 price objective on the stock in a research note on Wednesday, April 23rd. Morgan Stanley dropped their price objective on shares of Intuit from $730.00 to $720.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Finally, Redburn Atlantic started coverage on shares of Intuit in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. One 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat, Intuit has a consensus rating of “Moderate Buy” and an average price target of $785.33.

Intuit Trading Up 8.1%

Shares of INTU opened at $720.13 on Friday. The firm’s 50-day moving average price is $616.76 and its 200-day moving average price is $620.65. The firm has a market capitalization of $201.32 billion, a price-to-earnings ratio of 69.92, a PEG ratio of 2.85 and a beta of 1.24. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit has a 1-year low of $532.65 and a 1-year high of $734.18.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, beating analysts’ consensus estimates of $10.89 by $0.76. The firm had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The company’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $9.88 EPS. Sell-side analysts anticipate that Intuit will post 14.09 EPS for the current year.

Insider Activity

In other Intuit news, Director Eve B. Burton sold 1,702 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 8 shares of the company’s stock, valued at approximately $4,800. This represents a 99.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Scott D. Cook sold 6,446 shares of the business’s 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 sale, the insider now directly owns 6,219,900 shares of the company’s stock, valued at approximately $3,758,436,774. The trade was a 0.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold 23,696 shares of company stock valued at $14,347,731 over the last three months. Insiders own 2.68% of the company’s stock.

Institutional Investors Weigh In On Intuit

Hedge funds have recently modified their holdings of the business. Peloton Wealth Strategists boosted its position in shares of Intuit by 0.3% in the first quarter. Peloton Wealth Strategists now owns 4,414 shares of the software maker’s stock worth $2,710,000 after purchasing an additional 15 shares during the period. Decatur Capital Management Inc. boosted its position in shares of Intuit by 0.3% in 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 period. True North Advisors LLC boosted its position in shares of Intuit by 4.3% in 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 period. Great Diamond Partners LLC boosted its position in shares of Intuit by 2.8% in 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 period. Finally, Drive Wealth Management LLC boosted its position in shares of Intuit by 2.4% in 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 period. Institutional investors own 83.66% of the company’s stock.

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.