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

Intuit (NASDAQ:INTU) had its price target raised by Morgan Stanley from $720.00 to $785.00 in a research note published on Friday,Benzinga reports. Morgan Stanley currently has an overweight rating on the software maker’s stock.

Several other equities analysts have also recently weighed in on INTU. Piper Sandler restated an “overweight” rating and issued a $825.00 price objective (up previously from $785.00) on shares of Intuit in a report on Friday. Mizuho raised their price objective on Intuit from $750.00 to $765.00 and gave the company an “outperform” rating in a report on Monday, March 3rd. Jefferies Financial Group raised their target price on shares of Intuit from $735.00 to $850.00 and gave the company a “buy” rating in a research note on Friday. JPMorgan Chase & Co. raised their target price on shares of Intuit from $660.00 to $770.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Wall Street Zen upgraded shares of Intuit from a “hold” rating to a “buy” rating in a research note on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $785.33.

Intuit Price Performance

Shares of NASDAQ INTU opened at $720.13 on Friday. The stock 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 business has a 50-day moving average of $616.76 and a 200-day moving average of $620.65. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio 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 announced its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, beating the consensus estimate of $10.89 by $0.76. The company had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.56 billion. Intuit had a return on equity of 18.25% and a net margin of 17.59%. Intuit’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same quarter last year, the company earned $9.88 EPS. As a group, sell-side analysts predict that Intuit will post 14.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Scott D. Cook sold 6,446 shares of Intuit stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $604.26, for a total value 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 approximately $3,758,436,774. The trade was a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eve B. Burton sold 1,702 shares of Intuit 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 owns 8 shares of the company’s stock, valued at approximately $4,800. The trade was a 99.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,696 shares of company stock worth $14,347,731 over the last three months. Insiders own 2.68% of the company’s stock.

Institutional Investors Weigh In On Intuit

A number of hedge funds and other institutional investors have recently made changes to their positions in INTU. Norges Bank acquired a new stake in shares of Intuit in the fourth quarter valued at approximately $2,290,419,000. GAMMA Investing LLC raised its position in shares of Intuit by 69,701.9% in the first quarter. GAMMA Investing LLC now owns 2,825,582 shares of the software maker’s stock valued at $17,348,790,000 after buying an additional 2,821,534 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Intuit in the first quarter valued at approximately $882,031,000. Nicholas Hoffman & Company LLC. acquired a new stake in shares of Intuit in the first quarter valued at approximately $785,564,000. Finally, Proficio Capital Partners LLC raised its position in shares of Intuit by 112,233.1% in the fourth quarter. Proficio Capital Partners LLC now owns 1,063,794 shares of the software maker’s stock valued at $668,595,000 after buying an additional 1,062,847 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.