Morgan Stanley Reiterates “Overweight” Rating for Intuit (NASDAQ:INTU)

Intuit (NASDAQ:INTU)‘s stock had its “overweight” rating restated by Morgan Stanley in a research note issued on Friday, Marketbeat.com reports. They currently have a $785.00 target price on the software maker’s stock, up from their previous target price of $720.00. Morgan Stanley’s price target would suggest a potential upside of 9.01% from the stock’s previous close.

Several other brokerages have also recently weighed in on INTU. Redburn Atlantic assumed coverage on shares of Intuit in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. Citigroup dropped their target price on shares of Intuit from $760.00 to $726.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Evercore ISI raised their price objective on Intuit from $685.00 to $785.00 and gave the company an “outperform” rating in a research note on Friday. Wall Street Zen upgraded shares of Intuit from a “hold” rating to a “buy” rating in a report on Tuesday, April 29th. Finally, Barclays lifted their price objective on shares of Intuit from $775.00 to $815.00 and gave the stock an “overweight” rating in a report on Friday. One 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’s stock. According to MarketBeat.com, the company presently 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 stock has a 50 day simple moving average of $616.76 and a 200 day simple moving average of $620.65. The stock has a market cap 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 1-year low of $532.65 and a 1-year high of $734.18. 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 (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, beating the consensus estimate of $10.89 by $0.76. The business had revenue of $7.75 billion during 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 company’s revenue was up 15.1% on a year-over-year basis. During the same period in the previous year, the business earned $9.88 earnings per share. Research analysts anticipate that Intuit will post 14.09 earnings per share for the current year.

Insider Activity

In other news, Director Eve B. Burton sold 1,702 shares of the business’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $600.00, for a total value of $1,021,200.00. Following the completion of the transaction, the director now owns 8 shares of the company’s stock, valued at $4,800. The trade was a 99.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Scott D. Cook sold 6,446 shares of the firm’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 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 disclosure for this sale can be found here. In the last quarter, insiders sold 23,696 shares of company stock worth $14,347,731. 2.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Intuit by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 27,330,309 shares of the software maker’s stock worth $16,780,536,000 after purchasing an additional 294,993 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Intuit by 7.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,018,770 shares of the software maker’s stock valued at $5,537,435,000 after buying an additional 649,212 shares in the last quarter. Geode Capital Management LLC increased its stake in Intuit by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker’s stock worth $3,833,720,000 after purchasing an additional 132,384 shares during the period. Wellington Management Group LLP raised its stake in shares of Intuit by 6.8% in the first quarter. Wellington Management Group LLP now owns 5,655,249 shares of the software maker’s stock valued at $3,472,266,000 after acquiring an additional 358,328 shares in the last quarter. Finally, Norges Bank purchased a new position in Intuit in the fourth quarter worth approximately $2,290,419,000. Hedge funds and other 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.