Wells Fargo & Company Forecasts Strong Price Appreciation for Intuit (NASDAQ:INTU) Stock

Intuit (NASDAQ:INTU) had its price objective raised by research analysts at Wells Fargo & Company from $825.00 to $880.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the software maker’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 16.71% from the company’s current price.

Several other analysts also recently weighed in on the company. HSBC upgraded Intuit from a “hold” rating to a “buy” rating and set a $699.00 price target on the stock in a research note on Wednesday, April 23rd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $850.00 price target (up previously from $760.00) on shares of Intuit in a research report on Friday, May 23rd. Piper Sandler reissued an “overweight” rating and set a $825.00 price objective (up from $785.00) on shares of Intuit in a research report on Friday, May 23rd. Mizuho lifted their target price on shares of Intuit from $750.00 to $765.00 and gave the stock an “outperform” rating in a report on Monday, March 3rd. Finally, Morgan Stanley reiterated an “overweight” rating and set a $785.00 price target (up previously from $720.00) on shares of Intuit in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, two 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, the company presently has an average rating of “Moderate Buy” and an average price target of $787.95.

Intuit Price Performance

INTU stock opened at $753.98 on Friday. 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 1 year low of $532.65 and a 1 year high of $773.45. The firm has a 50-day moving average of $664.85 and a 200 day moving average of $630.25. The company has a market cap of $210.32 billion, a P/E ratio of 73.20, a PEG ratio of 2.85 and a beta of 1.28.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $7.56 billion. During the same quarter in the prior year, the company earned $9.88 EPS. The business’s revenue was up 15.1% compared to the same quarter last year. On average, sell-side analysts forecast that Intuit will post 14.09 EPS for the current year.

Insider Transactions at Intuit

In other Intuit news, 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Scott D. Cook sold 72,442 shares of the company’s stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $741.29, for a total transaction of $53,700,530.18. Following the completion of the transaction, the insider now directly owns 6,063,495 shares of the company’s stock, valued at $4,494,808,208.55. This represents a 1.18% decrease in their position. The disclosure for this sale can be found here. Insiders sold 288,408 shares of company stock worth $213,441,865 in the last three months. Corporate insiders own 2.68% of the company’s stock.

Institutional Trading of Intuit

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Intuit by 1.1% in the first 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 during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Intuit by 7.8% during the 1st 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 acquiring an additional 649,212 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Intuit by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker’s stock valued at $3,833,720,000 after purchasing an additional 132,384 shares in the last quarter. Wellington Management Group LLP increased its position in Intuit by 6.8% in the first quarter. Wellington Management Group LLP now owns 5,655,249 shares of the software maker’s stock worth $3,472,266,000 after purchasing an additional 358,328 shares during the last quarter. Finally, Norges Bank purchased a new stake in Intuit during the fourth quarter valued at $2,290,419,000. Institutional investors own 83.66% of the company’s stock.

Intuit Company Profile

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.