Intuit (NASDAQ:INTU) Shares Gap Down to $645.83

Intuit Inc. (NASDAQ:INTU) gapped down before the market opened on Wednesday . The stock had previously closed at $645.83, but opened at $627.27. Intuit shares last traded at $637.41, with a volume of 106,876 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Erste Group Bank reiterated a “hold” rating on shares of Intuit in a report on Friday, June 14th. KeyCorp lifted their price objective on shares of Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a research note on Monday, May 20th. Piper Sandler reissued an “overweight” rating and set a $760.00 target price on shares of Intuit in a report on Friday, July 12th. Bank of America reduced their target price on Intuit from $760.00 to $730.00 and set a “buy” rating on the stock in a report on Friday, May 24th. Finally, Stifel Nicolaus lowered their price target on shares of Intuit from $720.00 to $690.00 and set a “buy” rating for the company in a report on Friday, May 24th. Five equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $691.77.

Intuit Trading Down 1.9 %

The stock has a market capitalization of $177.10 billion, a PE ratio of 59.58, a P/E/G ratio of 3.14 and a beta of 1.23. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.32. The firm has a 50 day moving average price of $627.44 and a 200 day moving average price of $633.63.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.12 by $1.76. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The firm had revenue of $6.74 billion during the quarter, compared to analyst estimates of $6.65 billion. During the same quarter in the prior year, the business posted $7.80 EPS. The business’s revenue was up 11.9% compared to the same quarter last year. Equities analysts expect that Intuit Inc. will post 11.72 EPS for the current fiscal year.

Intuit Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 18th. Stockholders of record on Wednesday, July 10th were paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.57%. The ex-dividend date of this dividend was Wednesday, July 10th. Intuit’s payout ratio is 33.21%.

Insider Buying and Selling

In other news, insider Scott D. Cook sold 75,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $597.85, for a total transaction of $44,838,750.00. Following the completion of the transaction, the insider now directly owns 6,791,469 shares of the company’s stock, valued at approximately $4,060,279,741.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Scott D. Cook sold 75,000 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total transaction of $44,838,750.00. Following the completion of the transaction, the insider now owns 6,791,469 shares in the company, valued at approximately $4,060,279,741.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total value of $690,997.47. Following the completion of the sale, the chief financial officer now owns 3,333 shares in the company, valued at $2,170,682.91. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 195,963 shares of company stock worth $114,442,445. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Intuit

A number of large investors have recently made changes to their positions in the stock. Bank of Montreal Can grew its holdings in Intuit by 11.2% during the 2nd quarter. Bank of Montreal Can now owns 403,974 shares of the software maker’s stock valued at $265,871,000 after buying an additional 40,837 shares in the last quarter. Lombard Odier Asset Management Europe Ltd purchased a new position in Intuit during the second quarter valued at approximately $7,702,000. Evergreen Capital Management LLC lifted its stake in Intuit by 1.7% in the 2nd quarter. Evergreen Capital Management LLC now owns 4,331 shares of the software maker’s stock worth $2,846,000 after purchasing an additional 73 shares in the last quarter. Public Sector Pension Investment Board boosted its holdings in Intuit by 71.9% in the 2nd quarter. Public Sector Pension Investment Board now owns 10,717 shares of the software maker’s stock valued at $7,043,000 after purchasing an additional 4,483 shares during the period. Finally, Nippon Life Global Investors Americas Inc. grew its position in shares of Intuit by 14.3% during the 2nd quarter. Nippon Life Global Investors Americas Inc. now owns 88,800 shares of the software maker’s stock valued at $58,360,000 after purchasing an additional 11,140 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

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.