West Family Investments Inc. Purchases 291 Shares of Intuit Inc. (NASDAQ:INTU)

West Family Investments Inc. lifted its stake in Intuit Inc. (NASDAQ:INTU) by 64.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 740 shares of the software maker’s stock after acquiring an additional 291 shares during the period. West Family Investments Inc.’s holdings in Intuit were worth $460,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. PNC Financial Services Group Inc. boosted its stake in Intuit by 2.0% during the third quarter. PNC Financial Services Group Inc. now owns 127,892 shares of the software maker’s stock worth $79,421,000 after buying an additional 2,498 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Intuit in the third quarter valued at about $56,144,000. Banque Cantonale Vaudoise raised its holdings in shares of Intuit by 4.5% in the third quarter. Banque Cantonale Vaudoise now owns 19,906 shares of the software maker’s stock valued at $12,361,000 after buying an additional 858 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its holdings in shares of Intuit by 1.8% in the third quarter. Fifth Third Wealth Advisors LLC now owns 2,909 shares of the software maker’s stock valued at $1,807,000 after buying an additional 51 shares during the last quarter. Finally, Wrapmanager Inc. raised its holdings in Intuit by 154.7% during the 3rd quarter. Wrapmanager Inc. now owns 922 shares of the software maker’s stock worth $573,000 after purchasing an additional 560 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insider Activity

In related news, EVP Laura A. Fennell sold 30,159 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the completion of the sale, the executive vice president now owns 52,038 shares in the company, valued at approximately $33,427,129.68. This represents a 36.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Sandeep Aujla sold 862 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the sale, the chief financial officer now owns 3,840 shares of the company’s stock, valued at $2,384,755.20. This trade represents a 18.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 55,297 shares of company stock worth $35,220,046 over the last quarter. 2.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

INTU has been the subject of several analyst reports. Morgan Stanley lowered Intuit from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $750.00 to $685.00 in a research report on Wednesday, August 14th. BMO Capital Markets upped their price target on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research report on Friday, August 23rd. JPMorgan Chase & Co. increased their price objective on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a report on Friday, August 23rd. Scotiabank initiated coverage on Intuit in a report on Monday. They issued a “sector perform” rating and a $700.00 price objective for the company. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $768.00 price target on shares of Intuit in a report on Friday, September 27th. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $737.06.

Intuit Stock Performance

Intuit stock opened at $678.81 on Tuesday. Intuit Inc. has a 12-month low of $557.29 and a 12-month high of $714.78. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The business’s 50-day moving average price is $634.11 and its two-hundred day moving average price is $630.65. The stock has a market cap of $190.26 billion, a PE ratio of 64.96, a P/E/G ratio of 3.36 and a beta of 1.25.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.14. The company had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The business’s quarterly revenue was up 17.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.40 earnings per share. As a group, analysts expect that Intuit Inc. will post 14.05 earnings per share for the current fiscal year.

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.