Piper Sandler Issues Pessimistic Forecast for Intuit (NASDAQ:INTU) Stock Price

Intuit (NASDAQ:INTU) had its target price cut by Piper Sandler from $768.00 to $765.00 in a research note released on Friday morning,Benzinga reports. They currently have an overweight rating on the software maker’s stock.

Other equities research analysts also recently issued reports about the company. Jefferies Financial Group lifted their price objective on Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Scotiabank initiated coverage on Intuit in a report on Monday, November 18th. They set a “sector perform” rating and a $700.00 price objective on the stock. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a report on Monday, September 30th. Susquehanna reaffirmed a “positive” rating and set a $757.00 price objective on shares of Intuit in a report on Friday, August 16th. Finally, Bank of America lifted their price objective on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Intuit has a consensus rating of “Moderate Buy” and a consensus price target of $737.44.

Intuit Trading Down 5.7 %

Shares of INTU opened at $640.12 on Friday. Intuit 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 firm has a market capitalization of $179.31 billion, a price-to-earnings ratio of 61.26, a P/E/G ratio of 3.15 and a beta of 1.25. The stock’s 50-day moving average price is $634.81 and its 200 day moving average price is $631.27.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The firm had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.14 billion. During the same period in the previous year, the company posted $1.14 earnings per share. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, research analysts predict that Intuit will post 14.05 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Sandeep Aujla sold 862 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the transaction, the chief financial officer now directly owns 3,840 shares of the company’s stock, valued at approximately $2,384,755.20. This represents a 18.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Scott D. Cook sold 2,461 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the completion of the transaction, the insider now directly owns 6,453,105 shares of the company’s stock, valued at approximately $4,111,853,974.95. The trade was a 0.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 55,297 shares of company stock worth $35,220,046 in the last quarter. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Intuit

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC boosted its stake in shares of Intuit by 68,404.7% during the 3rd quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker’s stock worth $300,768,000 after buying an additional 483,621 shares during the last quarter. Holocene Advisors LP boosted its stake in shares of Intuit by 99.6% during the 3rd quarter. Holocene Advisors LP now owns 625,583 shares of the software maker’s stock worth $388,487,000 after buying an additional 312,212 shares during the last quarter. Vaughan Nelson Investment Management L.P. acquired a new position in shares of Intuit during the 2nd quarter worth about $184,982,000. Ameriprise Financial Inc. boosted its stake in shares of Intuit by 17.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock worth $1,062,578,000 after buying an additional 238,486 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of Intuit by 1.8% during the 3rd quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock worth $7,648,910,000 after buying an additional 221,885 shares during the last quarter. 83.66% of the stock is 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.