Intuit Inc. (NASDAQ:INTU) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC reduced its position in shares of Intuit Inc. (NASDAQ:INTU) by 1.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,951 shares of the software maker’s stock after selling 423 shares during the period. ARK Investment Management LLC’s holdings in Intuit were worth $14,425,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Nordea Investment Management AB lifted its position in shares of Intuit by 83.2% in the fourth quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker’s stock valued at $371,984,000 after acquiring an additional 268,060 shares in the last quarter. Whalen Wealth Management Inc. purchased a new position in shares of Intuit in the fourth quarter valued at approximately $621,000. Harvest Portfolios Group Inc. lifted its position in shares of Intuit by 5.4% in the third quarter. Harvest Portfolios Group Inc. now owns 35,902 shares of the software maker’s stock valued at $22,295,000 after acquiring an additional 1,853 shares in the last quarter. Retireful LLC purchased a new position in shares of Intuit in the third quarter valued at approximately $740,000. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Intuit in the third quarter valued at approximately $56,144,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insiders Place Their Bets

In other Intuit news, CAO Lauren D. Hotz sold 1,078 shares of Intuit stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $619.28, for a total transaction of $667,583.84. Following the completion of the sale, the chief accounting officer now directly owns 1,864 shares of the company’s stock, valued at $1,154,337.92. The trade was a 36.64 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Alex G. Balazs sold 23,810 shares of Intuit stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $665.98, for a total value of $15,856,983.80. Following the sale, the executive vice president now directly owns 489 shares of the company’s stock, valued at $325,664.22. This trade represents a 97.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 218,014 shares of company stock valued at $140,855,687 in the last ninety days. Insiders own 2.68% of the company’s stock.

Intuit Trading Down 2.0 %

Shares of NASDAQ INTU opened at $555.63 on Wednesday. Intuit Inc. has a twelve month low of $553.24 and a twelve month high of $714.78. The stock has a market capitalization of $155.53 billion, a PE ratio of 53.94, a PEG ratio of 2.85 and a beta of 1.24. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The stock has a fifty day simple moving average of $607.70 and a 200-day simple moving average of $627.55.

Analysts Set New Price Targets

INTU has been the topic of several research reports. JPMorgan Chase & Co. raised their target price on Intuit from $600.00 to $640.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Jefferies Financial Group raised their target price on Intuit from $790.00 to $800.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Barclays reduced their price objective on Intuit from $800.00 to $775.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Royal Bank of Canada reiterated an “outperform” rating and set a $760.00 price objective on shares of Intuit in a research report on Friday, November 22nd. Finally, Piper Sandler reiterated an “overweight” rating and set a $765.00 price objective on shares of Intuit in a research report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Intuit has an average rating of “Moderate Buy” and a consensus target price of $726.71.

Intuit 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.