Baker Avenue Asset Management LP Boosts Holdings in Intuit Inc. (NASDAQ:INTU)

Baker Avenue Asset Management LP raised its stake in shares of Intuit Inc. (NASDAQ:INTU) by 6.5% in the third quarter, HoldingsChannel reports. The institutional investor owned 360 shares of the software maker’s stock after acquiring an additional 22 shares during the period. Baker Avenue Asset Management LP’s holdings in Intuit were worth $224,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of INTU. Intech Investment Management LLC lifted its stake in Intuit by 134.7% in the 1st quarter. Intech Investment Management LLC now owns 4,601 shares of the software maker’s stock worth $2,991,000 after purchasing an additional 2,641 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Intuit by 33.7% in the third quarter. GAMMA Investing LLC now owns 3,838 shares of the software maker’s stock worth $2,383,000 after buying an additional 968 shares in the last quarter. Harvest Portfolios Group Inc. boosted its stake in Intuit by 5.4% during the third quarter. Harvest Portfolios Group Inc. now owns 35,902 shares of the software maker’s stock valued at $22,295,000 after buying an additional 1,853 shares during the last quarter. Cetera Advisors LLC grew its holdings in Intuit by 33.4% during the 1st quarter. Cetera Advisors LLC now owns 10,607 shares of the software maker’s stock valued at $6,895,000 after buying an additional 2,655 shares in the last quarter. Finally, Park Avenue Securities LLC increased its stake in Intuit by 13.4% in the 2nd quarter. Park Avenue Securities LLC now owns 11,257 shares of the software maker’s stock worth $7,398,000 after acquiring an additional 1,328 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on INTU shares. StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a report on Monday, September 30th. Bank of America boosted their target price on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. BMO Capital Markets increased their price target on shares of Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. Piper Sandler reissued an “overweight” rating and set a $768.00 price objective on shares of Intuit in a research note on Friday, September 27th. Finally, JPMorgan Chase & Co. raised their price objective on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. Four research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $735.71.

Insider Buying and Selling

In other Intuit news, insider Scott D. Cook sold 2,461 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total value of $1,568,124.59. Following the completion of the sale, the insider now directly owns 6,453,105 shares in the company, valued at approximately $4,111,853,974.95. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CFO Sandeep Aujla sold 862 shares of the firm’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 completion of the transaction, the chief financial officer now owns 3,840 shares in the company, valued at $2,384,755.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Scott D. Cook sold 2,461 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total value of $1,568,124.59. Following the sale, the insider now owns 6,453,105 shares in the company, valued at approximately $4,111,853,974.95. The trade was a 0.00 % 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 in the last 90 days. 2.90% of the stock is owned by corporate insiders.

Intuit Trading Up 1.9 %

Shares of INTU opened at $697.35 on Tuesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. The firm has a market capitalization of $195.46 billion, a price-to-earnings ratio of 66.73, a PEG ratio of 3.34 and a beta of 1.25. The company has a 50-day moving average of $625.54 and a 200 day moving average of $627.73. Intuit Inc. has a 1-year low of $523.32 and a 1-year high of $698.96.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) 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 net margin of 18.19% and a return on equity of 18.64%. The firm’s quarterly revenue was up 17.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.40 EPS. On average, research analysts expect that Intuit Inc. will post 14.04 EPS for the current year.

Intuit Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Thursday, October 10th were issued a $1.04 dividend. The ex-dividend date of this dividend was Thursday, October 10th. This is an increase from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a yield of 0.60%. Intuit’s payout ratio is currently 39.81%.

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.