Garden State Investment Advisory Services LLC Increases Position in Intuit Inc. (NASDAQ:INTU)

Garden State Investment Advisory Services LLC boosted its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 55.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,227 shares of the software maker’s stock after purchasing an additional 436 shares during the quarter. Garden State Investment Advisory Services LLC’s holdings in Intuit were worth $762,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Fisher Asset Management LLC grew its stake in Intuit by 2.9% in the 3rd quarter. Fisher Asset Management LLC now owns 3,827,671 shares of the software maker’s stock valued at $2,376,984,000 after acquiring an additional 107,482 shares during the period. Legal & General Group Plc lifted its holdings in Intuit by 1.0% during the second quarter. Legal & General Group Plc now owns 2,340,555 shares of the software maker’s stock valued at $1,538,236,000 after purchasing an additional 23,995 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Intuit by 4.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,300,789 shares of the software maker’s stock valued at $1,428,790,000 after purchasing an additional 87,517 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Intuit by 1.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,688,445 shares of the software maker’s stock valued at $1,048,524,000 after purchasing an additional 26,914 shares during the period. Finally, Ameriprise Financial Inc. raised its position 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 purchasing an additional 238,486 shares during the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Intuit news, EVP Laura A. Fennell sold 30,159 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the sale, the executive vice president now directly owns 52,038 shares in the company, valued at $33,427,129.68. This represents a 36.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $1,568,124.59. Following the sale, the insider now directly owns 6,453,105 shares in the company, valued at $4,111,853,974.95. This represents a 0.04 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 130,265 shares of company stock valued at $83,336,625. Company insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on INTU. Barclays lowered their price objective on Intuit from $800.00 to $775.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. Royal Bank of Canada reiterated an “outperform” rating and set a $760.00 price target on shares of Intuit in a research report on Friday, November 22nd. Morgan Stanley increased their price objective on Intuit from $685.00 to $730.00 and gave the company an “equal weight” rating in a research note on Friday, November 22nd. Piper Sandler lowered their target price on shares of Intuit from $768.00 to $765.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Finally, Jefferies Financial Group increased their target price on shares of Intuit from $790.00 to $800.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Intuit presently has a consensus rating of “Moderate Buy” and a consensus target price of $737.44.

Intuit Price Performance

NASDAQ:INTU opened at $642.10 on Monday. Intuit Inc. has a 52 week low of $557.29 and a 52 week high of $714.78. The stock’s fifty day moving average is $634.10 and its two-hundred day moving average is $631.26. The company has a market capitalization of $179.81 billion, a P/E ratio of 62.30, a P/E/G ratio of 3.17 and a beta of 1.25. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data 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 net margin of 17.59% and a return on equity of 18.25%. 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 firm earned $1.14 EPS. Intuit’s revenue was up 10.2% on a year-over-year basis. Equities analysts expect that Intuit Inc. will post 14.07 EPS for the current year.

Intuit Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Thursday, January 9th will be issued a $1.04 dividend. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $4.16 annualized dividend and a dividend yield of 0.65%. Intuit’s dividend payout ratio is currently 40.39%.

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.