Parallel Advisors LLC Acquires 2,429 Shares of Intuit Inc. (NASDAQ:INTU)

Parallel Advisors LLC boosted its holdings in Intuit Inc. (NASDAQ:INTU) by 10.4% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 25,803 shares of the software maker’s stock after acquiring an additional 2,429 shares during the quarter. Parallel Advisors LLC’s holdings in Intuit were worth $16,217,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of INTU. Mizuho Securities USA LLC grew its stake in Intuit by 6.6% in the 3rd quarter. Mizuho Securities USA LLC now owns 23,001 shares of the software maker’s stock worth $14,284,000 after buying an additional 1,414 shares in the last quarter. Schear Investment Advisers LLC grew its position in Intuit by 6.1% in the third quarter. Schear Investment Advisers LLC now owns 1,766 shares of the software maker’s stock worth $1,097,000 after acquiring an additional 102 shares in the last quarter. Sather Financial Group Inc increased its stake in Intuit by 0.7% in the third quarter. Sather Financial Group Inc now owns 71,623 shares of the software maker’s stock valued at $44,478,000 after acquiring an additional 508 shares during the last quarter. Atlanta Consulting Group Advisors LLC purchased a new stake in Intuit during the third quarter valued at about $396,000. Finally, Concord Asset Management LLC VA lifted its stake in Intuit by 12.3% during the third quarter. Concord Asset Management LLC VA now owns 1,383 shares of the software maker’s stock worth $859,000 after purchasing an additional 151 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Trading Up 3.0 %

NASDAQ:INTU opened at $598.80 on Monday. Intuit Inc. has a 12 month low of $553.24 and a 12 month high of $714.78. 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 company has a 50-day moving average price of $598.23 and a 200-day moving average price of $623.66. The stock has a market cap of $167.40 billion, a price-to-earnings ratio of 58.14, a P/E/G ratio of 2.85 and a beta of 1.27.

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Thursday, April 10th will be given a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $4.16 annualized dividend and a yield of 0.69%. Intuit’s payout ratio is 38.81%.

Wall Street Analysts Forecast Growth

INTU has been the topic of several recent research reports. 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. Piper Sandler reissued an “overweight” rating and set a $785.00 price target (up from $765.00) on shares of Intuit in a research note on Wednesday, February 26th. Citigroup cut their price objective on shares of Intuit from $760.00 to $726.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. BNP Paribas cut shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 target price on the stock. in a research report on Wednesday, January 15th. Finally, Stifel Nicolaus cut their price target on shares of Intuit from $795.00 to $725.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $721.61.

Insiders Place Their Bets

In related news, CEO Sasan K. Goodarzi sold 75,000 shares of Intuit stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $630.10, for a total transaction of $47,257,500.00. Following the completion of the transaction, the chief executive officer now directly owns 35,776 shares of the company’s stock, valued at $22,542,457.60. This trade represents a 67.70 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Scott D. Cook sold 73,655 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $664.94, for a total transaction of $48,976,155.70. Following the completion of the sale, the insider now owns 6,301,286 shares in the company, valued at approximately $4,189,977,112.84. This trade represents a 1.16 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 189,301 shares of company stock worth $121,470,200. Company insiders own 2.68% of the company’s stock.

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.