Intuit (NASDAQ:INTU) Shares Gap Down to $650.42

Intuit Inc. (NASDAQ:INTUGet Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $650.42, but opened at $636.69. Intuit shares last traded at $632.70, with a volume of 176,781 shares.

Analysts Set New Price Targets

INTU has been the topic of a number of recent research reports. Erste Group Bank restated a “hold” rating on shares of Intuit in a report on Friday, June 14th. BMO Capital Markets reaffirmed an “outperform” rating and set a $700.00 price objective on shares of Intuit in a report on Tuesday, March 26th. Piper Sandler raised their price target on shares of Intuit from $750.00 to $760.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Stifel Nicolaus reduced their price objective on shares of Intuit from $720.00 to $690.00 and set a “buy” rating for the company in a research report on Friday, May 24th. Finally, StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a research report on Monday, May 27th. Five investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $687.22.

Read Our Latest Stock Report on INTU

Intuit Stock Down 3.3 %

The stock’s 50 day moving average is $622.66 and its 200 day moving average is $630.36. The company has a market capitalization of $175.82 billion, a PE ratio of 60.00, a PEG ratio of 3.77 and a beta of 1.23. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.50 and a current ratio of 1.50.

Intuit (NASDAQ:INTUGet Free Report) last posted its earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.12 by $1.76. The firm had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $6.65 billion. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The business’s quarterly revenue was up 11.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $7.80 earnings per share. On average, sell-side analysts anticipate that Intuit Inc. will post 11.72 EPS for the current fiscal year.

Intuit Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 18th. Shareholders of record on Wednesday, July 10th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date is Wednesday, July 10th. Intuit’s payout ratio is presently 33.21%.

Insider Transactions at Intuit

In related news, EVP Mark P. Notarainni sold 465 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total transaction of $281,129.70. Following the completion of the transaction, the executive vice president now owns 869 shares of the company’s stock, valued at $525,380.02. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Intuit news, insider Scott D. Cook sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total value of $44,838,750.00. Following the sale, the insider now owns 6,791,469 shares of the company’s stock, valued at approximately $4,060,279,741.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Mark P. Notarainni sold 465 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total value of $281,129.70. Following the transaction, the executive vice president now directly owns 869 shares of the company’s stock, valued at approximately $525,380.02. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 195,963 shares of company stock valued at $114,442,445. 2.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Intuit

A number of institutional investors and hedge funds have recently bought and sold shares of INTU. Parnassus Investments LLC raised its position in shares of Intuit by 119.0% during the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock valued at $836,377,000 after buying an additional 727,185 shares in the last quarter. Maryland State Retirement & Pension System lifted its stake in Intuit by 1.1% during the fourth quarter. Maryland State Retirement & Pension System now owns 21,268 shares of the software maker’s stock worth $13,293,000 after purchasing an additional 226 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in Intuit by 1.1% during the fourth quarter. Public Employees Retirement System of Ohio now owns 179,801 shares of the software maker’s stock worth $112,381,000 after purchasing an additional 1,990 shares during the last quarter. Hixon Zuercher LLC purchased a new position in shares of Intuit in the 4th quarter worth about $1,292,000. Finally, Wellington Management Group LLP increased its position in shares of Intuit by 173.0% during the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after purchasing an additional 2,336,654 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

About Intuit

(Get Free Report)

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.

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