Amalgamated Bank Lowers Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Amalgamated Bank decreased its position in shares of Intuit Inc. (NASDAQ:INTU) by 5.9% during the fourth quarter, HoldingsChannel reports. The firm owned 60,223 shares of the software maker’s stock after selling 3,751 shares during the period. Amalgamated Bank’s holdings in Intuit were worth $37,850,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its position in Intuit by 3.9% during the fourth quarter. Bank of New York Mellon Corp now owns 2,386,228 shares of the software maker’s stock valued at $1,499,744,000 after purchasing an additional 88,487 shares in the last quarter. Brown Financial Advisors grew its stake in shares of Intuit by 11.0% during the fourth quarter. Brown Financial Advisors now owns 1,820 shares of the software maker’s stock valued at $1,144,000 after buying an additional 181 shares during the last quarter. BankPlus Trust Department bought a new position in shares of Intuit during the fourth quarter valued at about $61,000. Impax Asset Management Group plc grew its stake in shares of Intuit by 0.6% during the fourth quarter. Impax Asset Management Group plc now owns 22,392 shares of the software maker’s stock valued at $14,073,000 after buying an additional 144 shares during the last quarter. Finally, Crestwood Advisors Group LLC grew its stake in shares of Intuit by 22.9% during the fourth quarter. Crestwood Advisors Group LLC now owns 2,043 shares of the software maker’s stock valued at $1,284,000 after buying an additional 380 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Activity

In other news, EVP Alex G. Balazs sold 23,810 shares of Intuit stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $665.98, for a total transaction of $15,856,983.80. Following the completion of the transaction, the executive vice president now directly owns 489 shares in the company, valued at approximately $325,664.22. This trade represents a 97.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Laura A. Fennell sold 7,700 shares of Intuit stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $657.64, for a total transaction of $5,063,828.00. Following the transaction, the executive vice president now owns 33,916 shares of the company’s stock, valued at $22,304,518.24. The trade was a 18.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 218,014 shares of company stock worth $140,855,687. Insiders own 2.68% of the company’s stock.

Wall Street Analysts Forecast Growth

INTU has been the topic of a number of recent research reports. Scotiabank initiated coverage on Intuit in a research note on Monday, November 18th. They set a “sector perform” rating and a $700.00 price objective on the stock. Barclays reduced their price objective on Intuit from $800.00 to $775.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Piper Sandler reissued an “overweight” rating and issued a $765.00 target price on shares of Intuit in a research note on Friday, January 10th. Redburn Atlantic assumed coverage on Intuit in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. Finally, JPMorgan Chase & Co. raised their target price on Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Intuit currently has an average rating of “Moderate Buy” and a consensus price target of $726.71.

Intuit Stock Performance

Intuit stock opened at $567.24 on Tuesday. The stock’s 50 day simple moving average is $610.15 and its two-hundred day simple moving average is $628.07. Intuit Inc. has a fifty-two week low of $557.29 and a fifty-two week high of $714.78. The stock has a market cap of $158.78 billion, a price-to-earnings ratio of 55.07, a PEG ratio of 2.85 and a beta of 1.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24.

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.