Piper Sandler Reiterates Overweight Rating for Intuit (NASDAQ:INTU)

Intuit (NASDAQ:INTU)‘s stock had its “overweight” rating reissued by equities researchers at Piper Sandler in a research report issued on Wednesday,Benzinga reports. They presently have a $785.00 price objective on the software maker’s stock, up from their prior price objective of $765.00. Piper Sandler’s target price points to a potential upside of 41.28% from the stock’s current price.

Several other equities research analysts also recently commented on INTU. Jefferies Financial Group lifted their target price on shares of Intuit from $790.00 to $800.00 and gave the stock a “buy” rating in a research 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 report on Friday, November 22nd. JPMorgan Chase & Co. boosted their price objective on shares of Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Morgan Stanley raised Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 target price for the company in a research report on Wednesday. Finally, BNP Paribas lowered Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price target on the stock. in a research report on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Intuit currently has an average rating of “Moderate Buy” and an average price target of $727.88.

Intuit Price Performance

Intuit stock opened at $555.63 on Wednesday. The company has a market capitalization of $155.53 billion, a PE ratio of 53.94, a P/E/G ratio of 2.85 and a beta of 1.24. 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 stock has a 50-day moving average price of $607.70 and a two-hundred day moving average price of $627.55. Intuit has a 12 month low of $553.24 and a 12 month high of $714.78.

Insider Buying and Selling

In related news, insider Scott D. Cook sold 73,655 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $664.94, for a total value of $48,976,155.70. Following the sale, the insider now owns 6,301,286 shares in the company, valued at $4,189,977,112.84. This represents a 1.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Laura A. Fennell sold 4,788 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $613.62, for a total transaction of $2,938,012.56. Following the completion of the transaction, the executive vice president now directly owns 30,010 shares in the company, valued at approximately $18,414,736.20. The trade was a 13.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 218,014 shares of company stock worth $140,855,687 in the last ninety days. Corporate insiders own 2.68% of the company’s stock.

Institutional Trading of Intuit

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Intuit by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker’s stock worth $16,991,696,000 after buying an additional 353,185 shares in the last quarter. State Street Corp boosted its holdings in Intuit by 1.8% during the 3rd quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock worth $7,648,910,000 after acquiring an additional 221,885 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Intuit by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker’s stock worth $3,833,720,000 after acquiring an additional 132,384 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Intuit by 13.3% in the fourth quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker’s stock valued at $3,329,115,000 after purchasing an additional 620,559 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its position in shares of Intuit by 2.9% during the third quarter. Fisher Asset Management LLC now owns 3,827,671 shares of the software maker’s stock valued at $2,376,984,000 after purchasing an additional 107,482 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

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.