Intuit (NASDAQ:INTU) Price Target Cut to $726.00 by Analysts at Citigroup

Intuit (NASDAQ:INTU) had its price target cut by equities researchers at Citigroup from $760.00 to $726.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Citigroup’s price target would indicate a potential upside of 16.07% from the company’s previous close.

A number of other equities research analysts have also weighed in on INTU. Barclays lowered their price objective on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Scotiabank initiated coverage on shares of Intuit in a research note on Monday, November 18th. They issued a “sector perform” rating and a $700.00 price target for the company. BMO Capital Markets reduced their price objective on Intuit from $760.00 to $714.00 and set an “outperform” rating on the stock in a research note on Wednesday. Piper Sandler reiterated an “overweight” rating and issued a $785.00 price objective (up previously from $765.00) on shares of Intuit in a report on Wednesday. Finally, Morgan Stanley upgraded Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 target price for the company in a report on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $723.76.

Intuit Price Performance

Shares of INTU traded up $69.88 during midday trading on Wednesday, reaching $625.51. The stock had a trading volume of 4,673,426 shares, compared to its average volume of 1,887,437. 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 market capitalization of $175.09 billion, a price-to-earnings ratio of 60.73, a price-to-earnings-growth ratio of 2.85 and a beta of 1.24. The company’s 50-day moving average is $607.70 and its 200 day moving average is $627.55. Intuit has a 12-month low of $553.24 and a 12-month high of $714.78.

Insider Transactions at Intuit

In other news, EVP Mark P. Notarainni sold 3,649 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $646.68, for a total value of $2,359,735.32. Following the completion of the transaction, the executive vice president now owns 19 shares of the company’s stock, valued at approximately $12,286.92. This represents a 99.48 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Lauren D. Hotz sold 1,078 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $619.28, for a total value of $667,583.84. Following the completion of the transaction, the chief accounting officer now owns 1,864 shares of the company’s stock, valued at approximately $1,154,337.92. The trade was a 36.64 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 218,014 shares of company stock valued at $140,855,687. Company insiders own 2.68% of the company’s stock.

Institutional Investors Weigh In On Intuit

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INTU. Integrated Advisors Network LLC lifted its position in Intuit by 9.6% during the 3rd quarter. Integrated Advisors Network LLC now owns 1,416 shares of the software maker’s stock valued at $879,000 after acquiring an additional 124 shares during the period. Strategic Blueprint LLC increased its stake in shares of Intuit by 1.9% during the third quarter. Strategic Blueprint LLC now owns 1,167 shares of the software maker’s stock valued at $725,000 after purchasing an additional 22 shares in the last quarter. Fidelis Capital Partners LLC lifted its holdings in shares of Intuit by 9.2% during the third quarter. Fidelis Capital Partners LLC now owns 1,494 shares of the software maker’s stock valued at $899,000 after purchasing an additional 126 shares during the last quarter. Childress Capital Advisors LLC boosted its position in shares of Intuit by 3.2% in the 3rd quarter. Childress Capital Advisors LLC now owns 1,137 shares of the software maker’s stock worth $706,000 after purchasing an additional 35 shares in the last quarter. Finally, Mutual Advisors LLC grew its stake in shares of Intuit by 21.5% in the 3rd quarter. Mutual Advisors LLC now owns 2,690 shares of the software maker’s stock worth $1,625,000 after buying an additional 476 shares during 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.