Intuit (NASDAQ:INTU) Now Covered by Scotiabank

Scotiabank initiated coverage on shares of Intuit (NASDAQ:INTU) in a report issued on Monday morning,Benzinga reports. The firm issued a sector perform rating and a $700.00 target price on the software maker’s stock.

INTU has been the topic of several other reports. BMO Capital Markets raised their price objective on Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research note on Friday, August 23rd. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a research note on Monday, September 30th. Jefferies Financial Group lifted their target price on Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Piper Sandler restated an “overweight” rating and issued a $768.00 price objective on shares of Intuit in a research note on Friday, September 27th. Finally, Stifel Nicolaus boosted their price objective on Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $737.06.

Intuit Stock Performance

Shares of INTU stock opened at $678.81 on Monday. The company has a market cap of $190.26 billion, a price-to-earnings ratio of 64.96, a price-to-earnings-growth ratio of 3.36 and a beta of 1.25. Intuit has a 52 week low of $557.29 and a 52 week high of $714.78. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The firm has a 50 day moving average of $634.11 and a 200-day moving average of $630.65.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter last year, the firm posted $0.40 EPS. Intuit’s revenue was up 17.4% compared to the same quarter last year. On average, equities analysts forecast that Intuit will post 14.05 earnings per share for the current year.

Insider Buying and Selling at Intuit

In related news, EVP Kerry J. Mclean sold 11,079 shares of Intuit stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total value of $6,997,607.19. Following the completion of the transaction, the executive vice president now owns 24,941 shares in the company, valued at approximately $15,752,985.01. The trade was a 30.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Scott D. Cook sold 2,461 shares of Intuit stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the completion of the transaction, the insider now owns 6,453,105 shares of the company’s stock, valued at $4,111,853,974.95. This trade represents a 0.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 55,297 shares of company stock valued at $35,220,046 over the last ninety days. Corporate insiders own 2.90% of the company’s stock.

Institutional Trading of Intuit

Institutional investors have recently modified their holdings of the stock. Harvest Portfolios Group Inc. lifted its position in shares of Intuit by 5.4% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 35,902 shares of the software maker’s stock worth $22,295,000 after buying an additional 1,853 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Intuit by 33.7% during the 3rd quarter. GAMMA Investing LLC now owns 3,838 shares of the software maker’s stock worth $2,383,000 after buying an additional 968 shares during the last quarter. Cetera Advisors LLC lifted its position in shares of Intuit by 33.4% during the 1st quarter. Cetera Advisors LLC now owns 10,607 shares of the software maker’s stock worth $6,895,000 after buying an additional 2,655 shares during the last quarter. Park Avenue Securities LLC raised its position in Intuit by 13.4% in the 2nd quarter. Park Avenue Securities LLC now owns 11,257 shares of the software maker’s stock valued at $7,398,000 after purchasing an additional 1,328 shares during the last quarter. Finally, BDF Gestion purchased a new stake in Intuit in the 2nd quarter valued at $7,196,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

About Intuit

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.