Bank of America Initiates Coverage on Intuit (NASDAQ:INTU)


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Stock analysts at Bank of America assumed coverage on shares of Intuit (NASDAQ:INTU) in a report released on Thursday, The Fly reports. The firm set a “buy” rating on the software maker’s stock.

INTU has been the subject of several other reports. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell boosted their price objective on Intuit from $378.00 to $383.00 in a research note on Tuesday, December 22nd. Smith Barney Citigroup boosted their price objective on Intuit from $378.00 to $383.00 in a research note on Tuesday, December 22nd. Morgan Stanley reiterated a “buy” rating and set a $470.00 price objective on shares of Intuit in a research note on Tuesday. UBS Group boosted their target price on Intuit from $375.00 to $407.00 and gave the stock a “neutral” rating in a report on Tuesday, March 2nd. Finally, Credit Suisse Group restated an “outperform” rating and set a $460.00 target price on shares of Intuit in a report on Monday, March 22nd. Four investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $426.05.

Shares of Intuit stock opened at $401.05 on Thursday. The company has a quick ratio of 3.09, a current ratio of 3.09 and a debt-to-equity ratio of 0.39. Intuit has a twelve month low of $240.38 and a twelve month high of $423.74. The business has a 50-day moving average price of $391.35 and a 200 day moving average price of $365.48. The firm has a market cap of $109.82 billion, a PE ratio of 53.83, a P/E/G ratio of 4.29 and a beta of 0.99.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Tuesday, February 23rd. The software maker reported $0.68 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.55. Intuit had a return on equity of 40.29% and a net margin of 25.10%. The company had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same period in the previous year, the business earned $1.16 EPS. Intuit’s quarterly revenue was down 7.1% on a year-over-year basis. On average, sell-side analysts expect that Intuit will post 5.87 EPS for the current year.

In other Intuit news, EVP James Alexander Chriss sold 364 shares of the business’s stock in a transaction that occurred on Thursday, February 25th. The stock was sold at an average price of $407.38, for a total value of $148,286.32. Following the sale, the executive vice president now owns 221 shares of the company’s stock, valued at $90,030.98. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Michelle M. Clatterbuck sold 2,253 shares of the business’s stock in a transaction that occurred on Tuesday, March 2nd. The shares were sold at an average price of $403.51, for a total value of $909,108.03. Following the completion of the sale, the chief financial officer now directly owns 4,293 shares in the company, valued at approximately $1,732,268.43. The disclosure for this sale can be found here. 3.38% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Carroll Financial Associates Inc. raised its position in Intuit by 9.8% in the first quarter. Carroll Financial Associates Inc. now owns 762 shares of the software maker’s stock valued at $291,000 after purchasing an additional 68 shares during the period. Everence Capital Management Inc. purchased a new stake in shares of Intuit during the first quarter worth $3,064,000. TrimTabs Asset Management LLC purchased a new stake in shares of Intuit during the first quarter worth $811,000. Red Spruce Capital LLC increased its position in shares of Intuit by 3.4% during the first quarter. Red Spruce Capital LLC now owns 1,904 shares of the software maker’s stock worth $729,000 after acquiring an additional 62 shares during the period. Finally, IronBridge Private Wealth LLC purchased a new stake in shares of Intuit during the fourth quarter worth $3,977,000. 84.79% of the stock is currently owned by 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 three segments: Small Business & Self-Employed, Consumer, and Strategic Partner.

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