Intuit (NASDAQ:INTU) Issues Q4 2023 Earnings Guidance

Intuit (NASDAQ:INTU – Get Rating) issued an update on its fourth quarter 2023 earnings guidance on Friday morning. The company provided EPS guidance of $1.43-$1.48 for the period, compared to the consensus EPS estimate of $1.51. The company issued revenue guidance of $2.63 billion-$2.65 billion, compared to the consensus revenue estimate of $2.45 billion. Intuit also updated its FY 2023 guidance to $14.20-$14.25 EPS.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Mizuho reduced their target price on Intuit from $650.00 to $550.00 in a research note on Tuesday, May 16th. Barclays raised their target price on shares of Intuit from $465.00 to $495.00 in a research report on Monday, May 15th. UBS Group began coverage on shares of Intuit in a research report on Wednesday, March 15th. They set a neutral rating and a $430.00 price target on the stock. Piper Sandler lowered their price objective on shares of Intuit from $510.00 to $497.00 in a report on Wednesday. Finally, Bank of America lifted their price objective on Intuit from $485.00 to $500.00 in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $491.35.

Intuit Price Performance

NASDAQ INTU opened at $413.10 on Friday. The stock has a market capitalization of $115.69 billion, a price-to-earnings ratio of 52.16, a PEG ratio of 3.11 and a beta of 1.19. Intuit has a 1-year low of $352.63 and a 1-year high of $490.83. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.51 and a quick ratio of 1.23. The business’s fifty day moving average price is $433.52 and its 200-day moving average price is $412.09.

Intuit (NASDAQ:INTU – Get Rating) last released its quarterly earnings results on Tuesday, May 23rd. The software maker reported $8.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.30 by $1.62. Intuit had a return on equity of 16.50% and a net margin of 15.91%. The business had revenue of $6.02 billion during the quarter, compared to the consensus estimate of $6.09 billion. During the same period in the previous year, the company posted $6.70 EPS. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, equities analysts predict that Intuit will post 9 earnings per share for the current year.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 18th. Investors of record on Monday, July 10th will be issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 0.76%. The ex-dividend date is Friday, July 7th. Intuit’s dividend payout ratio is 39.39%.

Insider Buying and Selling at Intuit

In other news, CFO Michelle M. Clatterbuck sold 545 shares of the firm’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $421.38, for a total transaction of $229,652.10. Following the sale, the chief financial officer now directly owns 1,350 shares in the company, valued at approximately $568,863. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Michelle M. Clatterbuck sold 545 shares of the stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $421.38, for a total transaction of $229,652.10. Following the completion of the sale, the chief financial officer now owns 1,350 shares in the company, valued at $568,863. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Lauren D. Hotz sold 500 shares of the company’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $413.16, for a total value of $206,580.00. Following the completion of the transaction, the chief accounting officer now owns 1,781 shares of the company’s stock, valued at $735,837.96. The disclosure for this sale can be found here. Insiders have sold 7,328 shares of company stock valued at $3,019,323 over the last 90 days. 3.18% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. SkyView Investment Advisors LLC bought a new position in Intuit during the first quarter valued at approximately $50,000. Dark Forest Capital Management LP bought a new position in shares of Intuit during the 1st quarter valued at approximately $51,000. Atlas Capital Advisors LLC grew its holdings in shares of Intuit by 833.3% in the second quarter. Atlas Capital Advisors LLC now owns 168 shares of the software maker’s stock valued at $65,000 after purchasing an additional 150 shares in the last quarter. Resurgent Financial Advisors LLC bought a new stake in Intuit in the fourth quarter worth $79,000. Finally, Carolinas Wealth Consulting LLC raised its stake in Intuit by 24.0% during the first quarter. Carolinas Wealth Consulting LLC now owns 222 shares of the software maker’s stock valued at $107,000 after purchasing an additional 43 shares in the last quarter. Institutional investors own 82.65% of the company’s stock.

Intuit Company Profile

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Intuit, Inc engages in the provision of business and financial management solutions. It operates through the following segments: Small Business and Self-Employed, Consumer, Credit Karma, and ProConnect. The Small Business and Self-Employed segment offers QuickBooks financial and business management online services and desktop software, payroll solutions, payment processing solutions, and financing for small businesses.