Prospera Private Wealth LLC Acquires 6,223 Shares of Intuit Inc. (NASDAQ:INTU)

Prospera Private Wealth LLC raised its stake in shares of Intuit Inc. (NASDAQ:INTU) by 1,748.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,579 shares of the software maker’s stock after buying an additional 6,223 shares during the period. Prospera Private Wealth LLC’s holdings in Intuit were worth $4,086,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in INTU. International Assets Investment Management LLC boosted its holdings in shares of Intuit by 68,404.7% during the 3rd quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker’s stock worth $300,768,000 after buying an additional 483,621 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Intuit in the second quarter valued at about $184,982,000. Ameriprise Financial Inc. grew its position in shares of Intuit by 17.3% in the second quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock valued at $1,062,578,000 after purchasing an additional 238,486 shares during the last quarter. Clearbridge Investments LLC increased its stake in shares of Intuit by 21.3% in the second quarter. Clearbridge Investments LLC now owns 964,328 shares of the software maker’s stock worth $633,766,000 after purchasing an additional 169,190 shares during the period. Finally, Seven Post Investment Office LP acquired a new position in shares of Intuit during the 2nd quarter worth about $107,513,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on INTU. JPMorgan Chase & Co. increased their price target on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a report on Friday, August 23rd. Bank of America lifted their target price on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Piper Sandler reiterated an “overweight” rating and issued a $768.00 price objective on shares of Intuit in a report on Friday, September 27th. Susquehanna reaffirmed a “positive” rating and set a $757.00 price target on shares of Intuit in a research report on Friday, August 16th. Finally, Morgan Stanley cut Intuit from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $750.00 to $685.00 in a research note on Wednesday, August 14th. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $737.06.

Intuit Stock Performance

Shares of NASDAQ:INTU opened at $644.17 on Wednesday. Intuit Inc. has a 12-month low of $557.29 and a 12-month high of $714.78. The company’s 50 day moving average price is $634.32 and its two-hundred day moving average price is $630.75. The firm has a market cap of $180.55 billion, a PE ratio of 61.64, a PEG ratio of 3.36 and a beta of 1.25. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30.

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

Insider Activity at Intuit

In related news, Director Eve B. Burton sold 2,988 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $649.87, for a total transaction of $1,941,811.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Sandeep Aujla sold 4,000 shares of the firm’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $617.28, for a total value of $2,469,120.00. Following the completion of the sale, the chief financial officer now directly owns 452 shares in the company, valued at $279,010.56. This trade represents a 89.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 55,297 shares of company stock valued at $35,220,046 over the last quarter. 2.90% of the stock is owned by corporate insiders.

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.