Pitcairn Co. Cuts Holdings in Intuit Inc. (NASDAQ:INTU)

Pitcairn Co. trimmed its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 11.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,151 shares of the software maker’s stock after selling 2,005 shares during the period. Intuit comprises 0.6% of Pitcairn Co.’s investment portfolio, making the stock its 26th biggest holding. Pitcairn Co.’s holdings in Intuit were worth $9,409,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of INTU. International Assets Investment Management LLC increased its stake in Intuit by 68,404.7% in the 3rd quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker’s stock valued at $300,768,000 after purchasing an additional 483,621 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in Intuit in the 2nd quarter valued at approximately $184,982,000. Ameriprise Financial Inc. increased its stake in Intuit by 17.3% in the 2nd 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 in the last quarter. Clearbridge Investments LLC increased its stake in Intuit by 21.3% in the 2nd quarter. Clearbridge Investments LLC now owns 964,328 shares of the software maker’s stock valued at $633,766,000 after purchasing an additional 169,190 shares in the last quarter. Finally, Seven Post Investment Office LP acquired a new stake in Intuit during the 2nd quarter valued at $107,513,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

INTU has been the topic of a number of analyst reports. Stifel Nicolaus lowered their target price on Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a report on Friday. Oppenheimer increased their target price on Intuit from $712.00 to $722.00 and gave the company an “outperform” rating in a report on Friday. Royal Bank of Canada reiterated an “outperform” rating and set a $760.00 target price on shares of Intuit in a report on Friday. JPMorgan Chase & Co. increased their target price on Intuit from $600.00 to $640.00 and gave the company a “neutral” rating in a report on Friday. Finally, Piper Sandler lowered their target price on Intuit from $768.00 to $765.00 and set an “overweight” rating on the stock in a report on Friday. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $737.44.

Insider Transactions at Intuit

In other news, CFO Sandeep Aujla sold 862 shares of Intuit stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total transaction of $535,327.86. Following the sale, the chief financial officer now directly owns 3,840 shares of the company’s stock, valued at approximately $2,384,755.20. The trade was a 18.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Scott D. Cook sold 2,461 shares of Intuit stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total value of $1,568,124.59. Following the sale, the insider now directly owns 6,453,105 shares in the company, valued at approximately $4,111,853,974.95. The trade was a 0.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 55,297 shares of company stock valued at $35,220,046. 2.90% of the stock is currently owned by insiders.

Intuit Price Performance

Shares of Intuit stock opened at $640.12 on Friday. Intuit Inc. has a twelve month low of $557.29 and a twelve month high of $714.78. The stock has a market capitalization of $179.31 billion, a P/E ratio of 62.15, a PEG ratio of 3.32 and a beta of 1.25. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. The business’s fifty day moving average price is $634.81 and its 200 day moving average price is $631.27.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.14. Intuit had a return on equity of 18.28% and a net margin of 17.59%. The firm had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.14 billion. During the same quarter last year, the firm earned $1.14 earnings per share. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, research analysts anticipate that Intuit Inc. will post 14.05 earnings per share for the current year.

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.