Intech Investment Management LLC Reduces Holdings in Intuit Inc. (NASDAQ:INTU)

Intech Investment Management LLC reduced its position in Intuit Inc. (NASDAQ:INTU) by 1.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,953 shares of the software maker’s stock after selling 77 shares during the period. Intech Investment Management LLC’s holdings in Intuit were worth $3,076,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. LGT Financial Advisors LLC purchased a new position in Intuit in the second quarter valued at about $25,000. Cultivar Capital Inc. acquired a new position in shares of Intuit in the 2nd quarter valued at approximately $26,000. Fairway Wealth LLC acquired a new stake in shares of Intuit during the second quarter worth approximately $26,000. Northwest Investment Counselors LLC acquired a new stake in shares of Intuit during the third quarter worth approximately $27,000. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Intuit in the second quarter worth $35,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Intuit Stock Performance

INTU opened at $640.12 on Friday. 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 50 day moving average is $634.81 and its 200-day moving average is $631.20. The stock has a market cap of $179.31 billion, a PE ratio of 62.15, a price-to-earnings-growth ratio of 3.32 and a beta of 1.25. Intuit Inc. has a twelve month low of $557.29 and a twelve month high of $714.78.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $3.14 billion. During the same quarter in the previous year, the business earned $1.14 EPS. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, analysts predict that Intuit Inc. will post 14.05 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Bank of America raised their price objective on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Susquehanna reissued a “positive” rating and issued a $757.00 price objective on shares of Intuit in a report on Friday, August 16th. Morgan Stanley increased their target price on Intuit from $685.00 to $730.00 and gave the stock an “equal weight” rating in a report on Friday. Royal Bank of Canada reiterated an “outperform” rating and issued a $760.00 price target on shares of Intuit in a report on Friday. Finally, StockNews.com cut Intuit from a “buy” rating to a “hold” rating in a research note on Friday. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $737.44.

Insider Buying and Selling

In other Intuit news, CFO Sandeep Aujla sold 862 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the sale, the chief financial officer now directly owns 3,840 shares in the company, valued at $2,384,755.20. This represents a 18.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Laura A. Fennell sold 30,159 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $642.36, for a total value of $19,372,935.24. Following the transaction, the executive vice president now directly owns 52,038 shares of the company’s stock, valued at approximately $33,427,129.68. The trade was a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 55,297 shares of company stock valued at $35,220,046 over the last 90 days. 2.90% of the stock is currently owned by company 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.