Piper Sandler Reaffirms Overweight Rating for Intuit (NASDAQ:INTU)

Piper Sandler restated their overweight rating on shares of Intuit (NASDAQ:INTU) in a report published on Friday morning, Benzinga reports. The firm currently has a $768.00 price objective on the software maker’s stock.

A number of other equities research analysts have also recently weighed in on the stock. Morgan Stanley cut shares of Intuit from an overweight rating to an equal weight rating and cut their price objective for the company from $750.00 to $685.00 in a research note on Wednesday, August 14th. BMO Capital Markets upped their price target on shares of Intuit from $700.00 to $760.00 and gave the stock an outperform rating in a research note on Friday, August 23rd. Barclays decreased their price objective on shares of Intuit from $745.00 to $740.00 and set an overweight rating for the company in a report on Friday, August 23rd. StockNews.com downgraded Intuit from a buy rating to a hold rating in a research report on Friday, September 20th. Finally, Jefferies Financial Group increased their price target on Intuit from $770.00 to $790.00 and gave the company a buy rating in a research note on Friday, August 23rd. Four 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, Intuit currently has a consensus rating of Moderate Buy and an average target price of $735.71.

Intuit Trading Up 0.3 %

Intuit stock opened at $621.00 on Friday. Intuit has a 52-week low of $473.56 and a 52-week high of $676.62. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $173.60 billion, a price-to-earnings ratio of 57.29, a PEG ratio of 3.13 and a beta of 1.24. The firm has a 50-day moving average price of $634.62 and a two-hundred day moving average price of $630.21.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The company had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter in the previous year, the company posted $0.40 earnings per share. The business’s revenue for the quarter was up 17.4% compared to the same quarter last year. Sell-side analysts expect that Intuit will post 14.07 earnings per share for the current year.

Intuit Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.67%. This is a boost from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, October 10th. Intuit’s payout ratio is presently 38.38%.

Insider Buying and Selling at Intuit

In other news, CFO Sandeep Aujla sold 1,061 shares of Intuit stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total transaction of $690,997.47. Following the transaction, the chief financial officer now owns 3,333 shares in the company, valued at $2,170,682.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total transaction of $690,997.47. Following the transaction, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kerry J. Mclean sold 11,079 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the completion of the sale, the executive vice president now owns 24,941 shares of the company’s stock, valued at approximately $15,752,985.01. The disclosure for this sale can be found here. Insiders have sold a total of 51,583 shares of company stock valued at $32,975,909 in the last three months. 2.90% of the stock is currently owned by company insiders.

Institutional Trading of Intuit

Institutional investors have recently bought and sold shares of the company. LGT Financial Advisors LLC bought a new stake in Intuit during the second quarter worth approximately $25,000. Cultivar Capital Inc. bought a new stake in shares of Intuit during the 2nd quarter worth $26,000. Fairway Wealth LLC acquired a new position in Intuit in the 2nd quarter valued at $26,000. Hobbs Group Advisors LLC bought a new position in Intuit in the 2nd quarter worth $35,000. Finally, J.Safra Asset Management Corp acquired a new position in Intuit during the 2nd quarter worth $39,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

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.