Assetmark Inc. Has $38.56 Million Stake in Intuit Inc. (NASDAQ:INTU)

Assetmark Inc. lifted its position in shares of Intuit Inc. (NASDAQ:INTU) by 10.9% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 62,095 shares of the software maker’s stock after purchasing an additional 6,098 shares during the quarter. Assetmark Inc.’s holdings in Intuit were worth $38,561,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Intech Investment Management LLC raised its position in shares of Intuit by 134.7% in the 1st quarter. Intech Investment Management LLC now owns 4,601 shares of the software maker’s stock worth $2,991,000 after acquiring an additional 2,641 shares in the last quarter. GAMMA Investing LLC lifted its stake in Intuit by 33.7% in the third quarter. GAMMA Investing LLC now owns 3,838 shares of the software maker’s stock valued at $2,383,000 after buying an additional 968 shares during the period. Harvest Portfolios Group Inc. boosted its holdings in shares of Intuit by 5.4% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 35,902 shares of the software maker’s stock worth $22,295,000 after buying an additional 1,853 shares in the last quarter. Cetera Advisors LLC grew its position in shares of Intuit by 33.4% during the 1st quarter. Cetera Advisors LLC now owns 10,607 shares of the software maker’s stock worth $6,895,000 after buying an additional 2,655 shares during the period. Finally, Park Avenue Securities LLC increased its stake in shares of Intuit by 13.4% in the 2nd quarter. Park Avenue Securities LLC now owns 11,257 shares of the software maker’s stock valued at $7,398,000 after acquiring an additional 1,328 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.

Analysts Set New Price Targets

INTU has been the topic of several research analyst reports. Susquehanna reissued a “positive” rating and set a $757.00 target price on shares of Intuit in a research note on Friday, August 16th. BMO Capital Markets raised their target price on Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research note on Friday, August 23rd. Piper Sandler reaffirmed an “overweight” rating and issued a $768.00 target price on shares of Intuit in a research report on Friday, September 27th. Bank of America increased their price target on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Finally, Morgan Stanley downgraded Intuit from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $750.00 to $685.00 in a report on Wednesday, August 14th. Four equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $735.71.

Intuit Stock Performance

Shares of INTU stock opened at $684.22 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. The firm has a 50-day moving average of $625.54 and a 200-day moving average of $627.81. Intuit Inc. has a one year low of $513.97 and a one year high of $688.88. The company has a market cap of $191.78 billion, a P/E ratio of 65.48, a P/E/G ratio of 3.17 and a beta of 1.25.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping the consensus estimate of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The firm had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter last year, the firm earned $0.40 EPS. The company’s quarterly revenue was up 17.4% compared to the same quarter last year. Equities research analysts forecast that Intuit Inc. will post 14.04 EPS for the current fiscal year.

Intuit Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Thursday, October 10th were paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date of this dividend was Thursday, October 10th. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio is 39.81%.

Insider Activity

In related news, CFO Sandeep Aujla sold 862 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value of $535,327.86. Following the transaction, 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 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Alex G. Balazs sold 2,941 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the completion of the sale, the executive vice president now owns 20 shares in the company, valued at $12,575.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Sandeep Aujla sold 862 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the transaction, the chief financial officer now owns 3,840 shares in the company, valued at approximately $2,384,755.20. The trade was a 0.00 % decrease in their position. 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 in the last ninety days. 2.90% of the stock is currently owned by 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.