Intuit (NASDAQ:INTU) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Intuit (NASDAQ:INTU) had its price target upped by equities researchers at JPMorgan Chase & Co. from $600.00 to $640.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. JPMorgan Chase & Co.‘s target price points to a potential downside of 0.02% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Stifel Nicolaus reduced their price objective on shares of Intuit from $795.00 to $725.00 and set a “buy” rating for the company in a research report on Friday. Piper Sandler dropped their price target on Intuit from $768.00 to $765.00 and set an “overweight” rating on the stock in a research note on Friday. Jefferies Financial Group raised their price objective on Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Oppenheimer lifted their price objective on shares of Intuit from $712.00 to $722.00 and gave the company an “outperform” rating in a report on Friday. Finally, StockNews.com upgraded shares of Intuit from a “hold” rating to a “buy” rating in a report on Monday, September 30th. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $737.44.

Intuit Stock Down 5.7 %

Shares of NASDAQ:INTU opened at $640.12 on Friday. The firm has a market cap of $179.31 billion, a P/E ratio of 62.15, a P/E/G ratio of 3.32 and a beta of 1.25. Intuit has a 12-month low of $557.29 and a 12-month high of $714.78. The business has a fifty day simple moving average of $634.81 and a 200 day simple moving average of $631.20. 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, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.14. Intuit had a net margin of 17.59% and a return on equity of 18.28%. 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 company earned $1.14 EPS. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. Analysts predict that Intuit will post 14.05 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Laura A. Fennell sold 30,159 shares of Intuit stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $642.36, for a total value of $19,372,935.24. Following the completion of the sale, the executive vice president now owns 52,038 shares of the company’s stock, valued at approximately $33,427,129.68. This trade represents a 36.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Sandeep Aujla sold 4,000 shares of the company’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $617.28, for a total transaction of $2,469,120.00. Following the sale, the chief financial officer now directly owns 452 shares in the company, valued at approximately $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. Over the last 90 days, insiders sold 55,297 shares of company stock worth $35,220,046. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Intuit

Several hedge funds have recently made changes to their positions in the stock. Brown Financial Advisors increased its position in shares of Intuit by 0.9% during the third quarter. Brown Financial Advisors now owns 1,639 shares of the software maker’s stock valued at $1,018,000 after buying an additional 15 shares during the period. Fortitude Family Office LLC increased its holdings in shares of Intuit by 2.8% in the second quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock worth $382,000 after purchasing an additional 16 shares during the period. WASHINGTON TRUST Co raised its position in shares of Intuit by 10.5% in the second quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock worth $110,000 after buying an additional 16 shares in the last quarter. Gemmer Asset Management LLC boosted its position in shares of Intuit by 3.7% during the 2nd quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock valued at $294,000 after acquiring an additional 16 shares during the last quarter. Finally, Truvestments Capital LLC increased its position in shares of Intuit by 1.5% in the third quarter. Truvestments Capital LLC now owns 1,078 shares of the software maker’s stock worth $669,000 after purchasing an additional 16 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

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.