L & S Advisors Inc Cuts Stake in Intuit Inc. (NASDAQ:INTU)

L & S Advisors Inc reduced its position in Intuit Inc. (NASDAQ:INTU) by 35.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,137 shares of the software maker’s stock after selling 5,049 shares during the quarter. L & S Advisors Inc’s holdings in Intuit were worth $5,674,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of INTU. Legal & General Group Plc lifted its stake in shares of Intuit by 1.0% during the second quarter. Legal & General Group Plc now owns 2,340,555 shares of the software maker’s stock worth $1,538,236,000 after buying an additional 23,995 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of Intuit by 17.3% during the second quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock worth $1,062,578,000 after buying an additional 238,486 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Intuit by 4.2% during the second quarter. Principal Financial Group Inc. now owns 1,407,862 shares of the software maker’s stock worth $925,262,000 after buying an additional 56,370 shares during the period. Capital World Investors lifted its stake in shares of Intuit by 1.0% during the first quarter. Capital World Investors now owns 1,188,779 shares of the software maker’s stock worth $772,706,000 after buying an additional 12,068 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Intuit by 10.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,014,972 shares of the software maker’s stock worth $630,298,000 after buying an additional 98,406 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

INTU has been the subject of a number of research reports. Scotiabank initiated coverage on shares of Intuit in a research report on Monday. They set a “sector perform” rating and a $700.00 target price for the company. JPMorgan Chase & Co. lifted their price objective on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a report on Friday, August 23rd. Piper Sandler reaffirmed an “overweight” rating and issued a $768.00 price objective on shares of Intuit in a report on Friday, September 27th. Bank of America lifted their price objective on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Finally, Barclays boosted their target price on shares of Intuit from $740.00 to $800.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $737.06.

Insider Transactions at Intuit

In other news, EVP Kerry J. Mclean sold 11,079 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total value of $6,997,607.19. Following the transaction, the executive vice president now directly owns 24,941 shares in the company, valued at approximately $15,752,985.01. This represents a 30.76 % 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 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 transaction 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. This represents a 18.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 55,297 shares of company stock worth $35,220,046. 2.90% of the stock is currently owned by insiders.

Intuit Stock Performance

NASDAQ:INTU opened at $660.46 on Thursday. 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 market capitalization of $185.01 billion, a price-to-earnings ratio of 62.26, a PEG ratio of 3.15 and a beta of 1.25. The company’s 50-day moving average is $634.46 and its two-hundred day moving average is $630.89. Intuit Inc. has a 1-year low of $557.29 and a 1-year high of $714.78.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.14. The company had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. Intuit’s revenue was up 17.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.40 EPS. Analysts forecast that Intuit Inc. will post 14.05 EPS for the current year.

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.