Scotiabank Initiates Coverage on Intuit (NASDAQ:INTU)

Scotiabank assumed coverage on shares of Intuit (NASDAQ:INTU) in a research note released on Monday, MarketBeat reports. The firm issued a sector perform rating and a $700.00 price target on the software maker’s stock.

Several other 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 decreased their price target for the stock from $750.00 to $685.00 in a report on Wednesday, August 14th. Piper Sandler restated an “overweight” rating and issued a $768.00 target price on shares of Intuit in a research note on Friday, September 27th. Susquehanna reiterated a “positive” rating and set a $757.00 price target on shares of Intuit in a research report on Friday, August 16th. Stifel Nicolaus upped their price objective on shares of Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Finally, Bank of America lifted their target price on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, Intuit currently has an average rating of “Moderate Buy” and an average target price of $737.06.

Intuit Stock Performance

Shares of INTU opened at $650.60 on Monday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. The stock has a market capitalization of $182.36 billion, a price-to-earnings ratio of 62.26, a price-to-earnings-growth ratio of 3.36 and a beta of 1.25. Intuit has a 52-week low of $557.29 and a 52-week high of $714.78. The stock’s 50-day simple moving average is $634.46 and its 200 day simple moving average is $630.89.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, beating 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 company had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter in the previous year, the company earned $0.40 earnings per share. Intuit’s revenue for the quarter was up 17.4% on a year-over-year basis. Research analysts forecast that Intuit will post 14.05 EPS for the current fiscal year.

Insider Buying and Selling at Intuit

In other news, CFO Sandeep Aujla sold 775 shares of the company’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total transaction of $466,015.25. Following the completion of the transaction, the chief financial officer now directly owns 4,451 shares of the company’s stock, valued at approximately $2,676,430.81. This represents a 14.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Eve B. Burton sold 2,988 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $649.87, for a total value of $1,941,811.56. 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. 2.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Intuit

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