Fred Alger Management LLC Has $680,000 Stake in Intuit Inc. (NASDAQ:INTU)

Fred Alger Management LLC lowered its holdings in Intuit Inc. (NASDAQ:INTU) by 94.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,095 shares of the software maker’s stock after selling 19,641 shares during the quarter. Fred Alger Management LLC’s holdings in Intuit were worth $680,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Fortitude Family Office LLC grew its holdings in shares of Intuit by 2.8% during the second quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock valued at $382,000 after buying an additional 16 shares during the last quarter. WASHINGTON TRUST Co boosted its stake in Intuit by 10.5% during the 2nd quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock valued at $110,000 after purchasing an additional 16 shares during the last quarter. Gemmer Asset Management LLC increased its holdings in Intuit by 3.7% during the 2nd quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock worth $294,000 after purchasing an additional 16 shares in the last quarter. Truvestments Capital LLC raised its stake 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. Finally, PFG Investments LLC lifted its holdings in shares of Intuit by 1.1% in the second quarter. PFG Investments LLC now owns 1,558 shares of the software maker’s stock valued at $1,024,000 after purchasing an additional 17 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.

Intuit Price Performance

INTU opened at $641.73 on Monday. The firm has a 50-day moving average price of $634.10 and a 200-day moving average price of $631.26. Intuit Inc. has a twelve month low of $557.29 and a twelve month high of $714.78. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $179.71 billion, a price-to-earnings ratio of 62.30, a PEG ratio of 3.17 and a beta of 1.25.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.14. The business had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.14 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. Intuit’s revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.14 EPS. Equities analysts expect that Intuit Inc. will post 14.07 EPS for the current year.

Intuit Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Thursday, January 9th will be issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.65%. The ex-dividend date of this dividend is Thursday, January 9th. Intuit’s payout ratio is 40.39%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on INTU shares. Scotiabank initiated coverage on Intuit in a report on Monday, November 18th. They set a “sector perform” rating and a $700.00 price target for the company. JPMorgan Chase & Co. lifted their price objective on shares of Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. StockNews.com downgraded shares of Intuit from a “buy” rating to a “hold” rating in a report on Friday, November 22nd. Jefferies Financial Group boosted their price target on shares of Intuit from $790.00 to $800.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Finally, Piper Sandler reduced their price objective on shares of Intuit from $768.00 to $765.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $737.44.

Insider Transactions at Intuit

In other news, insider Scott D. Cook sold 2,461 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the completion of the transaction, the insider now owns 6,453,105 shares of the company’s stock, valued at approximately $4,111,853,974.95. The trade was a 0.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 directly owns 20 shares in the company, valued at $12,575.20. This represents a 99.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 130,265 shares of company stock valued at $83,336,625. 2.90% of the stock is currently owned by corporate insiders.

Intuit Company Profile

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.