Morgan Stanley Cuts Intuit (NASDAQ:INTU) Price Target to $720.00

Intuit (NASDAQ:INTU) had its price target decreased by equities research analysts at Morgan Stanley from $730.00 to $720.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the software maker’s stock. Morgan Stanley’s price target points to a potential upside of 21.88% from the company’s current price.

Several other equities research analysts have also issued reports on the stock. StockNews.com lowered shares of Intuit from a “buy” rating to a “hold” rating in a report on Monday, March 3rd. BNP Paribas downgraded Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price target for the company. in a research note on Wednesday, January 15th. Mizuho increased their price target on shares of Intuit from $750.00 to $765.00 and gave the company an “outperform” rating in a research report on Monday, March 3rd. Scotiabank dropped their price objective on Intuit from $700.00 to $600.00 and set a “sector perform” rating on the stock in a report on Thursday, February 27th. Finally, Jefferies Financial Group cut their target price on shares of Intuit from $800.00 to $735.00 and set a “buy” rating for the company in a research report on Monday, March 31st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, Intuit currently has a consensus rating of “Moderate Buy” and an average price target of $713.00.

Intuit Stock Down 0.6 %

Shares of NASDAQ:INTU traded down $3.32 during midday trading on Wednesday, reaching $590.76. 246,135 shares of the company were exchanged, compared to its average volume of 1,562,250. The firm has a market cap of $165.15 billion, a PE ratio of 57.36, a P/E/G ratio of 2.85 and a beta of 1.25. Intuit has a fifty-two week low of $532.65 and a fifty-two week high of $714.78. The stock has a fifty day simple moving average of $591.89 and a two-hundred day simple moving average of $617.08. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31.

Insider Transactions at Intuit

In other news, EVP Laura A. Fennell sold 8,163 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $612.46, for a total value of $4,999,510.98. Following the completion of the sale, the executive vice president now directly owns 21,882 shares of the company’s stock, valued at $13,401,849.72. This represents a 27.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eve B. Burton sold 1,702 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the transaction, the director now owns 8 shares in the company, valued at approximately $4,800. This trade represents a 99.53 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 23,696 shares of company stock worth $14,347,731. Company insiders own 2.68% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Norges Bank bought a new position in shares of Intuit during the 4th quarter worth about $2,290,419,000. GAMMA Investing LLC raised its position in shares of Intuit by 69,701.9% during the first quarter. GAMMA Investing LLC now owns 2,825,582 shares of the software maker’s stock worth $17,348,790,000 after acquiring an additional 2,821,534 shares during the last quarter. Proficio Capital Partners LLC boosted its stake in shares of Intuit by 112,233.1% in the 4th quarter. Proficio Capital Partners LLC now owns 1,063,794 shares of the software maker’s stock valued at $668,595,000 after purchasing an additional 1,062,847 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Intuit by 33.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,072,021 shares of the software maker’s stock worth $1,930,765,000 after acquiring an additional 771,232 shares during the period. Finally, Wellington Management Group LLP increased its holdings in Intuit by 13.3% in the fourth quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker’s stock valued at $3,329,115,000 after purchasing an additional 620,559 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.