Castlekeep Investment Advisors LLC Takes $5.14 Million Position in Intuit Inc. (NASDAQ:INTU)

Castlekeep Investment Advisors LLC purchased a new position in shares of Intuit Inc. (NASDAQ:INTU) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,171 shares of the software maker’s stock, valued at approximately $5,135,000. Intuit makes up approximately 0.8% of Castlekeep Investment Advisors LLC’s holdings, making the stock its 26th biggest holding.

Several other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Intuit by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker’s stock worth $16,991,696,000 after acquiring an additional 353,185 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Intuit by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker’s stock worth $3,833,720,000 after purchasing an additional 132,384 shares during the last quarter. Wellington Management Group LLP grew its position in Intuit by 13.3% in the 4th quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker’s stock worth $3,329,115,000 after purchasing an additional 620,559 shares in the last quarter. Norges Bank bought a new stake in Intuit in the 4th quarter worth about $2,290,419,000. Finally, Northern Trust Corp increased its stake in Intuit by 17.3% in the 4th quarter. Northern Trust Corp now owns 3,371,013 shares of the software maker’s stock valued at $2,118,682,000 after buying an additional 498,030 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

Intuit Stock Up 8.1%

Intuit stock opened at $720.13 on Friday. The firm has a 50 day simple moving average of $616.76 and a 200 day simple moving average of $621.21. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $734.18. The firm has a market capitalization of $201.32 billion, a price-to-earnings ratio of 69.92, a P/E/G ratio of 2.85 and a beta of 1.24.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping analysts’ consensus estimates of $10.89 by $0.76. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The firm had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.56 billion. During the same period last year, the company earned $9.88 earnings per share. The business’s revenue for the quarter was up 15.1% on a year-over-year basis. On average, analysts predict that Intuit Inc. will post 14.09 earnings per share for the current year.

Insider Buying and Selling at Intuit

In other news, EVP Laura A. Fennell sold 8,163 shares of the firm’s 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 transaction, the executive vice president now directly owns 21,882 shares in the company, valued at approximately $13,401,849.72. This trade represents a 27.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Scott D. Cook sold 6,446 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $604.26, for a total transaction of $3,895,059.96. Following the sale, the insider now directly owns 6,219,900 shares in the company, valued at $3,758,436,774. This trade represents a 0.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold 23,696 shares of company stock valued at $14,347,731 in the last quarter. 2.68% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on INTU shares. Royal Bank of Canada boosted their target price on Intuit from $760.00 to $850.00 and gave the stock an “outperform” rating in a research note on Friday. Scotiabank raised Intuit from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the stock from $600.00 to $700.00 in a research report on Thursday, April 17th. Jefferies Financial Group upped their price objective on Intuit from $735.00 to $850.00 and gave the company a “buy” rating in a research note on Friday. Piper Sandler reiterated an “overweight” rating and set a $825.00 target price (up from $785.00) on shares of Intuit in a research note on Friday. Finally, Stifel Nicolaus boosted their price target on shares of Intuit from $725.00 to $850.00 and gave the stock a “buy” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $785.33.

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.