Parallel Advisors LLC Sells 124 Shares of Intuit Inc. (NASDAQ:INTU)

Parallel Advisors LLC lowered its stake in shares of Intuit Inc. (NASDAQ:INTU) by 0.5% during the first quarter, Holdings Channel reports. The fund owned 25,679 shares of the software maker’s stock after selling 124 shares during the period. Parallel Advisors LLC’s holdings in Intuit were worth $15,766,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in INTU. R Squared Ltd bought a new position in shares of Intuit in the 4th quarter valued at about $25,000. Copia Wealth Management bought a new position in shares of Intuit in the 4th quarter valued at about $25,000. NewSquare Capital LLC boosted its stake in shares of Intuit by 72.0% in the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock valued at $27,000 after purchasing an additional 18 shares during the last quarter. Heck Capital Advisors LLC bought a new position in shares of Intuit in the 4th quarter valued at about $28,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Intuit in the 4th quarter valued at about $28,000. Institutional investors own 83.66% of the company’s stock.

Insider Activity at Intuit

In related news, EVP Mark P. Notarainni sold 469 shares of the business’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $725.00, for a total value of $340,025.00. Following the completion of the transaction, the executive vice president now owns 19 shares of the company’s stock, valued at $13,775. The trade was a 96.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Laura A. Fennell sold 16,185 shares of the business’s stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $753.21, for a total value of $12,190,703.85. Following the transaction, the executive vice president now directly owns 22,796 shares of the company’s stock, valued at approximately $17,170,175.16. The trade was a 41.52% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 164,156 shares of company stock valued at $118,788,255. 2.68% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

INTU has been the topic of several recent research reports. Hsbc Global Res raised shares of Intuit from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 23rd. Piper Sandler reiterated an “overweight” rating and issued a $825.00 price target (up from $785.00) on shares of Intuit in a research report on Friday, May 23rd. Redburn Atlantic started coverage on shares of Intuit in a research report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Susquehanna reiterated a “positive” rating on shares of Intuit in a research report on Friday, May 23rd. Finally, HSBC upgraded shares of Intuit from a “hold” rating to a “buy” rating and set a $699.00 price target on the stock in a research report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $785.33.

Intuit Price Performance

NASDAQ:INTU opened at $757.22 on Friday. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $759.50. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The firm has a fifty day simple moving average of $628.02 and a 200 day simple moving average of $623.14. The stock has a market capitalization of $211.69 billion, a PE ratio of 73.52, a P/E/G ratio of 2.85 and a beta of 1.24.

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

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be paid a $1.04 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.55%. Intuit’s dividend payout ratio is presently 33.77%.

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.