Intuit’s (INTU) Overweight Rating Reiterated at Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Intuit (NASDAQ:INTU) in a research report released on Friday morning,Benzinga reports. Piper Sandler currently has a $765.00 target price on the software maker’s stock.

Several other equities analysts also recently issued reports on INTU. Jefferies Financial Group upped their target price on Intuit from $790.00 to $800.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Royal Bank of Canada reissued an “outperform” rating and issued a $760.00 price objective on shares of Intuit in a report on Friday, November 22nd. JPMorgan Chase & Co. lifted their target price on Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Morgan Stanley increased their price target on shares of Intuit from $685.00 to $730.00 and gave the stock an “equal weight” rating in a report on Friday, November 22nd. Finally, Barclays decreased their price objective on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, Intuit presently has an average rating of “Moderate Buy” and an average target price of $737.44.

Intuit Trading Down 0.4 %

Shares of NASDAQ:INTU opened at $623.43 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24. The firm has a market capitalization of $174.51 billion, a P/E ratio of 60.53, a P/E/G ratio of 3.24 and a beta of 1.25. The business’s 50-day moving average is $649.58 and its 200 day moving average is $638.15. Intuit has a 1 year low of $557.29 and a 1 year high of $714.78.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, beating the consensus estimate of $2.36 by $0.14. The firm 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% on a year-over-year basis. During the same period last year, the firm posted $1.14 EPS. On average, research analysts predict that Intuit will post 14.07 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Thursday, January 9th will be given a dividend of $1.04 per share. The ex-dividend date is Friday, January 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.67%. Intuit’s dividend payout ratio is currently 40.39%.

Insider Activity

In other Intuit news, CFO Sandeep Aujla sold 1,300 shares of the stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $626.42, for a total transaction of $814,346.00. Following the completion of the transaction, the chief financial officer now owns 644 shares of the company’s stock, valued at $403,414.48. This represents a 66.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $641.82, for a total value of $48,136,500.00. Following the completion of the sale, the insider now directly owns 6,378,105 shares in the company, valued at $4,093,595,351.10. This represents a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 291,936 shares of company stock worth $188,324,604 over the last three months. 2.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INTU. Fairway Wealth LLC acquired a new stake in shares of Intuit in the second quarter valued at about $26,000. Northwest Investment Counselors LLC acquired a new stake in Intuit in the 3rd quarter valued at about $27,000. Denver PWM LLC acquired a new stake in Intuit in the 3rd quarter valued at about $32,000. Dunhill Financial LLC lifted its stake in Intuit by 110.3% in the 3rd quarter. Dunhill Financial LLC now owns 61 shares of the software maker’s stock worth $38,000 after purchasing an additional 32 shares in the last quarter. Finally, Groupama Asset Managment boosted its holdings in shares of Intuit by 10.6% during the 3rd quarter. Groupama Asset Managment now owns 7,517 shares of the software maker’s stock worth $47,000 after purchasing an additional 720 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

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.