Intuit (NASDAQ:INTU) Reaches New 1-Year Low After Analyst Downgrade

Intuit Inc. (NASDAQ:INTU) shares reached a new 52-week low during mid-day trading on Monday after Barclays lowered their price target on the stock from $785.00 to $540.00. Barclays currently has an overweight rating on the stock. Intuit traded as low as $354.56 and last traded at $353.07, with a volume of 1089033 shares trading hands. The stock had previously closed at $380.55.

INTU has been the subject of a number of other reports. The Goldman Sachs Group began coverage on Intuit in a research report on Monday, January 12th. They issued a “neutral” rating and a $720.00 price objective for the company. Mizuho set a $675.00 price objective on shares of Intuit in a research report on Thursday. Weiss Ratings cut shares of Intuit from a “buy (b-)” rating to a “hold (c)” rating in a research note on Thursday, February 5th. Daiwa Securities Group upped their price target on shares of Intuit from $770.00 to $800.00 and gave the stock a “buy” rating in a research report on Wednesday, November 26th. Finally, Truist Financial assumed coverage on Intuit in a report on Tuesday, January 6th. They issued a “buy” rating and a $739.00 price objective on the stock. Twenty-two analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Intuit currently has an average rating of “Moderate Buy” and an average target price of $736.59.

Insider Buying and Selling at Intuit

In other Intuit news, CFO Sandeep Aujla sold 1,335 shares of the business’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $629.46, for a total transaction of $840,329.10. Following the transaction, the chief financial officer owned 536 shares of the company’s stock, valued at approximately $337,390.56. The trade was a 71.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Richard L. Dalzell sold 333 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $659.95, for a total value of $219,763.35. Following the completion of the sale, the director owned 13,476 shares of the company’s stock, valued at approximately $8,893,486.20. The trade was a 2.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 388,464 shares of company stock worth $255,514,393 in the last quarter. Insiders own 2.49% of the company’s stock.

Hedge Funds Weigh In On Intuit

A number of hedge funds have recently modified their holdings of INTU. Norges Bank acquired a new position in Intuit during the fourth quarter worth $3,058,407,000. Alliancebernstein L.P. increased its stake in shares of Intuit by 183.8% during the third quarter. Alliancebernstein L.P. now owns 1,999,737 shares of the software maker’s stock worth $1,365,640,000 after buying an additional 1,295,199 shares during the period. Nicholas Hoffman & Company LLC. purchased a new position in Intuit in the first quarter worth approximately $785,564,000. Winslow Capital Management LLC acquired a new stake in shares of Intuit in the 2nd quarter valued at $782,677,000. Finally, Vanguard Group Inc. lifted its position in shares of Intuit by 3.3% during the 3rd quarter. Vanguard Group Inc. now owns 28,621,990 shares of the software maker’s stock worth $19,546,243,000 after purchasing an additional 914,024 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Stock Down 7.4%

The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.28. The stock has a market cap of $98.09 billion, a PE ratio of 24.11, a price-to-earnings-growth ratio of 1.55 and a beta of 1.24. The firm has a fifty day moving average of $554.54 and a 200 day moving average of $628.97.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, November 20th. The software maker reported $3.34 earnings per share for the quarter, topping the consensus estimate of $3.09 by $0.25. The business had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $3.76 billion. Intuit had a net margin of 21.19% and a return on equity of 23.52%. The company’s revenue was up 18.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.50 EPS. On average, equities research analysts anticipate that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Company Profile

Intuit Inc (NASDAQ: INTU) is a financial software company headquartered in Mountain View, California, that develops and sells cloud-based financial management and compliance products for individuals, small businesses, self-employed workers and accounting professionals. Founded in 1983 by Scott Cook and Tom Proulx, the company has grown from desktop tax and accounting software into a diversified provider of online financial tools. As of my latest update, Sasan Goodarzi serves as Chief Executive Officer.

Intuit’s product portfolio includes QuickBooks, its flagship accounting and business-management platform that offers bookkeeping, payroll, payments and invoicing capabilities; TurboTax, a tax-preparation and filing service aimed at individual taxpayers; and Mint, a consumer personal-finance and budgeting app.