Howe & Rusling Inc. Raises Stock Position in Intuit Inc. (NASDAQ:INTU)

Howe & Rusling Inc. lifted its stake in Intuit Inc. (NASDAQ:INTU) by 8.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,857 shares of the software maker’s stock after purchasing an additional 808 shares during the quarter. Howe & Rusling Inc.’s holdings in Intuit were worth $6,742,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. International Assets Investment Management LLC boosted its stake in shares of Intuit by 68,404.7% during the third quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker’s stock valued at $300,768,000 after purchasing an additional 483,621 shares in the last quarter. Vaughan Nelson Investment Management L.P. bought a new position in shares of Intuit during the 2nd quarter worth approximately $184,982,000. Ameriprise Financial Inc. lifted its position in Intuit by 17.3% during the second quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock valued at $1,062,578,000 after acquiring an additional 238,486 shares during the last quarter. Clearbridge Investments LLC grew its holdings in Intuit by 21.3% in the second quarter. Clearbridge Investments LLC now owns 964,328 shares of the software maker’s stock worth $633,766,000 after purchasing an additional 169,190 shares during the last quarter. Finally, Seven Post Investment Office LP purchased a new stake in Intuit during the 2nd quarter valued at about $107,513,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on INTU. Scotiabank initiated coverage on Intuit in a research report on Monday. They issued a “sector perform” rating and a $700.00 target price on the stock. BMO Capital Markets increased their price objective on shares of Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Jefferies Financial Group boosted their target price on shares of Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Bank of America upped their price target on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Finally, StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a report on Monday, September 30th. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $737.06.

Intuit Trading Down 5.1 %

Shares of INTU opened at $644.17 on Wednesday. Intuit Inc. has a 52-week low of $557.29 and a 52-week high of $714.78. The stock has a market cap of $180.55 billion, a PE ratio of 61.64, a price-to-earnings-growth ratio of 3.36 and a beta of 1.25. The firm’s fifty day moving average is $634.32 and its two-hundred day moving average is $630.75. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. The company had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. Intuit’s quarterly revenue was up 17.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.40 EPS. Research analysts forecast that Intuit Inc. will post 14.05 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Kerry J. Mclean sold 11,079 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $631.61, for a total value of $6,997,607.19. Following the completion of the transaction, the executive vice president now directly owns 24,941 shares in the company, valued at approximately $15,752,985.01. This represents a 30.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Sandeep Aujla sold 775 shares of the company’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total value of $466,015.25. Following the completion of the transaction, the chief financial officer now directly owns 4,451 shares in the company, valued at approximately $2,676,430.81. This trade represents a 14.83 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 55,297 shares of company stock valued at $35,220,046. 2.90% of the stock is currently owned by insiders.

Intuit 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.