Meridian Wealth Management LLC Buys Shares of 1,162 Intuit Inc. (NASDAQ:INTU)

Meridian Wealth Management LLC purchased a new position in Intuit Inc. (NASDAQ:INTU) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,162 shares of the software maker’s stock, valued at approximately $722,000.

Several other hedge funds have also recently made changes to their positions in INTU. International Assets Investment Management LLC raised its stake in Intuit by 68,404.7% during the 3rd quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker’s stock valued at $300,768,000 after buying an additional 483,621 shares during the last quarter. Vaughan Nelson Investment Management L.P. bought a new position in Intuit in the second quarter valued at about $184,982,000. Ameriprise Financial Inc. boosted its position in Intuit by 17.3% in the second quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock worth $1,062,578,000 after purchasing an additional 238,486 shares during the last quarter. Clearbridge Investments LLC grew its stake in shares of Intuit by 21.3% during the 2nd quarter. Clearbridge Investments LLC now owns 964,328 shares of the software maker’s stock valued at $633,766,000 after purchasing an additional 169,190 shares during the period. Finally, Seven Post Investment Office LP purchased a new stake in shares of Intuit during the 2nd quarter valued at about $107,513,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on INTU shares. Bank of America boosted their target price on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Barclays decreased their target price on Intuit from $800.00 to $775.00 and set an “overweight” rating on the stock in a report on Friday. Oppenheimer boosted their price target on Intuit from $712.00 to $722.00 and gave the company an “outperform” rating in a report on Friday. Scotiabank assumed coverage on shares of Intuit in a research note on Monday, November 18th. They set a “sector perform” rating and a $700.00 target price on the stock. Finally, StockNews.com downgraded Intuit from a “buy” rating to a “hold” rating in a research report on Friday. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $737.44.

Insider Buying and Selling

In other Intuit news, insider Scott D. Cook sold 2,461 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total value of $1,568,124.59. Following the sale, the insider now owns 6,453,105 shares in the company, valued at $4,111,853,974.95. This trade represents a 0.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Laura A. Fennell sold 30,159 shares of Intuit stock in a transaction on Friday, September 20th. The stock was sold at an average price of $642.36, for a total value of $19,372,935.24. Following the sale, the executive vice president now owns 52,038 shares of the company’s stock, valued at approximately $33,427,129.68. This trade represents a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 55,297 shares of company stock valued at $35,220,046 in the last ninety days. 2.90% of the stock is owned by company insiders.

Intuit Stock Down 5.7 %

Shares of NASDAQ:INTU opened at $640.12 on Friday. The company has a market cap of $179.31 billion, a price-to-earnings ratio of 62.15, a PEG ratio of 3.32 and a beta of 1.25. Intuit Inc. has a 12 month low of $557.29 and a 12 month high of $714.78. The company has a 50-day moving average price of $634.81 and a 200 day moving average price of $631.20. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, topping the consensus estimate of $2.36 by $0.14. Intuit had a net margin of 17.59% and a return on equity of 18.28%. The company had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.14 billion. During the same period in the previous year, the firm earned $1.14 earnings per share. Intuit’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, equities research analysts predict that Intuit Inc. will post 14.05 earnings per share for the current year.

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.