Piper Sandler Reiterates Overweight Rating for Intuit (NASDAQ:INTU)

Intuit (NASDAQ:INTU)‘s stock had its “overweight” rating reissued by investment analysts at Piper Sandler in a research report issued on Wednesday,Benzinga reports. They currently have a $785.00 price target on the software maker’s stock, up from their previous price target of $765.00. Piper Sandler’s target price would indicate a potential upside of 41.28% from the company’s previous close.

Several other research analysts have also recently weighed in on the stock. Oppenheimer upped their price target on shares of Intuit from $712.00 to $722.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. Redburn Atlantic assumed coverage on shares of Intuit in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. Morgan Stanley raised Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 price target on the stock in a research note on Wednesday. Stifel Nicolaus cut their price target on Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Finally, JPMorgan Chase & Co. increased their price objective on Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $727.88.

Intuit Price Performance

Shares of INTU opened at $555.63 on Wednesday. The stock has a 50 day simple moving average of $607.70 and a 200 day simple moving average of $627.55. Intuit has a 52-week low of $553.24 and a 52-week high of $714.78. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. The firm has a market capitalization of $155.53 billion, a PE ratio of 53.94, a P/E/G ratio of 2.85 and a beta of 1.24.

Insider Transactions at Intuit

In related news, EVP Mark P. Notarainni sold 3,649 shares of the company’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $646.68, for a total transaction of $2,359,735.32. Following the completion of the sale, the executive vice president now owns 19 shares of the company’s stock, valued at $12,286.92. This represents a 99.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Laura A. Fennell sold 4,788 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $613.62, for a total transaction of $2,938,012.56. Following the completion of the transaction, the executive vice president now directly owns 30,010 shares in the company, valued at approximately $18,414,736.20. This represents a 13.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 218,014 shares of company stock valued at $140,855,687. 2.68% of the stock is currently owned by company insiders.

Institutional Trading of Intuit

Institutional investors and hedge funds have recently made changes to their positions in the company. Brown Financial Advisors boosted its holdings in shares of Intuit by 0.9% in the 3rd quarter. Brown Financial Advisors now owns 1,639 shares of the software maker’s stock valued at $1,018,000 after purchasing an additional 15 shares in the last quarter. Truvestments Capital LLC boosted its stake in shares of Intuit by 1.5% in the 3rd quarter. Truvestments Capital LLC now owns 1,078 shares of the software maker’s stock valued at $669,000 after purchasing an additional 16 shares in the last quarter. True North Advisors LLC grew its holdings in shares of Intuit by 4.3% during the 4th quarter. True North Advisors LLC now owns 409 shares of the software maker’s stock valued at $257,000 after purchasing an additional 17 shares during the last quarter. Great Diamond Partners LLC increased its position in Intuit by 2.8% during the 4th quarter. Great Diamond Partners LLC now owns 627 shares of the software maker’s stock worth $394,000 after purchasing an additional 17 shares in the last quarter. Finally, Cornerstone Wealth Group LLC lifted its stake in Intuit by 2.7% in the 3rd quarter. Cornerstone Wealth Group LLC now owns 686 shares of the software maker’s stock valued at $426,000 after purchasing an additional 18 shares during the last quarter. 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.