Alta Capital Management LLC Cuts Holdings in Intuit Inc. (NASDAQ:INTU)

Alta Capital Management LLC decreased its position in Intuit Inc. (NASDAQ:INTU) by 2.1% in the fourth quarter, Holdings Channel reports. The institutional investor owned 72,736 shares of the software maker’s stock after selling 1,560 shares during the period. Intuit accounts for about 2.7% of Alta Capital Management LLC’s portfolio, making the stock its 15th largest position. Alta Capital Management LLC’s holdings in Intuit were worth $45,715,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. R Squared Ltd purchased a new position in Intuit in the fourth quarter valued at $25,000. Heck Capital Advisors LLC purchased a new position in Intuit in the fourth quarter valued at $28,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Intuit in the fourth quarter valued at $28,000. Sugar Maple Asset Management LLC purchased a new position in Intuit in the fourth quarter valued at $29,000. Finally, Denver PWM LLC purchased a new position in Intuit in the third quarter valued at $32,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their target price on shares of Intuit from $600.00 to $640.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Jefferies Financial Group lifted their target price on shares of 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 reiterated an “outperform” rating and issued a $760.00 target price on shares of Intuit in a research report on Friday, November 22nd. Oppenheimer lifted their target price on shares of Intuit from $712.00 to $722.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. Finally, BNP Paribas lowered shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 target price on the stock. in a research report on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $720.50.

Insider Buying and Selling at Intuit

In other news, EVP Alex G. Balazs sold 23,810 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $665.98, for a total value of $15,856,983.80. Following the sale, the executive vice president now directly owns 489 shares of the company’s stock, valued at approximately $325,664.22. The trade was a 97.99 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Lauren D. Hotz sold 1,078 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $619.28, for a total transaction of $667,583.84. Following the completion of the sale, the chief accounting officer now directly owns 1,864 shares in the company, valued at $1,154,337.92. This trade represents a 36.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 224,460 shares of company stock worth $144,750,747 in the last ninety days. 2.68% of the stock is owned by insiders.

Intuit Stock Performance

NASDAQ:INTU opened at $601.09 on Tuesday. 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 $168.04 billion, a price-to-earnings ratio of 58.36, a PEG ratio of 2.85 and a beta of 1.24. The company’s 50-day moving average is $605.15 and its two-hundred day moving average is $626.69. Intuit Inc. has a 1-year low of $553.24 and a 1-year high of $714.78.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Thursday, April 10th will be issued a $1.04 dividend. The ex-dividend date is Thursday, April 10th. This represents a $4.16 annualized dividend and a yield of 0.69%. Intuit’s payout ratio is 38.81%.

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.