Intuit Inc. (NASDAQ:INTU) Shares Sold by Icon Wealth Advisors LLC

Icon Wealth Advisors LLC cut its holdings in Intuit Inc. (NASDAQ:INTU) by 43.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,487 shares of the software maker’s stock after selling 1,122 shares during the period. Icon Wealth Advisors LLC’s holdings in Intuit were worth $923,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. International Assets Investment Management LLC boosted its stake in Intuit by 68,404.7% in 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 acquiring an additional 483,621 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Intuit in the 2nd quarter worth about $184,982,000. Ameriprise Financial Inc. grew its position in Intuit by 17.3% in the 2nd 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 boosted its position in shares of Intuit by 21.3% during the second quarter. Clearbridge Investments LLC now owns 964,328 shares of the software maker’s stock worth $633,766,000 after buying an additional 169,190 shares during the period. Finally, Seven Post Investment Office LP bought a new position in Intuit in the 2nd quarter worth approximately $107,513,000. Institutional investors own 83.66% of the company’s stock.

Intuit Price Performance

Shares of NASDAQ:INTU opened at $640.12 on Friday. The company’s fifty day moving average is $634.81 and its two-hundred day moving average is $631.27. The company has a market cap of $179.31 billion, a P/E ratio of 62.15, a price-to-earnings-growth 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 quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30.

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

Insider Activity at Intuit

In related news, CFO Sandeep Aujla sold 862 shares of Intuit stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total transaction of $535,327.86. Following the completion of the sale, the chief financial officer now owns 3,840 shares of the company’s stock, valued at approximately $2,384,755.20. This trade represents a 18.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eve B. Burton sold 2,988 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $649.87, for a total value of $1,941,811.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 55,297 shares of company stock valued at $35,220,046. Corporate insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on INTU. JPMorgan Chase & Co. lifted their target price on Intuit from $600.00 to $640.00 and gave the company a “neutral” rating in a research note on Friday. Bank of America increased 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 reduced their price target on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a research note on Friday. Scotiabank started coverage on shares of Intuit in a research note on Monday, November 18th. They set a “sector perform” rating and a $700.00 price objective on the stock. Finally, Stifel Nicolaus decreased their price target on Intuit from $795.00 to $725.00 and set a “buy” rating for the company in a research note on Friday. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $737.44.

Intuit Company 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.