Pacific Point Advisors LLC Invests $3.14 Million in Intuit Inc. (NASDAQ:INTU)

Pacific Point Advisors LLC purchased a new position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 5,310 shares of the software maker's stock, valued at approximately $3,142,000. Intuit makes up 1.9% of Pacific Point Advisors LLC's portfolio, making the stock its 9th biggest position.

Other hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Intuit in the 4th quarter valued at approximately $2,290,419,000. Proficio Capital Partners LLC boosted its holdings in shares of Intuit by 112,233.1% in the 4th quarter. Proficio Capital Partners LLC now owns 1,063,794 shares of the software maker's stock valued at $668,595,000 after buying an additional 1,062,847 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Intuit by 33.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,072,021 shares of the software maker's stock valued at $1,930,765,000 after buying an additional 771,232 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Intuit by 13.3% in the 4th quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker's stock valued at $3,329,115,000 after buying an additional 620,559 shares during the last quarter. Finally, Unisphere Establishment boosted its holdings in shares of Intuit by 50.0% in the 4th quarter. Unisphere Establishment now owns 1,500,000 shares of the software maker's stock valued at $942,750,000 after buying an additional 500,000 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

Intuit Price Performance

INTU traded up $54.06 during trading on Friday, reaching $720.13. 5,325,389 shares of the company were exchanged, compared to its average volume of 1,619,458. The company's 50-day moving average is $616.76 and its two-hundred day moving average is $620.65. The company has a market cap of $201.32 billion, a price-to-earnings ratio of 69.92, a P/E/G ratio of 2.85 and a beta of 1.24. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a 12-month low of $532.65 and a 12-month high of $734.18.

Intuit (NASDAQ:INTU - Get Free Report) last released its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, beating the consensus estimate of $10.89 by $0.76. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The firm had revenue of $7.75 billion for the quarter, compared to analysts' expectations of $7.56 billion. During the same quarter last year, the firm posted $9.88 EPS. The company's revenue was up 15.1% compared to the same quarter last year. Research analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Eve B. Burton sold 1,702 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the transaction, the director now directly owns 8 shares in the company, valued at approximately $4,800. This represents a 99.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Scott D. Cook sold 6,446 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $604.26, for a total value of $3,895,059.96. Following the transaction, the insider now owns 6,219,900 shares in the company, valued at $3,758,436,774. This trade represents a 0.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,696 shares of company stock worth $14,347,731. 2.68% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on INTU shares. Wall Street Zen raised Intuit from a "hold" rating to a "buy" rating in a report on Tuesday, April 29th. HSBC raised Intuit from a "hold" rating to a "buy" rating and set a $699.00 price target for the company in a report on Wednesday, April 23rd. Piper Sandler reaffirmed an "overweight" rating and set a $825.00 price target (up previously from $785.00) on shares of Intuit in a report on Friday. Oppenheimer increased their price objective on Intuit from $642.00 to $742.00 and gave the stock an "outperform" rating in a research report on Friday. Finally, JPMorgan Chase & Co. increased their price objective on Intuit from $660.00 to $770.00 and gave the stock an "overweight" rating in a research report on Friday. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $785.33.

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.