Intuit Inc. (NASDAQ:INTU) Shares Sold by Forsta AP Fonden

Key Points

• Forsta AP Fonden decreased its holdings in Intuit Inc. by 2.3% during Q1, reducing its shares from 83,000 to 81,100, valued at approximately $49.8 million.
• Intuit reported $11.65 earnings per share for the latest quarter, surpassing analyst expectations and showing a revenue increase of 15.1% year-over-year.
• Several analysts have raised their price targets for Intuit's stock, with at least four firms setting targets above $800, reflecting a generally positive outlook on the company's performance.

Forsta AP Fonden cut its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 2.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 81,100 shares of the software maker's stock after selling 1,900 shares during the period. Forsta AP Fonden's holdings in Intuit were worth $49,795,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of INTU. GAMMA Investing LLC lifted its stake in Intuit by 69,701.9% during the 1st quarter. GAMMA Investing LLC now owns 2,825,582 shares of the software maker's stock valued at $17,348,790,000 after acquiring an additional 2,821,534 shares during the period. Nicholas Hoffman & Company LLC. acquired a new stake in Intuit during the 1st quarter valued at approximately $785,564,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Intuit by 33.5% during 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 acquiring an additional 771,232 shares during the period. Unisphere Establishment lifted its stake in Intuit by 50.0% during the 4th quarter. Unisphere Establishment now owns 1,500,000 shares of the software maker's stock valued at $942,750,000 after acquiring an additional 500,000 shares during the period. Finally, Northern Trust Corp lifted its stake in Intuit by 17.3% during the 4th quarter. Northern Trust Corp now owns 3,371,013 shares of the software maker's stock valued at $2,118,682,000 after acquiring an additional 498,030 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Intuit Price Performance

Shares of Intuit stock traded up $0.63 during trading hours on Tuesday, reaching $706.72. 1,132,369 shares of the company's stock were exchanged, compared to its average volume of 1,767,329. Intuit Inc. has a 1 year low of $532.65 and a 1 year high of $813.70. The company has a market capitalization of $197.14 billion, a P/E ratio of 57.37, a price-to-earnings-growth ratio of 2.89 and a beta of 1.28. The business has a fifty day moving average of $768.10 and a two-hundred day moving average of $668.87. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29.

Intuit (NASDAQ:INTU - Get Free Report) last released its earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $10.89 by $0.76. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.56 billion. During the same quarter in the prior year, the firm earned $9.88 earnings per share. The company's revenue for the quarter was up 15.1% compared to the same quarter last year. As a group, research analysts predict that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 10th were given a dividend of $1.04 per share. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.6%. Intuit's payout ratio is presently 33.77%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on INTU shares. BMO Capital Markets boosted their target price on shares of Intuit from $820.00 to $870.00 and gave the company an "outperform" rating in a research note on Thursday, July 10th. Piper Sandler reiterated an "overweight" rating and issued a $825.00 target price (up from $785.00) on shares of Intuit in a research note on Friday, May 23rd. Wall Street Zen upgraded shares of Intuit from a "hold" rating to a "buy" rating in a research note on Tuesday, April 29th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $850.00 target price (up from $760.00) on shares of Intuit in a research note on Friday, May 23rd. Finally, CLSA started coverage on shares of Intuit in a research note on Thursday, June 26th. They issued an "outperform" rating and a $900.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $806.27.

Insider Activity

In other news, EVP Laura A. Fennell sold 25,648 shares of the business's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $752.25, for a total transaction of $19,293,708.00. Following the transaction, the executive vice president owned 22,796 shares of the company's stock, valued at approximately $17,148,291. The trade was a 52.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Marianna Tessel sold 34,329 shares of the business's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $760.84, for a total transaction of $26,118,876.36. Following the transaction, the executive vice president directly owned 40,767 shares in the company, valued at approximately $31,017,164.28. The trade was a 45.71% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 279,800 shares of company stock worth $209,725,054. Insiders own 2.68% of the company's stock.

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.