Malaga Cove Capital LLC Has $537,000 Stock Position in Intuit Inc. (NASDAQ:INTU)

Key Points

• Malaga Cove Capital LLC increased its stake in Intuit Inc. by 110.6% during the first quarter, acquiring a total of 874 shares valued at $537,000.
• Insider Scott D. Cook sold 72,442 shares of Intuit for over $53.7 million, reducing his ownership by 1.18%.
• Recent analyst ratings for Intuit show a strong positive outlook, with price targets ranging from $825 to $900 and an average rating of "Moderate Buy".

Malaga Cove Capital LLC grew its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 110.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 874 shares of the software maker's stock after buying an additional 459 shares during the quarter. Malaga Cove Capital LLC's holdings in Intuit were worth $537,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Copia Wealth Management acquired a new position in Intuit in the 4th quarter worth about $25,000. Heck Capital Advisors LLC bought a new stake in shares of Intuit during the fourth quarter worth about $28,000. Olde Wealth Management LLC bought a new stake in shares of Intuit during the first quarter worth about $37,000. Atlantic Edge Private Wealth Management LLC increased its stake in shares of Intuit by 523.1% in the first quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker's stock valued at $50,000 after buying an additional 68 shares during the period. Finally, Hughes Financial Services LLC bought a new position in Intuit in the 1st quarter valued at approximately $50,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Intuit news, insider Scott D. Cook sold 72,442 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $741.29, for a total transaction of $53,700,530.18. Following the completion of the sale, the insider owned 6,063,495 shares in the company, valued at approximately $4,494,808,208.55. The trade was a 1.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Laura A. Fennell sold 25,648 shares of the company's stock in a transaction on Thursday, May 29th. The stock was 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 in the company, valued at approximately $17,148,291. The trade was a 52.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold 279,800 shares of company stock worth $209,725,054 over the last quarter. Corporate insiders own 2.68% of the company's stock.

Wall Street Analyst Weigh In

INTU has been the subject of several recent research reports. Morgan Stanley upped their price target on shares of Intuit from $785.00 to $900.00 and gave the company an "overweight" rating in a research report on Monday, July 7th. Bank of America increased their price objective on Intuit from $730.00 to $875.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Wells Fargo & Company set a $880.00 target price on Intuit and gave the stock an "overweight" rating in a report on Friday, June 13th. Piper Sandler reissued an "overweight" rating and issued a $825.00 price target (up previously from $785.00) on shares of Intuit in a research note on Friday, May 23rd. Finally, Hsbc Global Res upgraded Intuit from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $806.27.

Intuit Price Performance

Shares of NASDAQ INTU opened at $776.15 on Friday. The firm has a market capitalization of $216.50 billion, a P/E ratio of 63.00, a P/E/G ratio of 3.48 and a beta of 1.28. The firm's 50-day moving average price is $767.11 and its 200-day moving average price is $661.74. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $813.70.

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

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 10th were issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Thursday, July 10th. Intuit's dividend payout ratio (DPR) is currently 33.77%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.