Spinnaker Investment Group LLC Invests $511,000 in Intuit Inc. (NASDAQ:INTU)

Spinnaker Investment Group LLC purchased a new position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 832 shares of the software maker's stock, valued at approximately $511,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. NewSquare Capital LLC lifted its position in shares of Intuit by 72.0% during the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker's stock worth $27,000 after purchasing an additional 18 shares during the last quarter. Ethos Financial Group LLC lifted its position in shares of Intuit by 3.7% during the fourth quarter. Ethos Financial Group LLC now owns 508 shares of the software maker's stock worth $319,000 after purchasing an additional 18 shares during the last quarter. Legacy Investment Solutions LLC lifted its position in shares of Intuit by 18.0% during the fourth quarter. Legacy Investment Solutions LLC now owns 118 shares of the software maker's stock worth $68,000 after purchasing an additional 18 shares during the last quarter. Financial Management Professionals Inc. lifted its position in shares of Intuit by 18.4% during the first quarter. Financial Management Professionals Inc. now owns 116 shares of the software maker's stock worth $71,000 after purchasing an additional 18 shares during the last quarter. Finally, Chris Bulman Inc lifted its position in shares of Intuit by 1.2% during the first quarter. Chris Bulman Inc now owns 1,523 shares of the software maker's stock worth $935,000 after purchasing an additional 18 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Insider Buying and Selling

In related news, insider Scott D. Cook sold 72,442 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $741.29, for a total value of $53,700,530.18. Following the completion of the transaction, the insider now owns 6,063,495 shares of the company's stock, valued at approximately $4,494,808,208.55. This trade represents a 1.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Kerry J. Mclean sold 16,700 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $729.16, for a total transaction of $12,176,972.00. Following the completion of the transaction, the executive vice president now directly owns 23,101 shares of the company's stock, valued at $16,844,325.16. This represents a 41.96% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 271,158 shares of company stock worth $202,989,194. Corporate insiders own 2.68% of the company's stock.

Intuit Price Performance

NASDAQ INTU opened at $761.14 on Monday. Intuit Inc. has a 12 month low of $532.65 and a 12 month high of $773.45. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.45 and a quick ratio of 1.45. The firm has a market capitalization of $212.32 billion, a PE ratio of 61.78, a P/E/G ratio of 3.39 and a beta of 1.28. The company's 50 day simple moving average is $682.89 and its 200 day simple moving average is $634.33.

Intuit (NASDAQ:INTU - Get Free Report) last posted its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $7.56 billion. During the same quarter last year, the business earned $9.88 earnings per share. The business's revenue for the quarter was up 15.1% on a year-over-year basis. As a group, equities research analysts forecast that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date is Thursday, July 10th. Intuit's payout ratio is 33.77%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Stifel Nicolaus raised their target price on shares of Intuit from $725.00 to $850.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. BMO Capital Markets reissued an "outperform" rating and issued a $820.00 target price (up previously from $714.00) on shares of Intuit in a report on Friday, May 23rd. Morgan Stanley reissued an "overweight" rating and issued a $785.00 target price (up previously from $720.00) on shares of Intuit in a report on Friday, May 23rd. The Goldman Sachs Group raised their target price on shares of Intuit from $750.00 to $860.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Finally, KeyCorp reissued an "overweight" rating and issued a $850.00 target price (up previously from $770.00) on shares of Intuit in a report on Friday, May 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Intuit has an average rating of "Moderate Buy" and an average price target of $787.95.

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.

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