Intuit (NASDAQ:INTU) Given New $789.00 Price Target at Citigroup

Intuit (NASDAQ:INTU - Get Free Report) had its price objective lifted by equities researchers at Citigroup from $726.00 to $789.00 in a report issued on Friday,Benzinga reports. The firm currently has a "buy" rating on the software maker's stock. Citigroup's price objective would suggest a potential upside of 9.41% from the company's previous close.

Other analysts also recently issued reports about the company. Hsbc Global Res upgraded Intuit from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 23rd. Scotiabank raised Intuit from a "sector perform" rating to a "sector outperform" rating and boosted their price target for the company from $600.00 to $700.00 in a research report on Thursday, April 17th. UBS Group raised their price objective on Intuit from $655.00 to $720.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Redburn Atlantic began coverage on Intuit in a research note on Wednesday, February 19th. They issued a "neutral" rating on the stock. Finally, Mizuho increased their target price on shares of Intuit from $750.00 to $765.00 and gave the stock an "outperform" rating in a research report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $766.60.

Intuit Trading Up 8.3%

Intuit stock traded up $55.05 during trading on Friday, hitting $721.12. The company's stock had a trading volume of 3,200,350 shares, compared to its average volume of 1,622,912. The stock's fifty day moving average is $614.34 and its 200 day moving average is $620.51. Intuit has a 1-year low of $532.65 and a 1-year high of $733.51. The stock has a market capitalization of $201.60 billion, a price-to-earnings ratio of 70.09, a P/E/G ratio of 2.85 and a beta of 1.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24.

Intuit (NASDAQ:INTU - Get Free Report) last posted its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, beating the consensus estimate of $10.89 by $0.76. The company had revenue of $7.75 billion during the quarter, compared to analysts' expectations of $7.56 billion. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The firm's revenue was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $9.88 EPS. As a group, equities research analysts predict that Intuit will post 14.09 EPS for the current year.

Insider Buying and Selling at Intuit

In other news, insider Scott D. Cook sold 6,446 shares of Intuit stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $604.26, for a total transaction of $3,895,059.96. Following the sale, the insider now directly owns 6,219,900 shares of the company's stock, valued at approximately $3,758,436,774. The trade was a 0.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Marianna Tessel sold 7,385 shares of the business's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $600.13, for a total value of $4,431,960.05. Following the completion of the transaction, the executive vice president now owns 40,190 shares in the company, valued at approximately $24,119,224.70. This trade represents a 15.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 23,696 shares of company stock valued at $14,347,731 in the last ninety days. Insiders own 2.68% of the company's stock.

Hedge Funds Weigh In On Intuit

Institutional investors and hedge funds have recently made changes to their positions in the business. R Squared Ltd acquired a new stake in Intuit in the fourth quarter valued at $25,000. Copia Wealth Management bought a new stake in shares of Intuit in the 4th quarter worth about $25,000. NewSquare Capital LLC raised its stake in shares of Intuit by 72.0% in the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker's stock valued at $27,000 after purchasing an additional 18 shares in the last quarter. Summit Securities Group LLC acquired a new stake in shares of Intuit in the 4th quarter valued at about $28,000. Finally, Heck Capital Advisors LLC bought a new position in shares of Intuit during the fourth quarter worth about $28,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

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.