Intuit (NASDAQ:INTU) Hits New 52-Week High After Analyst Upgrade

Key Points

• Intuit Inc. shares reached a new 52-week high after Oppenheimer raised their price target from $742.00 to $868.00, maintaining an outperform rating.
• Institutional investors have shown significant interest in Intuit, with GAMMA Investing LLC increasing its stake by over 69,000% during the first quarter.
• Intuit's recent earnings report revealed a 15.1% year-over-year revenue increase, with earnings per share surpassing analysts' expectations by $0.76.

Intuit Inc. (NASDAQ:INTU - Get Free Report) shares hit a new 52-week high during mid-day trading on Monday after Oppenheimer raised their price target on the stock from $742.00 to $868.00. Oppenheimer currently has an outperform rating on the stock. Intuit traded as high as $794.70 and last traded at $790.82, with a volume of 281289 shares traded. The stock had previously closed at $785.95.

A number of other equities analysts also recently commented on INTU. The Goldman Sachs Group upped their target price on Intuit from $750.00 to $860.00 and gave the company a "buy" rating in a report on Monday, May 19th. Bank of America upped their target price on Intuit from $730.00 to $875.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Jefferies Financial Group set a $850.00 price objective on Intuit and gave the stock a "buy" rating in a report on Friday, May 23rd. BMO Capital Markets increased their price objective on Intuit from $820.00 to $870.00 and gave the stock an "outperform" rating in a report on Thursday, July 10th. 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 report on Friday, May 23rd. 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 stock. Based on data from MarketBeat, Intuit has an average rating of "Moderate Buy" and a consensus target price of $806.27.

Insider Activity at Intuit

In other news, EVP Mark P. Notarainni sold 1,147 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $773.90, for a total value of $887,663.30. Following the transaction, the executive vice president owned 19 shares of the company's stock, valued at $14,704.10. This trade represents a 98.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Alex G. Balazs sold 882 shares of the firm's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $781.63, for a total value of $689,397.66. The disclosure for this sale can be found here. Insiders sold a total of 279,800 shares of company stock valued at $209,725,054 over the last three months. 2.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in INTU. GAMMA Investing LLC raised 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 purchasing an additional 2,821,534 shares during the period. Nuveen LLC purchased a new position in shares of Intuit in the 1st quarter worth approximately $882,031,000. Nicholas Hoffman & Company LLC. purchased a new position in shares of Intuit in the 1st quarter worth approximately $785,564,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings 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. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Intuit by 7.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,018,770 shares of the software maker's stock valued at $5,537,435,000 after acquiring an additional 649,212 shares during the period. Institutional investors own 83.66% of the company's stock.

Intuit Trading Up 1.0%

The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45. The stock has a fifty day moving average of $755.39 and a 200-day moving average of $656.22. The company has a market cap of $221.52 billion, a PE ratio of 64.46, a PEG ratio of 3.49 and a beta of 1.27.

Intuit (NASDAQ:INTU - Get Free Report) last issued its earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, beating analysts' consensus estimates of $10.89 by $0.76. The business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.56 billion. Intuit had a return on equity of 21.46% and a net margin of 19.07%. Intuit's revenue was up 15.1% on a year-over-year basis. During the same period in the previous year, the company posted $9.88 EPS. Sell-side analysts anticipate 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 was paid on Friday, July 18th. Investors of record on Thursday, July 10th were given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.52%. The ex-dividend date was Thursday, July 10th. Intuit's dividend payout ratio 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.

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