Intuit (NASDAQ:INTU) Sets New 52-Week High After Better-Than-Expected Earnings

Intuit Inc. (NASDAQ:INTU - Get Free Report)'s stock price reached a new 52-week high during trading on Friday following a better than expected earnings announcement. The company traded as high as $734.18 and last traded at $727.22, with a volume of 2054029 shares. The stock had previously closed at $666.07.

The software maker reported $11.65 earnings per share for the quarter, beating analysts' consensus estimates of $10.89 by $0.76. The firm had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The business's revenue was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $9.88 earnings per share.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on INTU. Redburn Atlantic began coverage on shares of Intuit in a research note on Wednesday, February 19th. They issued a "neutral" rating for the company. UBS Group set a $750.00 price target on Intuit and gave the company a "neutral" rating in a report on Friday, May 23rd. Stifel Nicolaus upped their price objective on Intuit from $725.00 to $850.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Scotiabank raised Intuit from a "sector perform" rating to a "sector outperform" rating and lifted their target price for the company from $600.00 to $700.00 in a research report on Thursday, April 17th. Finally, The Goldman Sachs Group boosted their target price on Intuit from $750.00 to $860.00 and gave the company a "buy" rating in a research note on Monday, May 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $785.33.

Insider Transactions at Intuit

In other news, EVP Laura A. Fennell sold 8,163 shares of Intuit stock in a transaction on Monday, March 24th. The stock was sold at an average price of $612.46, for a total transaction of $4,999,510.98. Following the completion of the sale, the executive vice president now owns 21,882 shares of the company's stock, valued at approximately $13,401,849.72. This trade represents a 27.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eve B. Burton sold 1,702 shares of the company's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the completion of the transaction, the director now owns 8 shares in the company, valued at $4,800. This trade represents a 99.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,696 shares of company stock worth $14,347,731. Company insiders own 2.68% of the company's stock.

Institutional Trading of Intuit

A number of institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Intuit in the fourth quarter valued at approximately $2,290,419,000. GAMMA Investing LLC increased 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 worth $17,348,790,000 after acquiring an additional 2,821,534 shares during the period. Nuveen LLC acquired a new position in Intuit in the 1st quarter valued at $882,031,000. Nicholas Hoffman & Company LLC. acquired a new position in Intuit in the 1st quarter valued at $785,564,000. Finally, Proficio Capital Partners LLC lifted its position in shares of Intuit by 112,233.1% during the 4th quarter. Proficio Capital Partners LLC now owns 1,063,794 shares of the software maker's stock valued at $668,595,000 after acquiring an additional 1,062,847 shares during the period. Institutional investors own 83.66% of the company's stock.

Intuit Trading Up 0.4%

The stock has a market capitalization of $210.98 billion, a P/E ratio of 73.31, a P/E/G ratio of 2.85 and a beta of 1.24. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The business has a 50-day moving average price of $622.13 and a two-hundred day moving average price of $621.81.

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.