Wells Fargo & Company Forecasts Strong Price Appreciation for Intuit (NASDAQ:INTU) Stock

Intuit (NASDAQ:INTU - Get Free Report) had its price target increased by research analysts at Wells Fargo & Company from $825.00 to $880.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the software maker's stock. Wells Fargo & Company's price target suggests a potential upside of 16.71% from the company's previous close.

Other equities analysts have also issued research reports about the company. UBS Group set a $750.00 price target on Intuit and gave the company a "neutral" rating in a research note on Friday, May 23rd. Redburn Atlantic assumed coverage on Intuit in a research report on Wednesday, February 19th. They set a "neutral" rating on the stock. Scotiabank raised Intuit from a "sector perform" rating to a "sector outperform" rating and raised their price target for the stock from $600.00 to $700.00 in a research report on Thursday, April 17th. Hsbc Global Res raised Intuit from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 23rd. Finally, BMO Capital Markets restated an "outperform" rating and issued a $820.00 price target (up from $714.00) on shares of Intuit in a research note on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Intuit has an average rating of "Moderate Buy" and an average price target of $787.95.

Intuit Trading Down 1.6%

Shares of INTU traded down $12.23 during trading hours on Friday, hitting $753.98. 1,148,047 shares of the stock traded hands, compared to its average volume of 1,609,672. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit has a 1-year low of $532.65 and a 1-year high of $773.45. The firm has a market capitalization of $210.32 billion, a PE ratio of 73.20, a price-to-earnings-growth ratio of 2.85 and a beta of 1.28. The business has a fifty day moving average of $660.65 and a 200-day moving average of $629.50.

Intuit (NASDAQ:INTU - Get Free Report) last issued its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.89 by $0.76. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The business had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. During the same quarter in the prior year, the firm posted $9.88 earnings per share. The firm's revenue for the quarter was up 15.1% compared to the same quarter last year. Analysts expect that Intuit will post 14.09 EPS for the current year.

Insider Transactions at Intuit

In other news, insider Scott D. Cook sold 62,816 shares of the business's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $765.99, for a total transaction of $48,116,427.84. Following the completion of the transaction, the insider now owns 6,000,679 shares of the company's stock, valued at approximately $4,596,460,107.21. The trade was a 1.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Alex G. Balazs sold 1,459 shares of the business's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $770.80, for a total value of $1,124,597.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 288,408 shares of company stock valued at $213,441,865. 2.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Intuit

A number of institutional investors have recently modified their holdings of the business. Copia Wealth Management acquired a new position in Intuit in the 4th quarter worth about $25,000. NewSquare Capital LLC increased its holdings in Intuit by 72.0% in the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker's stock worth $27,000 after purchasing an additional 18 shares in the last quarter. Summit Securities Group LLC acquired a new position in Intuit in the 4th quarter worth about $28,000. Heck Capital Advisors LLC acquired a new position in Intuit in the 4th quarter worth about $28,000. Finally, CBIZ Investment Advisory Services LLC increased its holdings in Intuit by 1,566.7% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 50 shares of the software maker's stock worth $31,000 after purchasing an additional 47 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

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.