HSBC Upgrades Intuit (NASDAQ:INTU) to "Buy"

Intuit (NASDAQ:INTU - Get Free Report) was upgraded by analysts at HSBC from a "hold" rating to a "buy" rating in a report issued on Wednesday, Marketbeat.com reports. The firm presently has a $699.00 target price on the software maker's stock. HSBC's target price would indicate a potential upside of 13.62% from the company's current price.

Other analysts also recently issued reports about the company. Piper Sandler restated an "overweight" rating and issued a $785.00 price objective (up from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. Redburn Atlantic began coverage on Intuit in a report on Wednesday, February 19th. They set a "neutral" rating for the company. JPMorgan Chase & Co. upgraded Intuit from a "neutral" rating to an "overweight" rating and increased their target price for the company from $640.00 to $660.00 in a research note on Wednesday, March 5th. Mizuho increased their price target on Intuit from $750.00 to $765.00 and gave the company an "outperform" rating in a report on Monday, March 3rd. Finally, BNP Paribas downgraded Intuit from a "neutral" rating to an "underperform" rating and set a $530.00 target price on the stock. in a report on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Intuit has a consensus rating of "Moderate Buy" and a consensus price target of $717.53.

Intuit Stock Performance

Shares of Intuit stock traded down $8.90 during trading hours on Wednesday, hitting $615.22. 591,046 shares of the company were exchanged, compared to its average volume of 1,577,682. 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 stock has a market capitalization of $171.99 billion, a price-to-earnings ratio of 59.76, a P/E/G ratio of 2.85 and a beta of 1.25. The business has a 50-day moving average of $593.48 and a 200-day moving average of $616.08. Intuit has a 1 year low of $532.65 and a 1 year high of $714.78.

Insider Activity

In related news, insider Scott D. Cook sold 6,446 shares of the firm's stock in a transaction on Friday, February 28th. The stock was sold at an average price of $604.26, for a total value of $3,895,059.96. Following the completion of the transaction, the insider now owns 6,219,900 shares in the company, valued at $3,758,436,774. This trade represents a 0.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Eve B. Burton sold 1,702 shares of the firm's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $600.00, for a total value of $1,021,200.00. Following the sale, 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 valued at $14,347,731. 2.68% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. True North Advisors LLC boosted its holdings in Intuit by 4.3% during the fourth quarter. True North Advisors LLC now owns 409 shares of the software maker's stock worth $257,000 after buying an additional 17 shares in the last quarter. Great Diamond Partners LLC lifted its holdings in Intuit by 2.8% in the 4th quarter. Great Diamond Partners LLC now owns 627 shares of the software maker's stock worth $394,000 after buying an additional 17 shares in the last quarter. Pacifica Partners Inc. increased its position in shares of Intuit by 27.7% in the 4th quarter. Pacifica Partners Inc. now owns 83 shares of the software maker's stock worth $52,000 after purchasing an additional 18 shares during the last quarter. Drive Wealth Management LLC boosted its holdings in Intuit by 2.4% in the fourth quarter. Drive Wealth Management LLC now owns 760 shares of the software maker's stock worth $478,000 after purchasing an additional 18 shares during the period. Finally, NewSquare Capital LLC boosted its position in Intuit by 72.0% during 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 during the period. Hedge funds and other institutional investors own 83.66% of the company's stock.

Intuit Company Profile

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.