JPMorgan Chase & Co. Issues Positive Forecast for Intuit (NASDAQ:INTU) Stock Price

Intuit (NASDAQ:INTU - Get Free Report) had its price target lifted by JPMorgan Chase & Co. from $660.00 to $770.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the software maker's stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 6.61% from the company's previous close.

Several other analysts have also commented on the stock. Redburn Atlantic started coverage on shares of Intuit in a research report on Wednesday, February 19th. They issued a "neutral" rating on the stock. Jefferies Financial Group upped their target price on Intuit from $735.00 to $850.00 and gave the company a "buy" rating in a research note on Friday. The Goldman Sachs Group reissued a "buy" rating and set a $750.00 price target on shares of Intuit in a research report on Monday. Wall Street Zen raised Intuit from a "hold" rating to a "buy" rating in a report on Tuesday, April 29th. Finally, UBS Group increased their price objective on Intuit from $655.00 to $720.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $733.78.

Intuit Price Performance

Shares of INTU traded up $56.16 on Friday, reaching $722.23. The stock had a trading volume of 1,841,058 shares, compared to its average volume of 1,811,255. Intuit has a twelve month low of $532.65 and a twelve month high of $734.18. The firm has a market capitalization of $201.91 billion, a PE ratio of 70.12, a PEG ratio of 2.85 and a beta of 1.24. The firm has a 50-day moving average of $614.34 and a 200 day moving average of $620.51. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31.

Intuit (NASDAQ:INTU - Get Free Report) last announced its quarterly 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 analysts' expectations of $7.56 billion. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The business's revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter last year, the business posted $9.88 earnings per share. Sell-side analysts expect that Intuit will post 14.09 EPS for the current year.

Insider Activity at Intuit

In other Intuit news, insider Scott D. Cook sold 6,446 shares of the business's stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $604.26, for a total transaction of $3,895,059.96. Following the completion of the sale, the insider now directly owns 6,219,900 shares in the company, valued at $3,758,436,774. The trade was a 0.10% 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, Director Eve B. Burton sold 1,702 shares of the firm's stock in a transaction on 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 directly owns 8 shares in the company, valued at approximately $4,800. This represents a 99.53% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,696 shares of company stock worth $14,347,731. 2.68% of the stock is owned by insiders.

Institutional Investors Weigh In On Intuit

Institutional investors and hedge funds have recently modified their holdings of the stock. Peloton Wealth Strategists raised its stake in shares of Intuit by 0.3% during the first quarter. Peloton Wealth Strategists now owns 4,414 shares of the software maker's stock valued at $2,710,000 after purchasing an additional 15 shares during the period. Decatur Capital Management Inc. boosted its stake in shares of Intuit by 0.3% in the first quarter. Decatur Capital Management Inc. now owns 4,999 shares of the software maker's stock valued at $3,069,000 after purchasing an additional 16 shares during the period. True North Advisors LLC grew its holdings in Intuit by 4.3% during the 4th quarter. True North Advisors LLC now owns 409 shares of the software maker's stock valued at $257,000 after purchasing an additional 17 shares in the last quarter. Great Diamond Partners LLC increased its stake in Intuit by 2.8% during 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 during the period. Finally, Drive Wealth Management LLC lifted its holdings in Intuit by 2.4% in the 4th quarter. Drive Wealth Management LLC now owns 760 shares of the software maker's stock worth $478,000 after buying an additional 18 shares in the last quarter. Hedge funds and other institutional investors 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.

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