On September 30, 2023, research analysts at Piper Sandler reaffirmed their “overweight” rating for Intuit (NASDAQ:INTU) stock, as reported by Benzinga. In a note issued to investors, the analysts stated that they have a $642.00 price target on the software maker’s stock, indicating a potential upside of 25.33% from its current price.
As of Friday, September 30, shares of INTU opened at $512.24. The company has a debt-to-equity ratio of 0.35 and a quick and current ratio of 1.47 each. Its 50-day moving average price stands at $515.22, while the 200-day moving average price is $466.36. With regards to its performance over the past year, Intuit’s stock has ranged from a low of $352.63 to a high of $558.64. The company currently has a market capitalization of $143.58 billion, and its stock carries a PE ratio of 60.69 along with a PEG ratio of 3.08 and a beta of 1.19.
Taking into consideration recent activities in relation to Intuit stock ownership, several hedge funds have bought and sold shares accordingly. Farther Finance Advisors LLC increased its position in Intuit by 16% during the second quarter and now owns 355 shares valued at $163,000 after acquiring an additional 49 shares during that period.
In addition to Farther Finance Advisors LLC, ST Germain D J Co., Inc., Covenant Partners LLC, Portside Wealth Group LLC, and Brown Shipley & Co Ltd are among the hedge funds and institutional investors who have also shown interest in purchasing or selling Intuit shares.
In terms of financial performance, on Thursday August -the most recent earnings announcement- Intuit reported earnings per share (EPS) for the quarter of $1.65, surpassing the consensus estimate of $1.43 by $0.22. The company’s revenue for the quarter stood at $2.71 billion, which exceeded analysts’ expectations of $2.64 billion. Furthermore, Intuit exhibited a return on equity of 16.61% and a net margin of 16.59%. Comparing this quarter to the same period last year, the company saw a 12.3% increase in revenue.
Looking ahead, equities analysts anticipate that Intuit will post earnings per share (EPS) of 11.25 for the current fiscal year.
In conclusion, on September 30, 2023, Piper Sandler affirmed their “overweight” rating for Intuit’s stock and gave it a price target of $642.00, signaling a potential upside of 25.33%. With its positive financial performance in recent quarters and interest from hedge funds and institutional investors, Intuit remains an entity worthy of attention in the software industry.
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Intuit Receives Positive Analyst Ratings Amidst Insider Selling Concerns
Intuit, the financial software company behind popular platforms like TurboTax and QuickBooks, has recently garnered attention from several research analysts. This surge in interest comes as BMO Capital Markets raised their price objective on Intuit’s shares from $560.00 to $605.00 on September 7th, accompanied by an “outperform” rating. Jefferies Financial Group also increased their price target on Intuit, moving it up from $525.00 to $600.00 while giving the stock a “buy” rating.
Another significant development came when BNP Paribas upgraded its rating on Intuit from “underperform” to “neutral,” establishing a $532.00 price objective for the company. Following suit, Oppenheimer raised its target price from $476.00 to $530.00 and gave Intuit an “outperform” rating.
The positive sentiment surrounding the company continues with KeyCorp increasing its price target on September 7th, moving it from $535.00 to $600.00 while issuing an “overweight” rating for the stock. As a result of these assessments, four investment analysts have given a hold rating to Intuit’s stock while nineteen others provided a buy rating.
These favorable ratings align with Bloomberg.com’s data showing that Intuit has an average rating of “Moderate Buy” and an average price target of $553.77.
While analysts are expressing confidence in Intuit’s future prospects, recent disclosures reveal some insider selling activities within the company. On July 3rd, CFO Michelle M. Clatterbuck sold 1,412 shares at an average price of $452.74 per share, resulting in a total transaction value of $639,268.88.
Alongside this sale, EVP Marianna Tessel also sold 8,702 shares on September 11th at an average price of $552.63 per share, amounting to a total transaction value of $4,808,986.26. These insider transactions have raised eyebrows as the company’s stock is valued at $44,218,147 over the last ninety days.
With 3.18% of Intuit’s stock now owned by company insiders, investors may be contemplating what these actions signify for the future direction of the company.
In conclusion, while several research analysts remain bullish on Intuit’s stock and its future potential, recent insider selling activities have sparked curiosity among investors. As always, it is prudent for potential shareholders to conduct their due diligence and stay informed about any significant developments in order to make well-informed investment decisions.
Please note that this article is for informational purposes only and should not be interpreted as financial advice.
