LPL Financial LLC Has $121.20 Million Stock Position in Intuit Inc. (NASDAQ:INTU)

LPL Financial LLC raised its position in Intuit Inc. (NASDAQ:INTU) by 6.5% during the third quarter, Holdings Channel reports. The firm owned 195,175 shares of the software maker’s stock after purchasing an additional 11,927 shares during the period. LPL Financial LLC’s holdings in Intuit were worth $121,203,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of INTU. LGT Financial Advisors LLC acquired a new position in shares of Intuit in the 2nd quarter valued at about $25,000. Cultivar Capital Inc. acquired a new position in Intuit in the second quarter valued at approximately $26,000. Fairway Wealth LLC acquired a new position in Intuit in the second quarter valued at approximately $26,000. Northwest Investment Counselors LLC acquired a new stake in shares of Intuit during the 3rd quarter worth approximately $27,000. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Intuit in the 2nd quarter valued at $35,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Intuit Stock Down 5.7 %

INTU stock opened at $640.12 on Friday. The stock has a market cap of $179.31 billion, a P/E ratio of 61.26, a P/E/G ratio of 3.15 and a beta of 1.25. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. The stock’s fifty day simple moving average is $634.81 and its two-hundred day simple moving average is $631.27. Intuit Inc. has a 1-year low of $557.29 and a 1-year high of $714.78.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.14 billion. During the same period in the previous year, the firm earned $1.14 EPS. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. Analysts expect that Intuit Inc. will post 14.05 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Bank of America boosted their target price on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. JPMorgan Chase & Co. increased their target price on Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a report on Friday. StockNews.com downgraded shares of Intuit from a “buy” rating to a “hold” rating in a report on Friday. Morgan Stanley lifted their price objective on shares of Intuit from $685.00 to $730.00 and gave the company an “equal weight” rating in a report on Friday. Finally, Stifel Nicolaus dropped their price target on shares of Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a research report on Friday. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $737.44.

Insider Activity

In other news, EVP Laura A. Fennell sold 30,159 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the transaction, the executive vice president now owns 52,038 shares of the company’s stock, valued at $33,427,129.68. This represents a 36.69 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eve B. Burton sold 2,988 shares of Intuit stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $649.87, for a total value of $1,941,811.56. The disclosure for this sale can be found here. Insiders sold 55,297 shares of company stock valued at $35,220,046 in the last three months. Company insiders own 2.90% 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.