MAI Capital Management Reduces Holdings in Intuit Inc. (NASDAQ:INTU)

MAI Capital Management decreased its position in shares of Intuit Inc. (NASDAQ:INTU) by 5.7% during the third quarter, HoldingsChannel reports. The fund owned 12,757 shares of the software maker’s stock after selling 776 shares during the quarter. MAI Capital Management’s holdings in Intuit were worth $7,922,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in INTU. Fortitude Family Office LLC grew its position in Intuit by 2.8% in the 2nd quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock valued at $382,000 after acquiring an additional 16 shares during the last quarter. WASHINGTON TRUST Co grew its holdings in shares of Intuit by 10.5% in the second quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock worth $110,000 after purchasing an additional 16 shares during the last quarter. Gemmer Asset Management LLC increased its stake in Intuit by 3.7% in the 2nd quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock worth $294,000 after buying an additional 16 shares during the period. PFG Investments LLC lifted its holdings in Intuit by 1.1% during the 2nd quarter. PFG Investments LLC now owns 1,558 shares of the software maker’s stock valued at $1,024,000 after buying an additional 17 shares in the last quarter. Finally, Plancorp LLC boosted its position in Intuit by 2.0% in the 2nd quarter. Plancorp LLC now owns 881 shares of the software maker’s stock valued at $579,000 after buying an additional 17 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analysts Set New Price Targets

INTU has been the subject of several research analyst reports. Stifel Nicolaus lifted their price target on shares of Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Scotiabank began coverage on Intuit in a report on Monday. They issued a “sector perform” rating and a $700.00 target price for the company. Jefferies Financial Group raised their price target on Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a report on Monday, September 30th. Finally, Piper Sandler reissued an “overweight” rating and set a $768.00 target price on shares of Intuit in a research report on Friday, September 27th. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $737.06.

Insiders Place Their Bets

In other Intuit news, Director Eve B. Burton sold 2,988 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $649.87, for a total transaction of $1,941,811.56. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Sandeep Aujla sold 4,000 shares of the stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $617.28, for a total value of $2,469,120.00. Following the completion of the transaction, the chief financial officer now directly owns 452 shares in the company, valued at $279,010.56. This represents a 89.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 55,297 shares of company stock valued at $35,220,046. Insiders own 2.90% of the company’s stock.

Intuit Stock Performance

Shares of INTU opened at $678.81 on Tuesday. 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 firm has a market cap of $190.26 billion, a PE ratio of 64.96, a P/E/G ratio of 3.36 and a beta of 1.25. Intuit Inc. has a 12 month low of $557.29 and a 12 month high of $714.78. The stock has a fifty day moving average price of $634.11 and a 200-day moving average price of $630.65.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The company had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period last year, the business posted $0.40 earnings per share. The firm’s revenue was up 17.4% compared to the same quarter last year. Equities research analysts predict that Intuit Inc. will post 14.05 earnings per share for the current fiscal year.

Intuit 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.