Intuit (NASDAQ:INTU) Raised to “Overweight” at JPMorgan Chase & Co.

Intuit (NASDAQ:INTU) was upgraded by stock analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report issued on Wednesday, Marketbeat Ratings reports. The firm currently has a $660.00 price target on the software maker’s stock, up from their previous price target of $640.00. JPMorgan Chase & Co.‘s price target points to a potential upside of 8.84% from the stock’s current price.

Other analysts have also recently issued reports about the stock. Barclays lowered their target price on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. StockNews.com cut shares of Intuit from a “buy” rating to a “hold” rating in a research note on Monday. BMO Capital Markets lowered their price objective on shares of Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Redburn Atlantic assumed coverage on shares of Intuit in a research note on Wednesday, February 19th. They set a “neutral” rating for the company. Finally, Scotiabank lowered their price objective on shares of Intuit from $700.00 to $600.00 and set a “sector perform” rating for the company in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $721.61.

Intuit Trading Down 1.8 %

Shares of Intuit stock opened at $606.37 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24. Intuit has a 1 year low of $553.24 and a 1 year high of $714.78. The company has a market capitalization of $169.52 billion, a P/E ratio of 58.87, a P/E/G ratio of 2.85 and a beta of 1.24. The business has a 50 day moving average price of $602.86 and a 200 day moving average price of $626.10.

Insiders Place Their Bets

In other news, EVP Alex G. Balazs sold 23,810 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $665.98, for a total value of $15,856,983.80. Following the completion of the transaction, the executive vice president now directly owns 489 shares in the company, valued at $325,664.22. This trade represents a 97.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Scott D. Cook sold 6,446 shares of the 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 transaction, the insider now owns 6,219,900 shares of the company’s stock, valued at $3,758,436,774. This trade represents a 0.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 220,811 shares of company stock worth $142,391,012. Insiders own 2.68% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Nordea Investment Management AB boosted its holdings in shares of Intuit by 83.2% in the fourth quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker’s stock valued at $371,984,000 after acquiring an additional 268,060 shares in the last quarter. Whalen Wealth Management Inc. bought a new stake in Intuit during the fourth quarter worth approximately $621,000. Harvest Portfolios Group Inc. boosted its holdings in Intuit by 5.4% during the third quarter. Harvest Portfolios Group Inc. now owns 35,902 shares of the software maker’s stock worth $22,295,000 after buying an additional 1,853 shares in the last quarter. Retireful LLC bought a new stake in Intuit during the third quarter worth approximately $740,000. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Intuit during the third quarter worth approximately $56,144,000. 83.66% of the stock is currently owned by institutional investors.

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.