Peregrine Investment Management Inc. Purchases Shares of 9,040 Intuit Inc. (NASDAQ:INTU)

Peregrine Investment Management Inc. bought a new position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 9,040 shares of the software maker's stock, valued at approximately $5,682,000. Intuit makes up 3.3% of Peregrine Investment Management Inc.'s investment portfolio, making the stock its 16th largest position.

A number of other large investors also recently modified their holdings of INTU. International Assets Investment Management LLC lifted its position in shares of Intuit by 68,404.7% during the third quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker's stock worth $300,768,000 after purchasing an additional 483,621 shares in the last quarter. Holocene Advisors LP lifted its holdings in Intuit by 99.6% in the third quarter. Holocene Advisors LP now owns 625,583 shares of the software maker's stock valued at $388,487,000 after buying an additional 312,212 shares during the period. Nordea Investment Management AB lifted its holdings in 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 buying an additional 268,060 shares during the period. State Street Corp lifted its holdings in Intuit by 1.8% in the third quarter. State Street Corp now owns 12,317,086 shares of the software maker's stock valued at $7,648,910,000 after buying an additional 221,885 shares during the period. Finally, Union Bancaire Privee UBP SA acquired a new position in Intuit in the fourth quarter valued at approximately $104,278,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

INTU has been the topic of several analyst reports. StockNews.com upgraded shares of Intuit from a "hold" rating to a "buy" rating in a report on Thursday, January 23rd. Stifel Nicolaus cut their price objective on shares of Intuit from $795.00 to $725.00 and set a "buy" rating on the stock in a report on Friday, November 22nd. JPMorgan Chase & Co. increased their price objective on shares of Intuit from $600.00 to $640.00 and gave the company a "neutral" rating in a report on Friday, November 22nd. Redburn Atlantic assumed coverage on shares of Intuit in a report on Wednesday. They issued a "neutral" rating on the stock. Finally, Scotiabank assumed coverage on shares of Intuit in a research note on Monday, November 18th. They issued a "sector perform" rating and a $700.00 target price for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $726.53.

Intuit Stock Up 0.4 %

Shares of INTU stock traded up $2.25 during trading hours on Wednesday, hitting $582.19. 2,062,392 shares of the company were exchanged, compared to its average volume of 1,729,756. The business has a 50 day moving average of $617.68 and a two-hundred day moving average of $629.18. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a 52 week low of $557.29 and a 52 week high of $714.78. The company has a market capitalization of $162.97 billion, a PE ratio of 56.52, a PEG ratio of 2.89 and a beta of 1.24.

Intuit (NASDAQ:INTU - Get Free Report) last released its earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, beating analysts' consensus estimates of $2.36 by $0.14. The business had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.14 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The firm's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.14 earnings per share. Analysts anticipate that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Insider Activity at Intuit

In related news, EVP Alex G. Balazs sold 23,810 shares of the firm's stock in a transaction 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 owns 489 shares of the company's stock, valued at approximately $325,664.22. This trade represents a 97.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Scott D. Cook sold 75,000 shares of the firm's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $641.82, for a total transaction of $48,136,500.00. Following the completion of the transaction, the insider now directly owns 6,378,105 shares of the company's stock, valued at approximately $4,093,595,351.10. This trade represents a 1.16 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 293,014 shares of company stock valued at $188,992,187. Corporate insiders own 2.68% 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.