CIBC Asset Management Inc Raises Stock Holdings in Intuit Inc. (NASDAQ:INTU)

CIBC Asset Management Inc boosted its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 7.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 114,479 shares of the software maker's stock after purchasing an additional 7,982 shares during the period. CIBC Asset Management Inc's holdings in Intuit were worth $71,950,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of INTU. R Squared Ltd purchased a new position in Intuit in the 4th quarter worth approximately $25,000. Northwest Investment Counselors LLC purchased a new position in shares of Intuit during the third quarter valued at approximately $27,000. Heck Capital Advisors LLC purchased a new position in shares of Intuit during the fourth quarter valued at approximately $28,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Intuit during the fourth quarter valued at approximately $28,000. Finally, Sugar Maple Asset Management LLC purchased a new position in shares of Intuit during the fourth quarter valued at approximately $29,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on INTU. Royal Bank of Canada reissued an "outperform" rating and set a $760.00 target price on shares of Intuit in a research note on Friday, November 22nd. JPMorgan Chase & Co. boosted their target price on Intuit from $600.00 to $640.00 and gave the company a "neutral" rating in a research note on Friday, November 22nd. Redburn Atlantic started coverage on Intuit in a research note on Wednesday. They set a "neutral" rating on the stock. Stifel Nicolaus dropped their price target on Intuit from $795.00 to $725.00 and set a "buy" rating on the stock in a research report on Friday, November 22nd. Finally, StockNews.com upgraded Intuit from a "hold" rating to a "buy" rating in a research report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, Intuit currently has an average rating of "Moderate Buy" and an average target price of $726.53.

Intuit Stock Down 0.5 %

Intuit stock traded down $3.11 during mid-day trading on Thursday, hitting $579.08. The company had a trading volume of 2,703,284 shares, compared to its average volume of 1,760,584. Intuit Inc. has a 12 month low of $557.29 and a 12 month high of $714.78. The stock's 50 day moving average price is $615.92 and its two-hundred day moving average price is $628.85. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $162.10 billion, a PE ratio of 56.22, a price-to-earnings-growth ratio of 2.86 and a beta of 1.24.

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

Insider Transactions at Intuit

In related news, CFO Sandeep Aujla sold 109 shares of the company's stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $628.50, for a total transaction of $68,506.50. Following the completion of the sale, the chief financial officer now owns 1,944 shares in the company, valued at approximately $1,221,804. This represents a 5.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Lauren D. Hotz sold 1,078 shares of the company's stock in a transaction on Friday, January 10th. The shares were sold at an average price of $619.28, for a total value of $667,583.84. Following the sale, the chief accounting officer now owns 1,864 shares of the company's stock, valued at approximately $1,154,337.92. This trade represents a 36.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 293,014 shares of company stock worth $188,992,187 over the last quarter. 2.68% of the stock is currently owned by insiders.

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.