Handelsbanken Fonder AB Raises Position in Intuit Inc. (NASDAQ:INTU)

Handelsbanken Fonder AB increased its position in Intuit Inc. (NASDAQ:INTU - Free Report) by 9.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 332,941 shares of the software maker's stock after purchasing an additional 29,010 shares during the quarter. Intuit makes up about 0.8% of Handelsbanken Fonder AB's investment portfolio, making the stock its 17th largest holding. Handelsbanken Fonder AB owned about 0.12% of Intuit worth $209,253,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp raised its stake in Intuit by 1.8% during 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 last quarter. Geode Capital Management LLC raised its stake in Intuit by 1.4% during the third quarter. Geode Capital Management LLC now owns 5,978,713 shares of the software maker's stock valued at $3,701,762,000 after buying an additional 80,463 shares during the last quarter. Fisher Asset Management LLC raised its stake in Intuit by 2.9% during the third quarter. Fisher Asset Management LLC now owns 3,827,671 shares of the software maker's stock valued at $2,376,984,000 after buying an additional 107,482 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Intuit by 4.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,300,789 shares of the software maker's stock valued at $1,428,790,000 after buying an additional 87,517 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Intuit by 1.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,688,445 shares of the software maker's stock valued at $1,048,524,000 after buying an additional 26,914 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on INTU. Piper Sandler reiterated an "overweight" rating and set a $765.00 price objective on shares of Intuit in a research note on Friday, January 10th. JPMorgan Chase & Co. lifted their price objective on Intuit from $600.00 to $640.00 and gave the company a "neutral" rating in a research note on Friday, November 22nd. Royal Bank of Canada reiterated an "outperform" rating and set a $760.00 price objective on shares of Intuit in a research note on Friday, November 22nd. Barclays decreased their price target on Intuit from $800.00 to $775.00 and set an "overweight" rating for the company in a research note on Friday, November 22nd. Finally, Morgan Stanley boosted their price target on Intuit from $685.00 to $730.00 and gave the stock an "equal weight" rating in a research note on Friday, November 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $726.53.

Intuit Stock Performance

NASDAQ:INTU traded down $13.61 during mid-day trading on Friday, hitting $565.47. 2,006,382 shares of the company traded hands, compared to its average volume of 1,767,831. The stock's fifty day moving average price is $614.05 and its 200-day moving average price is $628.50. Intuit Inc. has a one year low of $557.29 and a one year high of $714.78. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. The firm has a market cap of $158.29 billion, a price-to-earnings ratio of 54.90, a price-to-earnings-growth ratio of 2.87 and a beta of 1.24.

Intuit (NASDAQ:INTU - Get Free Report) last released its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, beating 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 business had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.14 billion. During the same quarter in the previous year, the company posted $1.14 earnings per share. Intuit's revenue for the quarter was up 10.2% on a year-over-year basis. Research analysts anticipate that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Intuit

In other news, insider Scott D. Cook sold 75,000 shares of the company's stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $641.82, for a total value of $48,136,500.00. Following the completion of the transaction, the insider now owns 6,378,105 shares of the company's stock, valued at $4,093,595,351.10. This represents a 1.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Mark P. Notarainni sold 3,649 shares of the company's stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $646.68, for a total value of $2,359,735.32. Following the completion of the transaction, the executive vice president now directly owns 19 shares of the company's stock, valued at approximately $12,286.92. This trade represents a 99.48 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 293,014 shares of company stock valued at $188,992,187. Company insiders own 2.68% of the company's stock.

Intuit Company 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.