Intuit (NASDAQ:INTU) Raised to "Sector Outperform" at Scotiabank

Intuit (NASDAQ:INTU - Get Free Report) was upgraded by Scotiabank from a "sector perform" rating to a "sector outperform" rating in a report released on Thursday,Benzinga reports. The firm presently has a $700.00 target price on the software maker's stock, up from their previous target price of $600.00. Scotiabank's price objective would indicate a potential upside of 19.03% from the company's previous close.

Other equities analysts also recently issued research reports about the company. BNP Paribas downgraded Intuit from a "neutral" rating to an "underperform" rating and set a $530.00 target price on the stock. in a research report on Wednesday, January 15th. StockNews.com lowered Intuit from a "buy" rating to a "hold" rating in a report on Monday, March 3rd. Redburn Atlantic began coverage on shares of Intuit in a research report on Wednesday, February 19th. They issued a "neutral" rating for the company. Jefferies Financial Group lowered their price target on shares of Intuit from $800.00 to $735.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Finally, Mizuho boosted their price objective on shares of Intuit from $750.00 to $765.00 and gave the company an "outperform" rating in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $718.56.

Intuit Price Performance

NASDAQ:INTU opened at $588.08 on Thursday. The firm's fifty day moving average price is $592.07 and its two-hundred day moving average price is $616.88. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24. The company has a market cap of $164.40 billion, a P/E ratio of 57.10, a P/E/G ratio of 2.85 and a beta of 1.25. Intuit has a one year low of $532.65 and a one year high of $714.78.

Insiders Place Their Bets

In related news, EVP Laura A. Fennell sold 8,163 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $612.46, for a total transaction of $4,999,510.98. Following the sale, the executive vice president now owns 21,882 shares of the company's stock, valued at $13,401,849.72. This trade represents a 27.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Marianna Tessel sold 7,385 shares of the company's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $600.13, for a total value of $4,431,960.05. Following the completion of the transaction, the executive vice president now directly owns 40,190 shares of the company's stock, valued at approximately $24,119,224.70. The trade was a 15.52 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,696 shares of company stock valued at $14,347,731. 2.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Intuit

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Invst LLC acquired a new position in Intuit during the 3rd quarter worth about $203,000. Virtu Financial LLC acquired a new stake in Intuit during the 3rd quarter valued at approximately $7,506,000. Anchor Investment Management LLC raised its holdings in Intuit by 6.6% during the 3rd quarter. Anchor Investment Management LLC now owns 2,415 shares of the software maker's stock worth $1,500,000 after purchasing an additional 150 shares during the last quarter. World Investment Advisors LLC acquired a new position in shares of Intuit in the 3rd quarter worth approximately $201,000. Finally, Wilmington Savings Fund Society FSB boosted its stake in shares of Intuit by 7.1% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 25,869 shares of the software maker's stock valued at $16,065,000 after purchasing an additional 1,721 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.

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