Intuit (NASDAQ:INTU) Shares Gap Down - Should You Sell?

Intuit Inc. (NASDAQ:INTU - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $678.81, but opened at $636.10. Intuit shares last traded at $644.33, with a volume of 430,744 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on INTU shares. Piper Sandler reissued an "overweight" rating and set a $768.00 price target on shares of Intuit in a research report on Friday, September 27th. StockNews.com raised Intuit from a "hold" rating to a "buy" rating in a research note on Monday, September 30th. Susquehanna reissued a "positive" rating and issued a $757.00 target price on shares of Intuit in a report on Friday, August 16th. Stifel Nicolaus lifted their target price on shares of Intuit from $690.00 to $795.00 and gave the stock a "buy" rating in a research report on Friday, August 23rd. Finally, Scotiabank started coverage on shares of Intuit in a research report on Monday. They issued a "sector perform" rating and a $700.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $737.06.

Intuit Stock Down 5.4 %

The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The company has a fifty day simple moving average of $634.11 and a 200-day simple moving average of $630.65. The firm has a market cap of $179.90 billion, a P/E ratio of 61.47, a price-to-earnings-growth ratio of 3.36 and a beta of 1.25.

Intuit (NASDAQ:INTU - Get Free Report) last announced its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The company had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the previous year, the company posted $0.40 EPS. The firm's revenue was up 17.4% on a year-over-year basis. On average, equities analysts anticipate that Intuit Inc. will post 14.05 earnings per share for the current year.

Insider Activity

In related news, EVP Kerry J. Mclean sold 11,079 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the completion of the sale, the executive vice president now owns 24,941 shares in the company, valued at approximately $15,752,985.01. This trade represents a 30.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Sandeep Aujla sold 775 shares of the company's stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total value of $466,015.25. Following the completion of the transaction, the chief financial officer now owns 4,451 shares of the company's stock, valued at $2,676,430.81. The trade was a 14.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 55,297 shares of company stock worth $35,220,046 in the last three months. Company insiders own 2.90% of the company's stock.

Institutional Trading of Intuit

Several hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC grew its position in Intuit by 68,404.7% in the third quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker's stock worth $300,768,000 after acquiring an additional 483,621 shares in the last quarter. Holocene Advisors LP increased its position in shares of Intuit by 99.6% during the 3rd quarter. Holocene Advisors LP now owns 625,583 shares of the software maker's stock valued at $388,487,000 after purchasing an additional 312,212 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in Intuit during the 2nd quarter valued at $184,982,000. Ameriprise Financial Inc. lifted its position in Intuit by 17.3% in the second quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker's stock worth $1,062,578,000 after buying an additional 238,486 shares during the last quarter. Finally, State Street Corp boosted 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 worth $7,648,910,000 after buying an additional 221,885 shares during the period. Hedge funds and other institutional investors own 83.66% 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.

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