Intuit Inc. (NASDAQ:INTU) Shares Sold by Meridiem Investment Management Ltd.

Meridiem Investment Management Ltd. reduced its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 14.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 398,924 shares of the software maker's stock after selling 70,098 shares during the quarter. Intuit comprises about 4.5% of Meridiem Investment Management Ltd.'s portfolio, making the stock its 13th largest holding. Meridiem Investment Management Ltd. owned about 0.14% of Intuit worth $250,771,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. International Assets Investment Management LLC increased its holdings in Intuit by 68,404.7% in the 3rd quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker's stock worth $300,768,000 after buying an additional 483,621 shares during the period. Holocene Advisors LP increased its holdings in Intuit by 99.6% in the 3rd quarter. Holocene Advisors LP now owns 625,583 shares of the software maker's stock worth $388,487,000 after buying an additional 312,212 shares during the period. Nordea Investment Management AB increased its holdings in Intuit by 83.2% in the 4th quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker's stock worth $371,984,000 after buying an additional 268,060 shares during the period. State Street Corp increased its holdings in Intuit by 1.8% in the 3rd 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. Finally, Union Bancaire Privee UBP SA acquired a new position in Intuit in the 4th quarter worth approximately $104,278,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Intuit

In other news, CAO Lauren D. Hotz sold 1,078 shares of Intuit stock in a transaction on Friday, January 10th. The stock was sold at an average price of $619.28, for a total transaction of $667,583.84. Following the transaction, the chief accounting officer now owns 1,864 shares in the company, valued at $1,154,337.92. The trade was a 36.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction on 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 transaction, the insider now owns 6,378,105 shares in the company, valued at approximately $4,093,595,351.10. This represents a 1.16 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 293,014 shares of company stock worth $188,992,187. Corporate insiders own 2.68% of the company's stock.

Intuit Price Performance

INTU stock traded down $3.11 during midday trading on Thursday, reaching $579.08. The stock had a trading volume of 2,703,284 shares, compared to its average volume of 1,760,584. The company's fifty day simple moving average is $615.92 and its 200 day simple moving average 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 cap of $162.10 billion, a price-to-earnings ratio of 56.22, a price-to-earnings-growth ratio of 2.86 and a beta of 1.24. Intuit Inc. has a 52-week low of $557.29 and a 52-week high of $714.78.

Intuit (NASDAQ:INTU - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.14 billion. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The firm's revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.14 EPS. As a group, sell-side analysts predict that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

INTU has been the topic of a number of analyst reports. Piper Sandler reaffirmed an "overweight" rating and set a $765.00 price objective on shares of Intuit in a research note on Friday, January 10th. Scotiabank initiated coverage on shares of Intuit in a research note on Monday, November 18th. They set a "sector perform" rating and a $700.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on shares of Intuit from $600.00 to $640.00 and gave the stock a "neutral" rating in a research note on Friday, November 22nd. Morgan Stanley raised their price objective on shares of Intuit from $685.00 to $730.00 and gave the stock an "equal weight" rating in a research note on Friday, November 22nd. Finally, Stifel Nicolaus dropped their price objective on shares of Intuit from $795.00 to $725.00 and set a "buy" rating on the stock in a research note on Friday, November 22nd. One research analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, Intuit has an average rating of "Moderate Buy" and an average price target of $726.53.

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.