Parnassus Investments LLC Has $741.49 Million Holdings in Intuit Inc. (NASDAQ:INTU)

Parnassus Investments LLC lessened its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 8.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,194,018 shares of the software maker's stock after selling 113,106 shares during the quarter. Intuit makes up approximately 1.6% of Parnassus Investments LLC's holdings, making the stock its 26th largest holding. Parnassus Investments LLC owned 0.43% of Intuit worth $741,485,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in INTU. Fortitude Family Office LLC grew its holdings in Intuit by 2.8% in the 2nd quarter. Fortitude Family Office LLC now owns 582 shares of the software maker's stock valued at $382,000 after buying an additional 16 shares during the period. WASHINGTON TRUST Co grew its holdings in shares of Intuit by 10.5% during the 2nd quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker's stock worth $110,000 after purchasing an additional 16 shares during the period. Gemmer Asset Management LLC grew its holdings in shares of Intuit by 3.7% during the 2nd quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker's stock worth $294,000 after purchasing an additional 16 shares during the period. PFG Investments LLC boosted its holdings in Intuit by 1.1% in the 2nd quarter. PFG Investments LLC now owns 1,558 shares of the software maker's stock worth $1,024,000 after acquiring an additional 17 shares during the period. Finally, Plancorp LLC boosted its holdings in Intuit by 2.0% in the 2nd quarter. Plancorp LLC now owns 881 shares of the software maker's stock worth $579,000 after acquiring an additional 17 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on INTU shares. Scotiabank started coverage on Intuit in a report on Monday. They issued a "sector perform" rating and a $700.00 price target for the company. JPMorgan Chase & Co. increased their target price on Intuit from $585.00 to $600.00 and gave the stock a "neutral" rating in a report on Friday, August 23rd. Morgan Stanley downgraded Intuit from an "overweight" rating to an "equal weight" rating and lowered their price target for the company from $750.00 to $685.00 in a report on Wednesday, August 14th. Jefferies Financial Group raised their price objective on Intuit from $770.00 to $790.00 and gave the stock a "buy" rating in a research note on Friday, August 23rd. Finally, BMO Capital Markets increased their target price on shares of Intuit from $700.00 to $760.00 and gave the stock an "outperform" rating in a report on Friday, August 23rd. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, Intuit has an average rating of "Moderate Buy" and a consensus target price of $737.06.

Insider Transactions at Intuit

In related news, insider Scott D. Cook sold 2,461 shares of the business's stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the completion of the transaction, the insider now owns 6,453,105 shares of the company's stock, valued at approximately $4,111,853,974.95. The trade was a 0.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Alex G. Balazs sold 2,941 shares of the company's stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total value of $1,849,183.16. Following the completion of the transaction, the executive vice president now directly owns 20 shares of the company's stock, valued at approximately $12,575.20. This trade represents a 99.32 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 55,297 shares of company stock worth $35,220,046. 2.90% of the stock is owned by corporate insiders.

Intuit Stock Down 5.1 %

Shares of INTU stock traded down $34.64 on Tuesday, reaching $644.17. 2,494,299 shares of the company's stock traded hands, compared to its average volume of 1,341,998. Intuit Inc. has a 12-month low of $557.29 and a 12-month high of $714.78. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. The company has a market capitalization of $180.55 billion, a P/E ratio of 61.47, a price-to-earnings-growth ratio of 3.36 and a beta of 1.25. The business's 50 day moving average price is $634.11 and its two-hundred day moving average price is $630.65.

Intuit (NASDAQ:INTU - Get Free Report) last issued its earnings results on Thursday, August 22nd. The software maker reported $1.99 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 firm had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the previous year, the company posted $0.40 earnings per share. The business's quarterly revenue was up 17.4% compared to the same quarter last year. On average, equities analysts forecast that Intuit Inc. will post 14.05 earnings per share for the current year.

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.