Portfolio Design Labs LLC Trims Stock Position in Intuit Inc. (NASDAQ:INTU)

Portfolio Design Labs LLC cut its holdings in Intuit Inc. (NASDAQ:INTU - Free Report) by 84.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 887 shares of the software maker's stock after selling 4,707 shares during the quarter. Portfolio Design Labs LLC's holdings in Intuit were worth $551,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of INTU. Harvest Portfolios Group Inc. raised its stake in Intuit by 5.4% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 35,902 shares of the software maker's stock worth $22,295,000 after acquiring an additional 1,853 shares during the last quarter. GAMMA Investing LLC lifted its stake in Intuit by 33.7% in the 3rd quarter. GAMMA Investing LLC now owns 3,838 shares of the software maker's stock worth $2,383,000 after purchasing an additional 968 shares in the last quarter. Cetera Advisors LLC grew its holdings in shares of Intuit by 33.4% in the first quarter. Cetera Advisors LLC now owns 10,607 shares of the software maker's stock valued at $6,895,000 after purchasing an additional 2,655 shares during the period. Park Avenue Securities LLC increased its stake in Intuit by 13.4% during the second quarter. Park Avenue Securities LLC now owns 11,257 shares of the software maker's stock worth $7,398,000 after acquiring an additional 1,328 shares during the last quarter. Finally, BDF Gestion acquired a new position in shares of Intuit in the 2nd quarter worth approximately $7,196,000. Institutional investors own 83.66% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on INTU shares. Bank of America raised their price target on Intuit from $730.00 to $780.00 and gave the company a "buy" rating in a research note on Friday, August 23rd. Susquehanna reiterated a "positive" rating and set a $757.00 price target on shares of Intuit in a research report on Friday, August 16th. Piper Sandler reaffirmed an "overweight" rating and set a $768.00 price objective on shares of Intuit in a research note on Friday, September 27th. Stifel Nicolaus upped their price objective on shares of Intuit from $690.00 to $795.00 and gave the company a "buy" rating in a research note on Friday, August 23rd. Finally, JPMorgan Chase & Co. raised their price target on shares of Intuit from $585.00 to $600.00 and gave the company a "neutral" rating in a report on Friday, August 23rd. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $737.06.

Insider Activity at Intuit

In other news, CFO Sandeep Aujla sold 4,000 shares of the stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $617.28, for a total value of $2,469,120.00. Following the completion of the sale, the chief financial officer now owns 452 shares of the company's stock, valued at approximately $279,010.56. This represents a 89.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Eve B. Burton sold 2,988 shares of the company's stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $649.87, for a total transaction of $1,941,811.56. The disclosure for this sale can be found here. Insiders sold a total of 55,297 shares of company stock valued at $35,220,046 over the last quarter. 2.90% of the stock is owned by corporate insiders.

Intuit Stock Up 1.0 %

Shares of NASDAQ INTU traded up $6.43 during mid-day trading on Wednesday, reaching $650.60. 1,825,303 shares of the company's stock were exchanged, compared to its average volume of 1,344,574. The business has a fifty day simple moving average of $634.32 and a 200 day simple moving average of $630.75. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. Intuit Inc. has a twelve month low of $557.29 and a twelve month high of $714.78. The firm has a market capitalization of $182.36 billion, a price-to-earnings ratio of 61.64, a PEG 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 for the quarter, beating the consensus estimate of $1.85 by $0.14. The company had revenue of $3.18 billion during the quarter, compared to analysts' expectations of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. Intuit's revenue for the quarter was up 17.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.40 EPS. As a group, equities analysts expect that Intuit Inc. will post 14.05 EPS for the current fiscal 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.