Sompo Asset Management Co. Ltd. Sells 1,660 Shares of Intuit Inc. (NASDAQ:INTU)

Sompo Asset Management Co. Ltd. reduced its holdings in Intuit Inc. (NASDAQ:INTU - Free Report) by 36.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,900 shares of the software maker's stock after selling 1,660 shares during the quarter. Sompo Asset Management Co. Ltd.'s holdings in Intuit were worth $1,801,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of INTU. Fortitude Family Office LLC lifted its stake in shares of Intuit by 2.8% during the second 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 position in Intuit by 10.5% during the second quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker's stock valued at $110,000 after acquiring an additional 16 shares during the period. Gemmer Asset Management LLC grew its position in Intuit by 3.7% during the second quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker's stock valued at $294,000 after acquiring an additional 16 shares during the period. PFG Investments LLC increased its stake in Intuit by 1.1% during the second 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 last quarter. Finally, Plancorp LLC raised its holdings in shares of Intuit by 2.0% in the 2nd quarter. Plancorp LLC now owns 881 shares of the software maker's stock worth $579,000 after purchasing an additional 17 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Stock Performance

Shares of NASDAQ:INTU traded down $38.58 during midday trading on Friday, hitting $640.12. The company's stock had a trading volume of 3,294,240 shares, compared to its average volume of 1,651,052. Intuit Inc. has a fifty-two week low of $557.29 and a fifty-two week 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 stock has a market capitalization of $179.31 billion, a price-to-earnings ratio of 62.15, a PEG ratio of 3.32 and a beta of 1.25. The stock's 50 day simple moving average is $634.81 and its 200 day simple moving average is $631.20.

Intuit (NASDAQ:INTU - Get Free Report) last issued its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, topping the consensus estimate of $2.36 by $0.14. Intuit had a return on equity of 18.28% and a net margin of 17.59%. The company had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.14 billion. During the same period in the previous year, the business posted $1.14 EPS. The company's revenue for the quarter was up 10.2% on a year-over-year basis. As a group, research analysts anticipate that Intuit Inc. will post 14.05 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on INTU. Royal Bank of Canada reissued an "outperform" rating and set a $760.00 target price on shares of Intuit in a research report on Friday. Oppenheimer upped their price target on shares of Intuit from $712.00 to $722.00 and gave the stock an "outperform" rating in a research report on Friday. Morgan Stanley raised their price objective on Intuit from $685.00 to $730.00 and gave the company an "equal weight" rating in a research report on Friday. Bank of America boosted their price target on Intuit from $730.00 to $780.00 and gave the stock a "buy" rating in a research report on Friday, August 23rd. Finally, Jefferies Financial Group lifted their price objective on shares of Intuit from $790.00 to $800.00 and gave the company a "buy" rating in a research note on Friday. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $737.44.

Insider Buying and Selling at Intuit

In other news, EVP Alex G. Balazs sold 2,941 shares of the business's stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the sale, the executive vice president now directly owns 20 shares in the company, valued at approximately $12,575.20. The trade was a 99.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Scott D. Cook sold 2,461 shares of the firm's stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total value of $1,568,124.59. Following the completion of the transaction, the insider now directly owns 6,453,105 shares of the company's stock, valued at approximately $4,111,853,974.95. This trade represents a 0.04 % decrease in their ownership of the stock. 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 in the last ninety days. Company insiders own 2.90% of the company's stock.

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.