Parnassus Investments LLC Sells 113,106 Shares of Intuit Inc. (NASDAQ:INTU)

Parnassus Investments LLC reduced its stake in Intuit Inc. (NASDAQ:INTU) by 8.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,194,018 shares of the software maker’s stock after selling 113,106 shares during the quarter. Intuit comprises 1.6% of Parnassus Investments LLC’s holdings, making the stock its 26th largest position. Parnassus Investments LLC owned 0.43% of Intuit worth $741,485,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. LGT Financial Advisors LLC bought a new position in shares of Intuit during the second quarter worth approximately $25,000. Cultivar Capital Inc. bought a new position in shares of Intuit during the second quarter worth approximately $26,000. Fairway Wealth LLC bought a new position in shares of Intuit during the second quarter worth approximately $26,000. Northwest Investment Counselors LLC bought a new position in shares of Intuit during the third quarter worth approximately $27,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of Intuit during the second quarter worth approximately $35,000. 83.66% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Scott D. Cook sold 2,461 shares of Intuit stock in a transaction on Wednesday, September 18th. The shares were 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 $4,111,853,974.95. This trade represents a 0.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sandeep Aujla sold 775 shares of Intuit stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total transaction of $466,015.25. Following the transaction, the chief financial officer now directly owns 4,451 shares of the company’s stock, valued at $2,676,430.81. This represents a 14.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,297 shares of company stock valued at $35,220,046 over the last quarter. Insiders own 2.90% of the company’s stock.

Intuit Price Performance

INTU stock opened at $678.81 on Tuesday. The company has a fifty day moving average price of $634.11 and a 200-day moving average price of $630.65. The company has a market capitalization of $190.26 billion, a P/E ratio of 64.96, a PEG ratio of 3.36 and a beta of 1.25. Intuit Inc. has a 52-week low of $557.29 and a 52-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.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.14. The firm had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.40 earnings per share. As a group, equities analysts expect that Intuit Inc. will post 14.05 EPS for the current year.

Analyst Ratings Changes

INTU has been the topic of several analyst reports. Scotiabank initiated coverage on shares of Intuit in a research report on Monday. They set a “sector perform” rating and a $700.00 price target on the stock. Barclays increased their price target on shares of Intuit from $740.00 to $800.00 and gave the stock an “overweight” rating in a research report on Friday. Jefferies Financial Group increased their price target on shares of Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. BMO Capital Markets raised their target price on shares of Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research report on Friday, August 23rd. Finally, JPMorgan Chase & Co. raised their target price on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research report on Friday, August 23rd. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $737.06.

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.