Independent Advisor Alliance Raises Holdings in Intuit Inc. (NASDAQ:INTU)

Independent Advisor Alliance increased its stake in shares of Intuit Inc. (NASDAQ:INTU) by 1.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,531 shares of the software maker’s stock after acquiring an additional 117 shares during the quarter. Independent Advisor Alliance’s holdings in Intuit were worth $5,298,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. Harvest Portfolios Group Inc. increased its position in shares of Intuit by 5.4% in the third quarter. Harvest Portfolios Group Inc. now owns 35,902 shares of the software maker’s stock valued at $22,295,000 after acquiring an additional 1,853 shares during the period. GAMMA Investing LLC increased its holdings in Intuit by 33.7% during the 3rd quarter. GAMMA Investing LLC now owns 3,838 shares of the software maker’s stock valued at $2,383,000 after purchasing an additional 968 shares during the period. Retireful LLC bought a new position in Intuit during the 3rd quarter valued at approximately $740,000. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Intuit during the 3rd quarter valued at approximately $56,144,000. Finally, Cetera Advisors LLC lifted its holdings in Intuit by 33.4% in the 1st quarter. Cetera Advisors LLC now owns 10,607 shares of the software maker’s stock worth $6,895,000 after buying an additional 2,655 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Stock Down 5.7 %

INTU stock opened at $640.12 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24. Intuit Inc. has a 1-year low of $557.29 and a 1-year high of $714.78. The stock has a market capitalization of $179.26 billion, a P/E ratio of 62.15, a P/E/G ratio of 3.13 and a beta of 1.25. The business has a fifty day moving average price of $634.81 and a 200-day moving average price of $631.19.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.14. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The firm had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.14 billion. During the same quarter last year, the firm posted $1.14 EPS. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. Equities analysts forecast that Intuit Inc. will post 14.05 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on INTU shares. Barclays decreased their target price on Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a report on Friday. BMO Capital Markets lifted their target price on shares of Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research note on Friday, August 23rd. Bank of America increased their price target on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Jefferies Financial Group lifted their price objective on Intuit from $790.00 to $800.00 and gave the company a “buy” rating in a research report on Friday. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $760.00 target price on shares of Intuit in a research report on Friday. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, Intuit has an average rating of “Moderate Buy” and a consensus target price of $737.44.

Insiders Place Their Bets

In related news, Director Eve B. Burton sold 2,988 shares of the business’s stock in a transaction that occurred 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sandeep Aujla sold 4,000 shares of the stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $617.28, for a total transaction of $2,469,120.00. Following the completion of the transaction, the chief financial officer now owns 452 shares in the company, valued at $279,010.56. The trade was a 89.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 55,265 shares of company stock valued at $35,200,125. 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.