Jennison Associates LLC trimmed its holdings in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 59.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,108 shares of the software maker's stock after selling 7,483 shares during the quarter. Jennison Associates LLC's holdings in Intuit were worth $3,172,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. LGT Financial Advisors LLC purchased a new position in Intuit during the second quarter valued at $25,000. Cultivar Capital Inc. bought a new position in shares of Intuit in the second quarter worth about $26,000. Fairway Wealth LLC purchased a new position in shares of Intuit during the 2nd quarter valued at about $26,000. Northwest Investment Counselors LLC bought a new position in shares of Intuit during the 3rd quarter valued at approximately $27,000. Finally, Hobbs Group Advisors LLC purchased a new stake in Intuit in the 2nd quarter worth approximately $35,000. 83.66% of the stock is owned by hedge funds and other institutional investors.
In other Intuit news, EVP Laura A. Fennell sold 30,159 shares of the firm's stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $642.36, for a total value of $19,372,935.24. Following the completion of the sale, the executive vice president now owns 52,038 shares of the company's stock, valued at $33,427,129.68. This trade represents a 36.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Sandeep Aujla sold 775 shares of the company's stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total value of $466,015.25. Following the transaction, the chief financial officer now directly owns 4,451 shares in the company, valued at approximately $2,676,430.81. This represents a 14.83 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 55,297 shares of company stock worth $35,220,046. 2.90% of the stock is currently owned by company insiders.
INTU stock opened at $640.12 on Friday. Intuit Inc. has a 52 week low of $557.29 and a 52 week high of $714.78. The firm has a market capitalization of $179.31 billion, a P/E ratio of 61.26, a price-to-earnings-growth ratio of 3.15 and a beta of 1.25. The company has a fifty day simple moving average of $634.81 and a two-hundred day simple moving average of $631.27. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30.
Intuit (NASDAQ:INTU - Get Free Report) last announced its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, beating analysts' consensus estimates of $2.36 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The firm had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.14 billion. During the same quarter last year, the firm earned $1.14 EPS. The firm's revenue for the quarter was up 10.2% compared to the same quarter last year. Analysts anticipate that Intuit Inc. will post 14.05 earnings per share for the current fiscal year.
Several equities analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Intuit from $600.00 to $640.00 and gave the company a "neutral" rating in a report on Friday. Barclays dropped their target price on shares of Intuit from $800.00 to $775.00 and set an "overweight" rating for the company in a report on Friday. Jefferies Financial Group increased their price target on Intuit from $790.00 to $800.00 and gave the stock a "buy" rating in a research note on Friday. Bank of America boosted their price objective on Intuit from $730.00 to $780.00 and gave the company a "buy" rating in a research report on Friday, August 23rd. Finally, Stifel Nicolaus cut their target price on Intuit from $795.00 to $725.00 and set a "buy" rating for the company in a research report on Friday. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $737.44.
Check Out Our Latest Stock Report on Intuit
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider Intuit, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Intuit wasn't on the list.
While Intuit currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.