Intuit Downgraded by Morgan Stanley to Underweight (INTU)
Intuit (NASDAQ:INTU) was downgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a report released on Wednesday, TheFlyOnTheWall.com reports. They currently have a $62.00 target price on the stock. Morgan Stanley’s target price would indicate a potential downside of 6.49% from the stock’s previous close.
The analysts wrote, “Slowing tax category growth may limit INTU’s growth profile overall while at 18x CY14 EPS INTU trades at a meaningful premium to other 11-12% EPS growers like SAP or SYMC. As a result, we see INTU shares as a relative laggard vs. software peers and we are downgrading the stock to UW.”
Shares of Intuit (NASDAQ:INTU) traded down 1.51% during mid-day trading on Wednesday, hitting $65.30. 735,928 shares of the company’s stock traded hands. Intuit has a 52-week low of $55.54 and a 52-week high of $68.41. The stock’s 50-day moving average is $64.33 and its 200-day moving average is $62.72. The company has a market cap of $19.459 billion and a price-to-earnings ratio of 23.38.
Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Tuesday, August 20th. The company reported $0.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by $0.03. The company had revenue of $634.00 million for the quarter, compared to the consensus estimate of $658.05 million. During the same quarter in the previous year, the company posted $0.03 earnings per share. The company’s revenue for the quarter was up 11.8% on a year-over-year basis. On average, analysts predict that Intuit will post $3.54 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on INTU. Analysts at Evercore Partners raised their price target on shares of Intuit (NASDAQ:INTU) from $63.00 to $64.00 in a research note to investors on Wednesday, September 4th. They now have an “equal weight” rating on the stock. Separately, analysts at Zacks downgraded shares of Intuit (NASDAQ:INTU) from a “neutral” rating to an “underperform” rating in a research note to investors on Monday, August 26th. They now have a $62.20 price target on the stock. Finally, analysts at Raymond James raised their price target on shares of Intuit (NASDAQ:INTU) from $75.00 to $77.00 in a research note to investors on Wednesday, August 21st. They now have a “strong-buy” rating on the stock.
Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $67.70.
The company also recently announced a quarterly dividend, which is scheduled for Friday, October 18th. Stockholders of record on Thursday, October 10th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.15%. The ex-dividend date is Tuesday, October 8th. This is a boost from Intuit’s previous quarterly dividend of $0.17.
In other Intuit news, SVP Laura A. Fennell unloaded 5,998 shares of Intuit stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $66.20, for a total value of $397,067.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
Intuit Inc (NASDAQ:INTU) is a provider of business and financial management solutions for small businesses, consumers, accounting professionals and financial institutions.
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