Intuit Trading Down 2.6% Following Weak Earnings (INTU)
Shares of Intuit (NASDAQ:INTU) traded down 2.6% during mid-day trading on Friday following a weaker than expected earnings announcement, Stock Ratings Network reports. The stock traded as low as $82.11 and last traded at $83.60, with a volume of 3,766,635 shares changing hands. The stock had previously closed at $85.81.
The company reported $0.01 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.07 by $0.06. The company had revenue of $714.00 million for the quarter, compared to the consensus estimate of $699.49 million. The company’s quarterly revenue was up 12.6% on a year-over-year basis.
A number of analysts have recently weighed in on INTU shares. Analysts at Raymond James reiterated a “strong-buy” rating on shares of Intuit in a research note on Friday. They now have a $100.00 price target on the stock, up previously from $89.00. Separately, analysts at Barclays raised their price target on shares of Intuit from $69.00 to $90.00 in a research note on Friday. They now have an “equal weight” rating on the stock. Finally, analysts at Wedbush raised their price target on shares of Intuit from $87.00 to $95.00 in a research note on Friday. They now have an “outperform” rating on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Intuit currently has an average rating of “Hold” and a consensus price target of $81.43.
The stock has a 50-day moving average of $82.16 and a 200-day moving average of $78.37. The company has a market cap of $23.759 billion and a price-to-earnings ratio of 27.39. Intuit also saw unusually large options trading activity on Thursday. Investors acquired 6,247 call options on the company. This is an increase of 832% compared to the average daily volume of 670 call options.
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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