Intuit Inc. (INTU) Rating Lowered to Hold at Zacks Investment Research
Intuit Inc. (NASDAQ:INTU) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Shares of Intuit has outperformed the industry over the past one year. We are optimistic on Intuit’s growing SMB exposure and believe that its strategic acquisitions will fortify this segment. Due to the continuously emerging new technologies and current market trends, cloud-based business and financial software solutions have been gaining momentum. As Intuit is already a market leader in this segment, the increased adoption helped it gain new customers, in turn, boosting the overall performance. Moreover, the company’s strategy of shifting its business to cloud-based subscription model will help generate more stable revenues over the long run. Nonetheless, stiff competition from payroll solution providers such as Paycom Software Inc. and Automatic Data Processing is a concern, especially considering the seasonality of Intuit’s tax business and the ongoing economic uncertainty.”
INTU has been the subject of a number of other research reports. Jefferies Group LLC assumed coverage on shares of Intuit in a research note on Thursday, August 24th. They set a “buy” rating and a $157.00 target price for the company. Deutsche Bank AG reiterated a “buy” rating and set a $150.00 target price on shares of Intuit in a research note on Wednesday, August 23rd. Bank of America Corporation reiterated a “buy” rating and set a $145.00 target price on shares of Intuit in a research note on Wednesday, August 23rd. Moffett Nathanson started coverage on shares of Intuit in a research note on Thursday, September 7th. They issued a “buy” rating and a $150.00 price objective for the company. Finally, Stifel Nicolaus restated a “hold” rating and issued a $132.00 price objective on shares of Intuit in a research note on Friday, October 6th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and twelve have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $142.74.
Intuit (INTU) traded up 0.512% during mid-day trading on Tuesday, hitting $148.075. The stock had a trading volume of 509,319 shares. Intuit has a 52-week low of $103.22 and a 52-week high of $148.89. The stock has a market cap of $37.76 billion, a P/E ratio of 39.805 and a beta of 1.15. The firm has a 50-day moving average of $143.84 and a 200-day moving average of $135.61.
Intuit (NASDAQ:INTU) last issued its earnings results on Tuesday, August 22nd. The software maker reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. The firm had revenue of $842.00 million during the quarter, compared to the consensus estimate of $808.82 million. Intuit had a net margin of 18.76% and a return on equity of 82.43%. The company’s revenue was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.08 earnings per share. On average, analysts forecast that Intuit will post $4.95 EPS for the current fiscal year.
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In related news, EVP Henry Tayloe Stansbury sold 1,783 shares of the stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $144.20, for a total transaction of $257,108.60. Following the completion of the transaction, the executive vice president now directly owns 2,675 shares of the company’s stock, valued at $385,735. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Scott D. Cook sold 183,334 shares of the stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $135.22, for a total transaction of $24,790,423.48. The disclosure for this sale can be found here. Insiders sold 1,084,194 shares of company stock valued at $151,162,540 over the last ninety days. Corporate insiders own 5.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of INTU. Teachers Advisors LLC raised its holdings in Intuit by 3.1% during the first quarter. Teachers Advisors LLC now owns 1,458,532 shares of the software maker’s stock worth $169,175,000 after purchasing an additional 44,481 shares in the last quarter. Thrivent Financial For Lutherans raised its holdings in Intuit by 5.7% during the first quarter. Thrivent Financial For Lutherans now owns 8,940 shares of the software maker’s stock worth $1,037,000 after purchasing an additional 480 shares in the last quarter. Geode Capital Management LLC raised its holdings in Intuit by 7.8% during the first quarter. Geode Capital Management LLC now owns 2,686,750 shares of the software maker’s stock worth $311,244,000 after purchasing an additional 194,751 shares in the last quarter. Parallel Advisors LLC raised its holdings in Intuit by 19.8% during the first quarter. Parallel Advisors LLC now owns 2,938 shares of the software maker’s stock worth $369,000 after purchasing an additional 485 shares in the last quarter. Finally, Davidson Investment Advisors raised its holdings in Intuit by 0.3% during the first quarter. Davidson Investment Advisors now owns 61,811 shares of the software maker’s stock worth $7,168,000 after purchasing an additional 208 shares in the last quarter. 85.93% of the stock is owned by hedge funds and other institutional investors.
Intuit Company Profile
Intuit Inc is a provider of business and financial management solutions for small businesses, consumers and accounting professionals. The Company operates through three segments: Small Business, Consumer Tax and ProConnect. The Small Business segment serves and advises small businesses and the accounting professionals, and includes QuickBooks financial and business management online services and desktop software, payroll solutions, and payment processing solutions.
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