Intuit (NASDAQ:INTU) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Intuit has outperformed the industry in the last one year. Estimates have moved up in the last 7 days. 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, management’s comment on increasing investments in engineering and marketing to grab the growing opportunity globally makes us slightly cautious as it may negatively impact its near-term bottom-line results.”
A number of other equities analysts have also issued reports on INTU. UBS Group lowered shares of Intuit to an “underperform” rating in a research report on Wednesday, September 27th. Raymond James Financial lowered shares of Intuit from a “market perform” rating to an “underperform” rating in a research report on Wednesday, September 27th. Stifel Nicolaus restated a “hold” rating and set a $132.00 price objective on shares of Intuit in a research report on Friday, October 6th. Oppenheimer raised their price objective on shares of Intuit from $146.00 to $159.00 and gave the company an “outperform” rating in a research report on Friday, October 27th. Finally, Barclays raised their price objective on shares of Intuit from $135.00 to $157.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 15th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eleven have assigned a buy rating to the stock. Intuit currently has an average rating of “Hold” and a consensus target price of $157.53.
Intuit (NASDAQ:INTU) last announced its earnings results on Monday, November 20th. The software maker reported $0.11 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.19) by $0.30. The firm had revenue of $886.00 million during the quarter, compared to analyst estimates of $855.74 million. Intuit had a net margin of 18.62% and a return on equity of 77.56%. Intuit’s revenue was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.06 EPS. research analysts anticipate that Intuit will post 3.95 earnings per share for the current fiscal year.
In other Intuit news, Chairman Scott D. Cook sold 184,733 shares of the company’s stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $158.98, for a total transaction of $29,368,852.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Scott D. Cook sold 112,731 shares of the company’s stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $160.97, for a total transaction of $18,146,309.07. The disclosure for this sale can be found here. Insiders have sold 965,938 shares of company stock valued at $149,469,127 over the last ninety days. Insiders own 5.59% of the company’s stock.
A number of hedge funds have recently bought and sold shares of INTU. Strs Ohio lifted its position in shares of Intuit by 5.1% in the fourth quarter. Strs Ohio now owns 473,467 shares of the software maker’s stock worth $74,703,000 after purchasing an additional 22,825 shares in the last quarter. Bredin Investment LLC purchased a new stake in shares of Intuit in the fourth quarter worth approximately $520,000. First Manhattan Co. lifted its position in shares of Intuit by 81.1% in the fourth quarter. First Manhattan Co. now owns 5,070 shares of the software maker’s stock worth $799,000 after purchasing an additional 2,270 shares in the last quarter. Patten & Patten Inc. TN lifted its position in shares of Intuit by 17.7% in the fourth quarter. Patten & Patten Inc. TN now owns 33,814 shares of the software maker’s stock worth $5,335,000 after purchasing an additional 5,085 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Intuit in the fourth quarter worth approximately $2,233,000. 86.11% of the stock is owned by 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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