Intuit (NASDAQ:INTU) Price Target Cut to $475.00 by Analysts at Wells Fargo & Company

Intuit (NASDAQ:INTUGet Rating) had its target price reduced by Wells Fargo & Company from $525.00 to $475.00 in a research note published on Wednesday, The Fly reports. Wells Fargo & Company currently has an overweight rating on the software maker’s stock.

Other analysts have also recently issued research reports about the company. JPMorgan Chase & Co. cut Intuit from an overweight rating to a neutral rating and set a $360.00 price objective for the company. in a research report on Monday, October 3rd. CICC Research started coverage on Intuit in a research report on Monday, September 19th. They set a market perform rating for the company. Moffett Nathanson assumed coverage on Intuit in a research report on Thursday, September 22nd. They set an outperform rating and a $500.00 price objective for the company. Oppenheimer lifted their price target on Intuit from $476.00 to $516.00 and gave the company an outperform rating in a report on Wednesday, August 24th. Finally, Evercore ISI lowered their price target on Intuit from $601.00 to $505.00 in a report on Friday, September 30th. Three investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $500.58.

Intuit Trading Up 7.3 %

Intuit stock opened at $407.59 on Wednesday. The stock has a market cap of $114.89 billion, a PE ratio of 56.22, a P/E/G ratio of 2.70 and a beta of 1.19. The stock has a 50-day moving average price of $397.10 and a 200 day moving average price of $410.81. Intuit has a 52 week low of $339.36 and a 52 week high of $697.27. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.39.

Insider Buying and Selling

In related news, CFO Michelle M. Clatterbuck sold 6,768 shares of the business’s stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $450.00, for a total transaction of $3,045,600.00. Following the transaction, the chief financial officer now directly owns 1,350 shares of the company’s stock, valued at approximately $607,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Varun Krishna sold 7,438 shares of the business’s stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $450.80, for a total transaction of $3,353,050.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Michelle M. Clatterbuck sold 6,768 shares of the business’s stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $450.00, for a total value of $3,045,600.00. Following the transaction, the chief financial officer now directly owns 1,350 shares in the company, valued at $607,500. The disclosure for this sale can be found here. 3.18% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Intuit

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Bishop Rock Capital L.P. increased its holdings in Intuit by 27,658.9% during the 2nd quarter. Bishop Rock Capital L.P. now owns 4,562,453 shares of the software maker’s stock worth $11,837,000 after purchasing an additional 4,546,017 shares during the last quarter. Vanguard Group Inc. increased its holdings in Intuit by 6.4% during the 1st quarter. Vanguard Group Inc. now owns 24,068,193 shares of the software maker’s stock worth $11,572,950,000 after purchasing an additional 1,446,489 shares during the last quarter. Magellan Asset Management Ltd increased its holdings in Intuit by 184,265.0% during the 3rd quarter. Magellan Asset Management Ltd now owns 1,279,493 shares of the software maker’s stock worth $495,573,000 after purchasing an additional 1,278,799 shares during the last quarter. Sustainable Growth Advisers LP increased its holdings in Intuit by 163.0% during the 1st quarter. Sustainable Growth Advisers LP now owns 1,621,832 shares of the software maker’s stock worth $779,842,000 after purchasing an additional 1,005,234 shares during the last quarter. Finally, BlackRock Inc. increased its holdings in Intuit by 3.7% during the 1st quarter. BlackRock Inc. now owns 26,048,746 shares of the software maker’s stock worth $12,525,279,000 after purchasing an additional 919,626 shares during the last quarter. 83.31% of the stock is owned by institutional investors and hedge funds.

Intuit Company Profile

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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 ProConnect.

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