Intuit Inc. (INTU) Upgraded by Zacks Investment Research to Buy
Intuit Inc. (NASDAQ:INTU) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The firm presently has a $152.00 price target on the software maker’s stock. Zacks Investment Research‘s target price suggests a potential upside of 10.67% from the stock’s previous close.
According to Zacks, “Intuit reported encouraging fourth-quarter fiscal 2017 results. Its revenue performance improved on a year-over-year basis, backed by better-than-expected growth in QuickBooks Online. The company also issued upbeat earnings guidance for the first quarter and fiscal 2018. 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. The stock has outperformed the industry in a year’s time.”
A number of other equities analysts have also recently issued reports on INTU. Royal Bank Of Canada raised their target price on shares of Intuit from $126.00 to $140.00 and gave the stock a “sector perform” rating in a report on Wednesday, May 24th. Stifel Nicolaus lifted their price target on Intuit from $115.00 to $132.00 and gave the company a “hold” rating in a report on Wednesday, May 24th. Deutsche Bank AG lifted their price target on Intuit from $130.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, May 25th. Bank of America Corporation lifted their price target on Intuit from $130.00 to $145.00 and gave the company a “buy” rating in a report on Thursday, May 25th. Finally, Citigroup Inc. lifted their price target on Intuit from $128.00 to $148.00 and gave the company a “buy” rating in a report on Thursday, May 25th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $137.59.
Shares of Intuit (INTU) traded down 0.229% during midday trading on Monday, hitting $137.035. The company’s stock had a trading volume of 99,668 shares. Intuit has a 12-month low of $103.22 and a 12-month high of $143.81. The firm has a market cap of $35.22 billion, a price-to-earnings ratio of 36.837 and a beta of 1.15. The firm has a 50-day moving average of $135.60 and a 200 day moving average of $129.04.
Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Tuesday, August 22nd. The software maker reported $0.20 EPS for the quarter, topping the consensus estimate of $0.17 by $0.03. Intuit had a net margin of 18.76% and a return on equity of 82.43%. The business had revenue of $842 million for the quarter, compared to analysts’ expectations of $808.82 million. During the same quarter last year, the company posted $0.08 earnings per share. The company’s quarterly revenue was up 11.7% compared to the same quarter last year. On average, equities research analysts predict that Intuit will post $4.98 EPS for the current fiscal year.
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In other news, EVP Daniel A. Wernikoff sold 15,684 shares of the company’s stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $140.50, for a total transaction of $2,203,602.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Scott D. Cook sold 183,334 shares of the company’s stock in a transaction that occurred on 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. Over the last 90 days, insiders sold 595,109 shares of company stock worth $81,061,248. Company insiders own 5.70% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Captrust Financial Advisors acquired a new position in shares of Intuit during the second quarter valued at $108,000. Guardian Life Insurance Co. of America raised its position in shares of Intuit by 0.5% in the first quarter. Guardian Life Insurance Co. of America now owns 940 shares of the software maker’s stock valued at $109,000 after buying an additional 5 shares in the last quarter. Shine Investment Advisory Services Inc. acquired a new position in shares of Intuit during the second quarter valued at $123,000. Johnson Financial Group Inc. raised its position in shares of Intuit by 5.8% in the first quarter. Johnson Financial Group Inc. now owns 1,080 shares of the software maker’s stock valued at $126,000 after buying an additional 59 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new position in shares of Intuit during the second quarter valued at $140,000. Institutional investors own 85.63% of the company’s stock.
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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