Chevy Chase Trust Holdings LLC Sells 2,411 Shares of Intuit Inc. (NASDAQ:INTU)

Chevy Chase Trust Holdings LLC lowered its stake in shares of Intuit Inc. (NASDAQ:INTU) by 1.5% during the second quarter, Holdings Channel.com reports. The firm owned 153,214 shares of the software maker’s stock after selling 2,411 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Intuit were worth $100,694,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in INTU. Focus Financial Network Inc. grew its holdings in Intuit by 57.9% in the second quarter. Focus Financial Network Inc. now owns 2,250 shares of the software maker’s stock worth $1,483,000 after purchasing an additional 825 shares during the last quarter. Hobbs Group Advisors LLC purchased a new position in Intuit during the 2nd quarter worth $35,000. Freedom Day Solutions LLC grew its stake in Intuit by 3.7% during the 2nd quarter. Freedom Day Solutions LLC now owns 4,169 shares of the software maker’s stock worth $2,739,000 after buying an additional 148 shares during the last quarter. SeaCrest Wealth Management LLC increased its position in Intuit by 6.8% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 658 shares of the software maker’s stock valued at $432,000 after buying an additional 42 shares in the last quarter. Finally, Sunpointe LLC purchased a new stake in Intuit in the second quarter valued at about $212,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Trading Up 0.6 %

Shares of NASDAQ INTU traded up $3.98 during midday trading on Tuesday, reaching $667.28. 1,110,379 shares of the stock were exchanged, compared to its average volume of 1,315,665. The stock has a market capitalization of $186.54 billion, a P/E ratio of 61.62, a PEG ratio of 3.14 and a beta of 1.23. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.50 and a current ratio of 1.50. The company has a 50 day simple moving average of $633.79 and a 200 day simple moving average of $633.92. Intuit Inc. has a twelve month low of $473.56 and a twelve month high of $676.62.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.12 by $1.76. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The company had revenue of $6.74 billion during the quarter, compared to analysts’ expectations of $6.65 billion. During the same quarter last year, the firm earned $7.80 earnings per share. The firm’s quarterly revenue was up 11.9% compared to the same quarter last year. As a group, equities analysts expect that Intuit Inc. will post 11.72 earnings per share for the current year.

Analyst Upgrades and Downgrades

INTU has been the topic of a number of research analyst reports. Stifel Nicolaus dropped their price target on Intuit from $720.00 to $690.00 and set a “buy” rating on the stock in a research note on Friday, May 24th. Royal Bank of Canada started coverage on shares of Intuit in a research note on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price target on the stock. Jefferies Financial Group reiterated a “buy” rating and set a $770.00 price objective on shares of Intuit in a research note on Thursday, June 13th. Morgan Stanley downgraded Intuit from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $750.00 to $685.00 in a research report on Wednesday, August 14th. Finally, Susquehanna reaffirmed a “positive” rating and set a $757.00 price target on shares of Intuit in a research report on Friday. Five research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $691.77.

Insider Buying and Selling at Intuit

In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total transaction of $690,997.47. Following the completion of the transaction, the chief financial officer now owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Sandeep Aujla sold 1,061 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total transaction of $690,997.47. Following the completion of the transaction, the chief financial officer now directly owns 3,333 shares in the company, valued at approximately $2,170,682.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark P. Notarainni sold 965 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total transaction of $628,215.00. Following the completion of the transaction, the executive vice president now directly owns 1,020 shares of the company’s stock, valued at approximately $664,020. The disclosure for this sale can be found here. Insiders have sold 195,963 shares of company stock valued at $114,442,445 over the last 90 days. 2.90% of the stock is owned by insiders.

Intuit Profile

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 ProTax.