Legacy Capital Group California Inc. Has $1 Million Stake in Intuit Inc. (NASDAQ:INTU)

Legacy Capital Group California Inc. lowered its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 3.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,528 shares of the software maker’s stock after selling 51 shares during the quarter. Legacy Capital Group California Inc.’s holdings in Intuit were worth $1,004,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Cambridge Trust Co. lifted its stake in shares of Intuit by 63.3% during the 4th quarter. Cambridge Trust Co. now owns 160 shares of the software maker’s stock worth $100,000 after buying an additional 62 shares during the last quarter. Western Wealth Management LLC raised its holdings in shares of Intuit by 39.4% during the fourth quarter. Western Wealth Management LLC now owns 548 shares of the software maker’s stock valued at $343,000 after purchasing an additional 155 shares during the period. Beaumont Financial Advisors LLC boosted its position in shares of Intuit by 2.8% during the 4th quarter. Beaumont Financial Advisors LLC now owns 932 shares of the software maker’s stock worth $583,000 after purchasing an additional 25 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new stake in shares of Intuit in the 4th quarter valued at about $38,000. Finally, Onyx Bridge Wealth Group LLC bought a new stake in Intuit in the 4th quarter valued at about $229,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Mark P. Notarainni sold 465 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total value of $281,129.70. Following the completion of the transaction, the executive vice president now directly owns 869 shares in the company, valued at $525,380.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Mark P. Notarainni sold 465 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total value of $281,129.70. Following the transaction, the executive vice president now owns 869 shares of the company’s stock, valued at $525,380.02. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Mark P. Notarainni sold 965 shares of Intuit stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total value of $628,215.00. Following the sale, 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 a total of 195,963 shares of company stock worth $114,442,445 over the last ninety days. Company insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

INTU has been the topic of several recent research reports. Erste Group Bank reiterated a “hold” rating on shares of Intuit in a report on Friday, June 14th. Stifel Nicolaus decreased their price target on shares of Intuit from $720.00 to $690.00 and set a “buy” rating for the company in a research note on Friday, May 24th. StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a research note on Monday, May 27th. Bank of America reduced their price objective on shares of Intuit from $760.00 to $730.00 and set a “buy” rating for the company in a report on Friday, May 24th. Finally, Wells Fargo & Company upped their target price on shares of Intuit from $725.00 to $750.00 and gave the stock an “overweight” rating in a report on Tuesday, May 21st. Five investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $691.77.

Intuit Stock Performance

INTU traded up $3.98 on Tuesday, hitting $667.28. The company’s stock had a trading volume of 1,110,379 shares, compared to its average volume of 1,315,665. The company’s 50 day simple moving average is $635.80 and its 200-day simple moving average is $634.12. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.32. Intuit Inc. has a 12 month low of $473.56 and a 12 month high of $676.62. The firm has a market cap of $186.54 billion, a P/E ratio of 61.56, a price-to-earnings-growth ratio of 3.14 and a beta of 1.23.

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

Intuit Company 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.