Scotiabank Has Lowered Expectations for Intuit (NASDAQ:INTU) Stock Price

Intuit (NASDAQ:INTU) had its target price decreased by equities researchers at Scotiabank from $700.00 to $600.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “sector perform” rating on the software maker’s stock. Scotiabank’s price objective would indicate a potential downside of 2.25% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. StockNews.com upgraded shares of Intuit from a “hold” rating to a “buy” rating in a report on Thursday, January 23rd. BMO Capital Markets cut their target price on Intuit from $760.00 to $714.00 and set an “outperform” rating on the stock in a report on Wednesday. Jefferies Financial Group upped their price target on Intuit from $790.00 to $800.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. JPMorgan Chase & Co. raised their price objective on Intuit from $600.00 to $640.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Finally, Piper Sandler restated an “overweight” rating and issued a $785.00 target price (up from $765.00) on shares of Intuit in a report on Wednesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $717.88.

Intuit Trading Up 2.2 %

NASDAQ:INTU opened at $613.84 on Thursday. The company has a market capitalization of $171.82 billion, a P/E ratio of 59.60, a P/E/G ratio of 2.85 and a beta of 1.24. The stock’s 50 day moving average price is $605.90 and its 200 day moving average price is $627.25. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. Intuit has a 52 week low of $553.24 and a 52 week high of $714.78.

Insider Activity at Intuit

In other news, EVP Laura A. Fennell sold 7,700 shares of Intuit stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $657.64, for a total transaction of $5,063,828.00. Following the sale, the executive vice president now directly owns 33,916 shares in the company, valued at approximately $22,304,518.24. The trade was a 18.50 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark P. Notarainni sold 3,649 shares of the company’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $646.68, for a total transaction of $2,359,735.32. Following the completion of the sale, the executive vice president now directly owns 19 shares in the company, valued at approximately $12,286.92. The trade was a 99.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 218,014 shares of company stock worth $140,855,687 over the last three months. Company insiders own 2.68% of the company’s stock.

Institutional Investors Weigh In On Intuit

Several large investors have recently modified their holdings of the stock. R Squared Ltd bought a new stake in Intuit in the fourth quarter valued at $25,000. NewSquare Capital LLC boosted its stake in shares of Intuit by 72.0% in the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock valued at $27,000 after purchasing an additional 18 shares in the last quarter. Heck Capital Advisors LLC acquired a new stake in shares of Intuit in the 4th quarter valued at $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Intuit in the 4th quarter worth about $28,000. Finally, Summit Securities Group LLC acquired a new stake in shares of Intuit during the 4th quarter worth about $28,000. 83.66% of the stock is currently owned by institutional investors.

About Intuit

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.