Intuit Inc. (NASDAQ:INTU) Shares Sold by Legal Advantage Investments Inc.

Legal Advantage Investments Inc. cut its stake in shares of Intuit Inc. (NASDAQ:INTU) by 2.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,316 shares of the software maker’s stock after selling 150 shares during the quarter. Intuit makes up approximately 2.4% of Legal Advantage Investments Inc.’s portfolio, making the stock its 12th biggest position. Legal Advantage Investments Inc.’s holdings in Intuit were worth $4,492,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. GAMMA Investing LLC raised its holdings in Intuit by 69,701.9% during the first quarter. GAMMA Investing LLC now owns 2,825,582 shares of the software maker’s stock worth $17,348,790,000 after purchasing an additional 2,821,534 shares in the last quarter. Nuveen LLC acquired a new stake in Intuit during the first quarter worth approximately $882,031,000. Nicholas Hoffman & Company LLC. acquired a new stake in Intuit during the first quarter worth approximately $785,564,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Intuit by 33.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,072,021 shares of the software maker’s stock worth $1,930,765,000 after purchasing an additional 771,232 shares in the last quarter. Finally, Unisphere Establishment raised its holdings in Intuit by 50.0% during the fourth quarter. Unisphere Establishment now owns 1,500,000 shares of the software maker’s stock worth $942,750,000 after purchasing an additional 500,000 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Intuit Price Performance

Shares of NASDAQ:INTU opened at $710.64 on Friday. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29. The company has a market cap of $198.23 billion, a P/E ratio of 57.68, a PEG ratio of 2.74 and a beta of 1.28. Intuit Inc. has a 52 week low of $532.65 and a 52 week high of $813.70. The company has a 50-day moving average price of $764.85 and a 200 day moving average price of $670.19.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, topping the consensus estimate of $10.89 by $0.76. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The company had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. During the same period in the prior year, the business posted $9.88 earnings per share. The firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. Research analysts predict that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 10th were given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.6%. The ex-dividend date was Thursday, July 10th. Intuit’s dividend payout ratio is presently 33.77%.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Morgan Stanley raised their price objective on shares of Intuit from $785.00 to $900.00 and gave the stock an “overweight” rating in a report on Monday, July 7th. CLSA assumed coverage on Intuit in a research report on Thursday, June 26th. They issued an “outperform” rating and a $900.00 target price for the company. BMO Capital Markets upped their target price on Intuit from $820.00 to $870.00 and gave the company an “outperform” rating in a research report on Thursday, July 10th. JPMorgan Chase & Co. upped their target price on Intuit from $660.00 to $770.00 and gave the company an “overweight” rating in a research report on Friday, May 23rd. Finally, Piper Sandler reissued an “overweight” rating and issued a $825.00 target price (up from $785.00) on shares of Intuit in a research report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $806.27.

Insider Activity at Intuit

In other Intuit news, CFO Sandeep Aujla sold 16,061 shares of Intuit stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $726.13, for a total transaction of $11,662,373.93. Following the completion of the transaction, the chief financial officer owned 197 shares in the company, valued at approximately $143,047.61. The trade was a 98.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kerry J. Mclean sold 16,700 shares of Intuit stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $729.16, for a total transaction of $12,176,972.00. Following the transaction, the executive vice president owned 23,101 shares of the company’s stock, valued at approximately $16,844,325.16. The trade was a 41.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 279,800 shares of company stock valued at $209,725,054 in the last ninety days. Company insiders own 2.68% of the company’s stock.

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.