Intuit (NASDAQ:INTU) Given New $600.00 Price Target at Scotiabank

Intuit (NASDAQ:INTU) had its price objective lowered by stock analysts at Scotiabank from $700.00 to $600.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “sector perform” rating on the software maker’s stock. Scotiabank’s target price would suggest a potential downside of 2.45% from the company’s previous close.

A number of other research firms have also recently commented on INTU. Barclays cut their target price on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Stifel Nicolaus cut their target price on shares of Intuit from $795.00 to $725.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. Oppenheimer boosted their target price on shares of Intuit from $712.00 to $722.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Redburn Atlantic began coverage on shares of Intuit in a research note on Wednesday, February 19th. They set a “neutral” rating for the company. Finally, Morgan Stanley raised shares of Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 price objective for the company in a research note 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $717.88.

Intuit Price Performance

Shares of Intuit stock traded down $10.43 during trading hours on Thursday, reaching $615.08. The stock had a trading volume of 977,605 shares, compared to its average volume of 1,861,447. The firm has a market capitalization of $172.17 billion, a PE ratio of 59.66, a PEG ratio of 2.85 and a beta of 1.24. The stock’s 50 day moving average is $607.22 and its 200 day moving average is $627.53. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit has a twelve month low of $553.24 and a twelve month high of $714.78.

Insider Buying and Selling at Intuit

In other news, EVP Mark P. Notarainni sold 3,649 shares of Intuit stock in a transaction on 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 of the company’s stock, valued at approximately $12,286.92. The trade was a 99.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Laura A. Fennell sold 4,788 shares of Intuit stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $613.62, for a total transaction of $2,938,012.56. Following the sale, the executive vice president now directly owns 30,010 shares of the company’s stock, valued at approximately $18,414,736.20. This trade represents a 13.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 218,014 shares of company stock valued at $140,855,687 in the last 90 days. Company insiders own 2.68% of the company’s stock.

Institutional Investors Weigh In On Intuit

Several hedge funds and other institutional investors have recently bought and sold shares of INTU. Integrated Advisors Network LLC raised its stake in Intuit by 9.6% during the 3rd quarter. Integrated Advisors Network LLC now owns 1,416 shares of the software maker’s stock worth $879,000 after acquiring an additional 124 shares in the last quarter. Strategic Blueprint LLC raised its stake in Intuit by 1.9% during the 3rd quarter. Strategic Blueprint LLC now owns 1,167 shares of the software maker’s stock worth $725,000 after acquiring an additional 22 shares in the last quarter. Mutual Advisors LLC raised its stake in Intuit by 21.5% during the 3rd quarter. Mutual Advisors LLC now owns 2,690 shares of the software maker’s stock worth $1,625,000 after acquiring an additional 476 shares in the last quarter. Pinnacle Associates Ltd. raised its stake in Intuit by 1.7% during the 3rd quarter. Pinnacle Associates Ltd. now owns 1,328 shares of the software maker’s stock worth $830,000 after acquiring an additional 22 shares in the last quarter. Finally, Diversify Wealth Management LLC raised its stake in Intuit by 18.8% during the 3rd quarter. Diversify Wealth Management LLC now owns 2,928 shares of the software maker’s stock worth $1,763,000 after acquiring an additional 463 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.