New York Life Investment Management LLC Raises Position in Intuit Inc. (NASDAQ:INTU)

New York Life Investment Management LLC increased its holdings in Intuit Inc. (NASDAQ:INTU) by 0.2% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 41,627 shares of the software maker’s stock after buying an additional 65 shares during the period. New York Life Investment Management LLC’s holdings in Intuit were worth $26,163,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in INTU. R Squared Ltd purchased a new stake in shares of Intuit in the fourth quarter worth $25,000. Heck Capital Advisors LLC purchased a new stake in shares of Intuit in the fourth quarter worth $28,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Intuit in the fourth quarter worth $28,000. Sugar Maple Asset Management LLC bought a new position in Intuit in the fourth quarter valued at $29,000. Finally, Denver PWM LLC bought a new position in Intuit in the third quarter valued at $32,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Stock Up 12.6 %

NASDAQ INTU opened at $625.51 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24. The stock has a market capitalization of $175.09 billion, a PE ratio of 60.73, a PEG ratio of 2.85 and a beta of 1.24. Intuit Inc. has a 1 year low of $553.24 and a 1 year high of $714.78. The business’s 50-day moving average is $607.22 and its 200 day moving average is $627.53.

Insider Buying and Selling

In related news, EVP Alex G. Balazs sold 23,810 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $665.98, for a total value of $15,856,983.80. Following the sale, the executive vice president now directly owns 489 shares of the company’s stock, valued at $325,664.22. This trade represents a 97.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Lauren D. Hotz sold 1,078 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $619.28, for a total transaction of $667,583.84. Following the completion of the sale, the chief accounting officer now owns 1,864 shares of the company’s stock, valued at $1,154,337.92. This trade represents a 36.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 218,014 shares of company stock valued at $140,855,687 over the last ninety days. 2.68% of the stock is owned by insiders.

Analyst Ratings Changes

INTU has been the topic of a number of research analyst reports. Royal Bank of Canada reissued an “outperform” rating and issued a $760.00 target price on shares of Intuit in a research note on Friday, November 22nd. Stifel Nicolaus reduced their target price on Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. BMO Capital Markets reduced their target price on Intuit from $760.00 to $714.00 and set an “outperform” rating on the stock in a research note on Wednesday. Scotiabank initiated coverage on Intuit in a research note on Monday, November 18th. They issued a “sector perform” rating and a $700.00 target price on the stock. Finally, Piper Sandler reissued an “overweight” rating and issued a $785.00 target price (up previously from $765.00) on shares of Intuit in a research note on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Intuit presently has a consensus rating of “Moderate Buy” and an average price target of $723.76.

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.