King Luther Capital Management Corp Decreases Stake in Intuit Inc. (NASDAQ:INTU)

King Luther Capital Management Corp lowered its position in Intuit Inc. (NASDAQ:INTU) by 4.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 70,366 shares of the software maker’s stock after selling 3,442 shares during the quarter. King Luther Capital Management Corp’s holdings in Intuit were worth $43,697,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in INTU. LGT Financial Advisors LLC bought a new position in Intuit in the 2nd quarter worth about $25,000. Cultivar Capital Inc. bought a new position in Intuit in the 2nd quarter worth about $26,000. Fairway Wealth LLC bought a new stake in shares of Intuit during the 2nd quarter valued at about $26,000. Northwest Investment Counselors LLC bought a new stake in shares of Intuit during the 3rd quarter valued at about $27,000. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Intuit during the 2nd quarter valued at about $35,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Stock Up 1.0 %

Intuit stock opened at $650.60 on Thursday. The stock has a market cap of $182.25 billion, a PE ratio of 62.26, a price-to-earnings-growth ratio of 3.15 and a beta of 1.25. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. Intuit Inc. has a one year low of $557.29 and a one year high of $714.78. The stock has a fifty day moving average of $634.46 and a 200 day moving average of $630.89.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. The business had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The business’s quarterly revenue was up 17.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.40 earnings per share. As a group, sell-side analysts predict that Intuit Inc. will post 14.05 EPS for the current year.

Insiders Place Their Bets

In related news, Director Eve B. Burton sold 2,988 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $649.87, for a total transaction of $1,941,811.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Alex G. Balazs sold 2,941 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total value of $1,849,183.16. Following the sale, the executive vice president now owns 20 shares of the company’s stock, valued at $12,575.20. This represents a 99.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 55,297 shares of company stock worth $35,220,046 over the last quarter. 2.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

INTU has been the subject of a number of research analyst reports. Bank of America lifted their price target on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Piper Sandler reaffirmed an “overweight” rating and issued a $768.00 price target on shares of Intuit in a research note on Friday, September 27th. Barclays lifted their price target on Intuit from $740.00 to $800.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Susquehanna reaffirmed a “positive” rating and issued a $757.00 price target on shares of Intuit in a research note on Friday, August 16th. Finally, StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a research note on Monday, September 30th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, Intuit currently has an average rating of “Moderate Buy” and an average target price of $737.06.

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.