Redmond Asset Management LLC Increases Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Redmond Asset Management LLC grew its holdings in Intuit Inc. (NASDAQ:INTU) by 10.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,779 shares of the software maker’s stock after buying an additional 715 shares during the quarter. Intuit comprises 1.2% of Redmond Asset Management LLC’s investment portfolio, making the stock its 20th biggest holding. Redmond Asset Management LLC’s holdings in Intuit were worth $4,889,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Foundations Investment Advisors LLC lifted its stake in shares of Intuit by 8.1% during the third quarter. Foundations Investment Advisors LLC now owns 402 shares of the software maker’s stock worth $250,000 after purchasing an additional 30 shares in the last quarter. McAdam LLC acquired a new stake in Intuit during the third quarter valued at approximately $205,000. International Assets Investment Management LLC raised its stake in Intuit by 68,404.7% during the third quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker’s stock valued at $300,768,000 after buying an additional 483,621 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Intuit by 72.2% during the third quarter. Assenagon Asset Management S.A. now owns 102,516 shares of the software maker’s stock valued at $63,662,000 after purchasing an additional 42,975 shares during the last quarter. Finally, Mcdaniel Terry & Co. grew its holdings in shares of Intuit by 1.2% during the third quarter. Mcdaniel Terry & Co. now owns 40,297 shares of the software maker’s stock valued at $25,025,000 after purchasing an additional 476 shares during the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on INTU. Scotiabank started coverage on Intuit in a research report on Monday, November 18th. They issued a “sector perform” rating and a $700.00 target price on the stock. Jefferies Financial Group raised their price objective 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 target price on Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Redburn Atlantic initiated coverage on Intuit in a research report on Wednesday. They issued a “neutral” rating for the company. Finally, StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a research report on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $726.53.

Insider Activity

In other Intuit news, EVP Alex G. Balazs sold 23,810 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were 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 in the company, valued at $325,664.22. This represents a 97.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Scott D. Cook sold 75,000 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $641.82, for a total transaction of $48,136,500.00. Following the sale, the insider now owns 6,378,105 shares in the company, valued at approximately $4,093,595,351.10. This trade represents a 1.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 293,014 shares of company stock valued at $188,992,187 in the last three months. Company insiders own 2.68% of the company’s stock.

Intuit Price Performance

Shares of NASDAQ INTU opened at $565.47 on Friday. The firm’s 50-day moving average price is $612.23 and its 200-day moving average price is $628.24. Intuit Inc. has a 1-year low of $557.29 and a 1-year high of $714.78. The firm has a market capitalization of $158.29 billion, a P/E ratio of 54.90, a P/E/G ratio of 2.87 and a beta of 1.24. 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 (NASDAQ:INTU) last posted its earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.14. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.14 billion. During the same quarter in the prior year, the business posted $1.14 EPS. The firm’s revenue was up 10.2% compared to the same quarter last year. Equities research analysts anticipate that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

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.