IBM Retirement Fund boosted its stake in Intuit Inc. (NASDAQ:INTU) by 119.6% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,972 shares of the software maker’s stock after buying an additional 3,253 shares during the period. IBM Retirement Fund’s holdings in Intuit were worth $885,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. raised its stake in Intuit by 1,542.9% in the first quarter. BlackRock Inc. now owns 17,363,857 shares of the software maker’s stock worth $2,014,036,000 after buying an additional 16,306,976 shares in the last quarter. Morgan Stanley increased its stake in Intuit by 38.5% in the first quarter. Morgan Stanley now owns 3,478,799 shares of the software maker’s stock worth $403,505,000 after buying an additional 966,936 shares during the last quarter. Renaissance Technologies LLC increased its position in Intuit by 249.1% in the first quarter. Renaissance Technologies LLC now owns 1,296,148 shares of the software maker’s stock worth $150,340,000 after buying an additional 924,900 shares in the last quarter. MARSHALL WACE ASIA Ltd acquired a new position in Intuit during the first quarter worth approximately $99,589,000. Finally, Marshall Wace North America L.P. acquired a new position in Intuit during the first quarter worth approximately $99,589,000. Institutional investors and hedge funds own 85.18% of the company’s stock.
Intuit Inc. (INTU) opened at 134.11 on Friday. Intuit Inc. has a 52 week low of $103.22 and a 52 week high of $143.81. The stock has a market cap of $34.36 billion, a PE ratio of 38.54 and a beta of 1.15. The company has a 50-day moving average price of $135.05 and a 200-day moving average price of $128.38.
Intuit (NASDAQ:INTU) last released its earnings results on Tuesday, May 23rd. The software maker reported $3.90 earnings per share for the quarter, beating the consensus estimate of $3.87 by $0.03. The firm had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.50 billion. Intuit had a return on equity of 80.88% and a net margin of 17.82%. The company’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.43 earnings per share. Analysts anticipate that Intuit Inc. will post $4.39 earnings per share for the current year.
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A number of equities analysts have commented on INTU shares. Citigroup Inc. lifted their price objective on shares of Intuit from $128.00 to $148.00 and gave the stock a “buy” rating in a report on Thursday, May 25th. Benchmark Co. initiated coverage on shares of Intuit in a report on Thursday, April 27th. They issued a “buy” rating and a $140.00 price objective for the company. Deutsche Bank AG boosted their price target on shares of Intuit from $130.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, May 25th. Bank of America Corporation boosted their price target on shares of Intuit from $130.00 to $145.00 and gave the company a “buy” rating in a report on Thursday, May 25th. Finally, Credit Suisse Group boosted their price target on shares of Intuit from $120.00 to $150.00 and gave the company an “outperform” rating in a report on Thursday, May 25th. One analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $135.63.
In other news, EVP Laura A. Fennell sold 74,052 shares of the firm’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $139.46, for a total transaction of $10,327,291.92. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Henry Tayloe Stansbury sold 1,871 shares of the firm’s stock in a transaction dated Wednesday, June 28th. The stock was sold at an average price of $135.29, for a total value of $253,127.59. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 151,265 shares of company stock worth $21,085,104. 5.70% of the stock is currently owned by insiders.
Intuit Inc is a provider of business and financial management solutions for small businesses, consumers and accounting professionals. The Company operates through three segments: Small Business, Consumer Tax and ProConnect. The Small Business segment serves and advises small businesses and the accounting professionals, and includes QuickBooks financial and business management online services and desktop software, payroll solutions, and payment processing solutions.
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