Intuit (INTU) Cut to “Sector Perform” at Royal Bank of Canada

Intuit (NASDAQ:INTU) was downgraded by equities researchers at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research note issued to investors on Sunday. They currently have a $197.05 price objective on the software maker’s stock. Royal Bank of Canada’s target price suggests a potential downside of 7.71% from the stock’s current price.

A number of other brokerages also recently issued reports on INTU. BidaskClub raised Intuit from a “buy” rating to a “strong-buy” rating in a report on Friday, August 31st. Credit Suisse Group upped their price target on Intuit from $215.00 to $230.00 and gave the company an “outperform” rating in a report on Friday, August 24th. Guggenheim assumed coverage on Intuit in a research note on Tuesday, August 7th. They issued a “buy” rating and a $250.00 price objective for the company. Deutsche Bank reduced their price objective on Intuit from $265.00 to $250.00 and set a “buy” rating for the company in a research note on Tuesday, November 20th. Finally, Barclays boosted their price objective on Intuit from $204.00 to $219.00 and gave the company an “equal weight” rating in a research note on Friday, September 7th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $219.71.

Shares of INTU opened at $213.52 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.41 and a quick ratio of 1.41. The company has a market capitalization of $55.67 billion, a P/E ratio of 47.13, a price-to-earnings-growth ratio of 2.50 and a beta of 1.19. Intuit has a 52-week low of $150.43 and a 52-week high of $231.84.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Monday, November 19th. The software maker reported $0.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.18. The firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $971.45 million. Intuit had a return on equity of 56.35% and a net margin of 20.71%. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.11 earnings per share. On average, sell-side analysts predict that Intuit will post 5.27 EPS for the current fiscal year.

In other news, EVP Henry Tayloe Stansbury sold 3,651 shares of the company’s stock in a transaction that occurred on Friday, September 21st. The stock was sold at an average price of $221.54, for a total transaction of $808,842.54. Following the completion of the sale, the executive vice president now owns 4,048 shares in the company, valued at $896,793.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Scott D. Cook sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 19th. The stock was sold at an average price of $221.58, for a total value of $22,158,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 820,551 shares of company stock valued at $175,080,020. 4.60% of the stock is owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Financial Gravity Wealth Inc. raised its stake in shares of Intuit by 65.0% during the third quarter. Financial Gravity Wealth Inc. now owns 609 shares of the software maker’s stock worth $122,000 after purchasing an additional 240 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Intuit by 3.7% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 7,055 shares of the software maker’s stock worth $1,422,000 after purchasing an additional 252 shares during the last quarter. Dynamic Advisor Solutions LLC raised its stake in shares of Intuit by 4.2% during the second quarter. Dynamic Advisor Solutions LLC now owns 6,480 shares of the software maker’s stock worth $1,325,000 after purchasing an additional 262 shares during the last quarter. Zacks Investment Management raised its stake in shares of Intuit by 0.4% during the second quarter. Zacks Investment Management now owns 60,914 shares of the software maker’s stock worth $12,445,000 after purchasing an additional 264 shares during the last quarter. Finally, Global Financial Private Capital LLC raised its stake in shares of Intuit by 7.8% during the second quarter. Global Financial Private Capital LLC now owns 3,725 shares of the software maker’s stock worth $761,000 after purchasing an additional 271 shares during the last quarter. Institutional investors and hedge funds own 87.90% of the company’s stock.

About Intuit

Intuit Inc provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States, Canada, and internationally. The company's Small Business & Self-Employed segment provides QuickBooks online services and desktop software solutions comprising QuickBooks Enterprise, a hosted or server-based solution and QuickBooks Advanced, an online enterprise solution; QuickBooks Self-Employed solution; and QuickBooks Online Accountant and QuickBooks Accountant Desktop Plus solutions; payroll solutions, such as online payroll processing, direct deposit of employee paychecks, payroll reports, electronic payment of federal and state payroll taxes, and electronic filing of federal and state payroll tax forms.

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