Portfolio Design Labs LLC Sells 4,707 Shares of Intuit Inc. (NASDAQ:INTU)

Portfolio Design Labs LLC lessened its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 84.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 887 shares of the software maker’s stock after selling 4,707 shares during the quarter. Portfolio Design Labs LLC’s holdings in Intuit were worth $551,000 as of its most recent filing with the Securities & Exchange Commission.

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

Intuit Trading Down 5.1 %

NASDAQ:INTU opened at $644.17 on Wednesday. The company has a market cap of $180.55 billion, a PE ratio of 61.64, a price-to-earnings-growth ratio of 3.36 and a beta of 1.25. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. The company has a 50 day simple moving average of $634.32 and a two-hundred day simple moving average of $630.75. Intuit Inc. has a 12 month low of $557.29 and a 12 month high of $714.78.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.14. The firm had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. 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 earned $0.40 EPS. Research analysts forecast that Intuit Inc. will post 14.05 earnings per share for the current year.

Insider Activity

In other news, CFO Sandeep Aujla sold 775 shares of Intuit stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total transaction of $466,015.25. Following the transaction, the chief financial officer now directly owns 4,451 shares of the company’s stock, valued at $2,676,430.81. The trade was a 14.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Scott D. Cook sold 2,461 shares of Intuit stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the transaction, the insider now directly owns 6,453,105 shares in the company, valued at $4,111,853,974.95. This represents a 0.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 55,297 shares of company stock valued at $35,220,046 in the last 90 days. Company insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. BMO Capital Markets increased their target price on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research report on Friday, August 23rd. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a report on Monday, September 30th. Jefferies Financial Group raised their price objective on Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Piper Sandler reiterated an “overweight” rating and issued a $768.00 price target on shares of Intuit in a research note on Friday, September 27th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research note on Friday, August 23rd. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus 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.