Intuit (NASDAQ:INTU) Shares Gap Up – Here’s Why

Intuit Inc. (NASDAQ:INTU)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $555.63, but opened at $635.50. Intuit shares last traded at $629.26, with a volume of 1,367,883 shares traded.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on INTU. Redburn Atlantic began coverage on shares of Intuit in a research report on Wednesday, February 19th. They set a “neutral” rating on the stock. BNP Paribas downgraded Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective on the stock. in a report on Wednesday, January 15th. Morgan Stanley raised Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 target price for the company in a report on Wednesday. BMO Capital Markets decreased their price target on Intuit from $760.00 to $714.00 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, Barclays lowered their price target on Intuit from $800.00 to $775.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Intuit currently has a consensus rating of “Moderate Buy” and a consensus price target of $725.18.

Intuit Price Performance

The company’s 50 day moving average price is $607.70 and its 200 day moving average price is $627.55. The firm has a market capitalization of $175.80 billion, a P/E ratio of 61.04, a PEG ratio of 2.85 and a beta of 1.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24.

Insider Transactions at Intuit

In related news, EVP Laura A. Fennell sold 7,700 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $657.64, for a total transaction of $5,063,828.00. Following the sale, the executive vice president now owns 33,916 shares of the company’s stock, valued at approximately $22,304,518.24. This trade represents a 18.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Alex G. Balazs sold 23,810 shares of the business’s stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 489 shares of the company’s stock, valued at approximately $325,664.22. The trade was a 97.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 218,014 shares of company stock worth $140,855,687. 2.68% of the stock is currently owned by company insiders.

Institutional Trading of Intuit

A number of large investors have recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Intuit in the fourth quarter valued at approximately $2,290,419,000. Proficio Capital Partners LLC boosted its stake in Intuit by 112,233.1% in the 4th quarter. Proficio Capital Partners LLC now owns 1,063,794 shares of the software maker’s stock worth $668,595,000 after purchasing an additional 1,062,847 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Intuit by 33.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,072,021 shares of the software maker’s stock worth $1,930,765,000 after purchasing an additional 771,232 shares during the period. Wellington Management Group LLP increased its holdings in Intuit by 13.3% during the 4th quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker’s stock worth $3,329,115,000 after purchasing an additional 620,559 shares in the last quarter. Finally, Unisphere Establishment raised its stake in shares of Intuit by 50.0% in the 4th quarter. Unisphere Establishment now owns 1,500,000 shares of the software maker’s stock valued at $942,750,000 after purchasing an additional 500,000 shares during the period. 83.66% of the stock is owned by institutional investors.

About Intuit

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.