Martingale Asset Management L P Reduces Stake in Intuit Inc. (INTU)
Martingale Asset Management L P lowered its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 7.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 312,817 shares of the software maker’s stock after selling 23,936 shares during the quarter. Intuit accounts for about 0.8% of Martingale Asset Management L P’s portfolio, making the stock its 9th biggest position. Martingale Asset Management L P’s holdings in Intuit were worth $63,911,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in INTU. Massey Quick Simon & CO. LLC grew its stake in Intuit by 100.0% in the first quarter. Massey Quick Simon & CO. LLC now owns 750 shares of the software maker’s stock valued at $130,000 after purchasing an additional 375 shares in the last quarter. NewSquare Capital LLC bought a new position in Intuit in the second quarter valued at approximately $185,000. Cerebellum GP LLC bought a new position in Intuit in the second quarter valued at approximately $176,000. Resources Investment Advisors Inc. grew its stake in Intuit by 158.9% in the first quarter. Resources Investment Advisors Inc. now owns 906 shares of the software maker’s stock valued at $174,000 after purchasing an additional 556 shares in the last quarter. Finally, Ballentine Partners LLC bought a new position in Intuit in the second quarter valued at approximately $200,000. 87.10% of the stock is currently owned by institutional investors.
A number of research firms have weighed in on INTU. Royal Bank of Canada raised their price target on Intuit to $240.00 and gave the company a “market perform” rating in a research note on Friday. Barclays raised their price target on Intuit from $194.00 to $204.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 15th. Guggenheim began coverage on Intuit in a research note on Tuesday, August 7th. They issued a “buy” rating and a $250.00 price target for the company. BidaskClub downgraded Intuit from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 27th. Finally, Argus raised their price target on Intuit from $225.00 to $250.00 in a research note on Tuesday, July 24th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $204.22.
Intuit (NASDAQ:INTU) last released its quarterly earnings results on Tuesday, May 22nd. The software maker reported $4.82 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.68 by $0.14. The business had revenue of $2.93 billion during the quarter, compared to analysts’ expectations of $2.86 billion. Intuit had a return on equity of 79.36% and a net margin of 20.39%. The firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period last year, the firm posted $3.90 EPS. equities research analysts forecast that Intuit Inc. will post 4.45 earnings per share for the current year.
In related news, EVP Henry Tayloe Stansbury sold 3,941 shares of Intuit stock in a transaction that occurred on Thursday, May 24th. The stock was sold at an average price of $195.50, for a total transaction of $770,465.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Scott D. Cook sold 100,000 shares of Intuit stock in a transaction that occurred on Thursday, May 24th. The stock was sold at an average price of $196.92, for a total value of $19,692,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 321,277 shares of company stock valued at $65,648,052. 5.59% of the stock is currently owned by insiders.
Intuit Company Profile
Intuit Inc provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States and internationally. The company's Small Business segment provides small business payroll products and services, including QuickBooks Desktop software products, such as Desktop Pro, Desktop for Mac, Desktop Premier, and Enterprise; QuickBooks Basic Payroll and QuickBooks Enhanced Payroll; QuickBooks Point of Sale solutions; ProAdvisor Program memberships for accounting professionals; and financial supplies.
Recommended Story: Understanding Price to Earnings Ratio (PE)
Want to see what other hedge funds are holding INTU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intuit Inc. (NASDAQ:INTU).
Receive News & Ratings for Intuit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Intuit and related companies with MarketBeat.com's FREE daily email newsletter.