Piedmont Investment Advisors Inc. Boosts Stake in Intuit Inc. (INTU)
Piedmont Investment Advisors Inc. grew its position in shares of Intuit Inc. (NASDAQ:INTU) by 2.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 22,110 shares of the software maker’s stock after acquiring an additional 615 shares during the quarter. Piedmont Investment Advisors Inc.’s holdings in Intuit were worth $5,780,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of INTU. Oregon Public Employees Retirement Fund lifted its position in Intuit by 17,362.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 20,327,715 shares of the software maker’s stock worth $103,000 after buying an additional 20,211,306 shares during the last quarter. Norges Bank bought a new stake in shares of Intuit during the fourth quarter worth $422,227,000. BlackRock Inc. lifted its position in shares of Intuit by 7.8% during the fourth quarter. BlackRock Inc. now owns 20,251,688 shares of the software maker’s stock worth $3,986,545,000 after purchasing an additional 1,457,880 shares during the last quarter. Ellis Investment Partners LLC lifted its position in shares of Intuit by 26,041.0% during the first quarter. Ellis Investment Partners LLC now owns 901,864 shares of the software maker’s stock worth $901,000 after purchasing an additional 898,414 shares during the last quarter. Finally, Sustainable Growth Advisers LP purchased a new position in shares of Intuit during the fourth quarter valued at $148,172,000. Hedge funds and other institutional investors own 87.45% of the company’s stock.
INTU traded up $1.45 on Thursday, hitting $247.53. The company had a trading volume of 863,128 shares, compared to its average volume of 1,551,802. Intuit Inc. has a 12-month low of $182.61 and a 12-month high of $272.14. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.32 and a quick ratio of 1.32. The firm has a market capitalization of $63.75 billion, a PE ratio of 54.64, a price-to-earnings-growth ratio of 2.87 and a beta of 1.14.
Several equities analysts have recently commented on the company. Deutsche Bank raised their price target on Intuit from $270.00 to $280.00 and gave the company a “buy” rating in a research note on Friday, April 12th. BidaskClub lowered Intuit from a “buy” rating to a “hold” rating in a research note on Tuesday, April 30th. Zacks Investment Research lowered Intuit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 27th. Morgan Stanley cut their price target on Intuit from $245.00 to $239.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 16th. Finally, KeyCorp raised their price target on Intuit from $255.00 to $285.00 and gave the company an “overweight” rating in a research note on Tuesday, April 2nd. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and thirteen have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $243.26.
In other Intuit news, Director Dennis D. Powell sold 4,083 shares of the firm’s stock in a transaction dated Wednesday, February 27th. The stock was sold at an average price of $248.96, for a total value of $1,016,503.68. Following the completion of the sale, the director now owns 3,550 shares of the company’s stock, valued at $883,808. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP James Alexander Chriss sold 923 shares of the firm’s stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $247.10, for a total value of $228,073.30. The disclosure for this sale can be found here. In the last three months, insiders sold 90,609 shares of company stock valued at $22,757,853. Corporate insiders own 4.60% of the company’s stock.
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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, 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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