Intuit (NASDAQ:INTU) Issues Quarterly Earnings Results

Posted by Adam Dyson on May 25th, 2023

Intuit logo Intuit (NASDAQ:INTU – Get Rating) released its quarterly earnings data on Tuesday. The software maker reported $8.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.30 by $1.62, Briefing.com reports. The business had revenue of $6.02 billion during the quarter, compared to analysts’ expectations of $6.09 billion. Intuit had a net margin of 15.91% and a return on equity of 16.88%. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the company earned $6.70 EPS. Intuit updated its Q4 guidance to $1.43-1.48 EPS.

Intuit Stock Performance

Shares of INTU stock opened at $415.92 on Thursday. Intuit has a one year low of $352.63 and a one year high of $490.83. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.23 and a current ratio of 1.23. The company has a 50 day moving average price of $433.62 and a 200 day moving average price of $412.08. The firm has a market capitalization of $116.69 billion, a price-to-earnings ratio of 52.52, a price-to-earnings-growth ratio of 3.36 and a beta of 1.19.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on INTU shares. Mizuho decreased their price objective on shares of Intuit from $650.00 to $550.00 in a research report on Tuesday, May 16th. Bank of America lifted their price objective on shares of Intuit from $485.00 to $500.00 in a research note on Wednesday. Barclays lifted their target price on shares of Intuit from $465.00 to $495.00 in a report on Monday, May 15th. StockNews.com initiated coverage on shares of Intuit in a report on Thursday, May 18th. They set a “hold” rating on the stock. Finally, KeyCorp boosted their price objective on shares of Intuit from $475.00 to $485.00 and gave the stock an “overweight” rating in a report on Monday, April 17th. Four analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $491.35.

Insider Transactions at Intuit

In other news, Director Eve B. Burton sold 4,539 shares of the stock in a transaction on Tuesday, March 7th. The shares were sold at an average price of $412.57, for a total value of $1,872,655.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Lauren D. Hotz sold 500 shares of the company’s stock in a transaction on Tuesday, March 7th. The shares were sold at an average price of $413.16, for a total value of $206,580.00. Following the completion of the transaction, the chief accounting officer now directly owns 1,781 shares in the company, valued at $735,837.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eve B. Burton sold 4,539 shares of the stock in a transaction on Tuesday, March 7th. The shares were sold at an average price of $412.57, for a total transaction of $1,872,655.23. The disclosure for this sale can be found here. Insiders sold 7,328 shares of company stock valued at $3,019,323 over the last 90 days. Corporate insiders own 3.18% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. SkyView Investment Advisors LLC bought a new position in Intuit during the 1st quarter valued at $50,000. Dark Forest Capital Management LP acquired a new position in Intuit during the 1st quarter valued at about $51,000. Atlas Capital Advisors LLC increased its stake in Intuit by 833.3% during the 2nd quarter. Atlas Capital Advisors LLC now owns 168 shares of the software maker’s stock valued at $65,000 after buying an additional 150 shares during the period. Resurgent Financial Advisors LLC bought a new position in shares of Intuit during the 4th quarter valued at about $79,000. Finally, Carolinas Wealth Consulting LLC boosted its position in shares of Intuit by 24.0% during the 1st quarter. Carolinas Wealth Consulting LLC now owns 222 shares of the software maker’s stock valued at $107,000 after purchasing an additional 43 shares in the last quarter. 82.65% of the stock is currently owned by institutional investors.

Intuit Company Profile

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Intuit, Inc engages in the provision of business and financial management solutions. It operates through the following segments: Small Business and Self-Employed, Consumer, Credit Karma, and ProConnect. The Small Business and Self-Employed segment offers QuickBooks financial and business management online services and desktop software, payroll solutions, payment processing solutions, and financing for small businesses.