Parallel Advisors LLC Sells 3,253 Shares of Intuit Inc. $INTU

Parallel Advisors LLC decreased its stake in shares of Intuit Inc. (NASDAQ:INTU) by 12.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,334 shares of the software maker’s stock after selling 3,253 shares during the quarter. Parallel Advisors LLC’s holdings in Intuit were worth $6,158,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. XXEC Inc. acquired a new stake in shares of Intuit during the second quarter worth $436,740,000. BlackRock Inc. acquired a new position in shares of Intuit in the 2nd quarter valued at $6,851,859,000. Corient Private Wealth LP acquired a new position in shares of Intuit in the 2nd quarter valued at $40,545,000. Bank of America Corp DE acquired a new position in shares of Intuit in the 2nd quarter valued at $589,841,000. Finally, Bank of New York Mellon Corp purchased a new position in Intuit in the 2nd quarter worth $564,592,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Wall Street Analysts Forecast Growth

INTU has been the subject of a number of research reports. Wolfe Research cut Intuit from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, August 26th. Mizuho reissued an “outperform” rating and issued a $430.00 price objective on shares of Intuit in a report on Friday, September 18th. TD Cowen restated a “hold” rating and issued a $346.00 price objective on shares of Intuit in a research note on Friday, September 18th. Oppenheimer decreased their target price on Intuit from $406.00 to $380.00 and set an “outperform” rating for the company in a report on Wednesday, August 26th. Finally, Weiss Ratings raised Intuit from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, October 28th. Sixteen equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $431.55.

Insider Activity

In related news, CAO Lauren D. Hotz sold 907 shares of the firm’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $346.54, for a total transaction of $314,311.78. Following the sale, the chief accounting officer directly owned 1,628 shares of the company’s stock, valued at $564,167.12. This trade represents a 35.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard L. Dalzell sold 285 shares of Intuit stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $325.36, for a total value of $92,727.60. Following the transaction, the director owned 11,531 shares of the company’s stock, valued at approximately $3,751,726.16. This represents a 2.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.49% of the company’s stock.

Intuit Stock Down 3.8%

NASDAQ:INTU opened at $341.50 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.51 and a quick ratio of 1.51. The company’s fifty day moving average price is $318.61 and its 200-day moving average price is $357.13. Intuit Inc. has a 1-year low of $252.84 and a 1-year high of $682.27. The firm has a market capitalization of $91.26 billion, a P/E ratio of 20.70, a PEG ratio of 1.13 and a beta of 0.91.

Intuit (NASDAQ:INTU) last posted its earnings results on Tuesday, August 25th. The software maker reported $4.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.58 by $0.45. Intuit had a net margin of 21.29% and a return on equity of 25.97%. The company had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.27 billion. During the same period in the previous year, the firm posted $2.75 earnings per share. The firm’s quarterly revenue was up 13.7% on a year-over-year basis. Intuit has set its Q1 2027 guidance at 2.440-2.480 EPS and its FY 2027 guidance at 22.880-23.120 EPS. As a group, equities research analysts anticipate that Intuit Inc. will post 23.02 EPS for the current year.

Intuit Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 16th. Stockholders of record on Thursday, October 8th were issued a $1.38 dividend. This is a boost from Intuit’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend was Thursday, October 8th. This represents a $5.52 annualized dividend and a dividend yield of 1.6%. Intuit’s payout ratio is presently 33.45%.

About Intuit

Intuit Inc develops financial management and business software for consumers, small businesses, and accounting professionals. Its products and services help users manage personal finances, prepare taxes, run businesses, handle payments, and support marketing activities.

Its offerings include TurboTax for tax preparation, QuickBooks for accounting and business management, Credit Karma for personal finance, and Mailchimp for email marketing and customer engagement. Intuit serves customers in the United States and other markets around the world.

Founded in 1983 by Scott Cook and Tom Proulx, Intuit is headquartered in Mountain View, California.