Peapack Gladstone Financial Corp Purchases 23 Shares of Intuit Inc. (NASDAQ:INTU)

Peapack Gladstone Financial Corp raised its position in Intuit Inc. (NASDAQ:INTU) by 0.1% during the fourth quarter, Holdings Channel reports. The fund owned 17,849 shares of the software maker’s stock after acquiring an additional 23 shares during the period. Peapack Gladstone Financial Corp’s holdings in Intuit were worth $11,218,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new position in shares of Intuit in the fourth quarter worth approximately $2,290,419,000. Proficio Capital Partners LLC boosted its stake in shares of Intuit by 112,233.1% during the 4th quarter. Proficio Capital Partners LLC now owns 1,063,794 shares of the software maker’s stock worth $668,595,000 after acquiring an additional 1,062,847 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Intuit by 13.3% during the 4th quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker’s stock valued at $3,329,115,000 after acquiring an additional 620,559 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Intuit in the 4th quarter worth $300,854,000. Finally, Vanguard Group Inc. raised its holdings in Intuit by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker’s stock worth $16,991,696,000 after purchasing an additional 353,185 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Stock Down 6.2 %

NASDAQ INTU opened at $561.53 on Monday. The stock has a 50 day moving average price of $595.64 and a 200-day moving average price of $620.70. Intuit Inc. has a one year low of $533.55 and a one year high of $714.78. The company has a market capitalization of $156.98 billion, a P/E ratio of 54.52, a P/E/G ratio of 2.85 and a beta of 1.25. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24.

Intuit Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Thursday, April 10th will be paid a $1.04 dividend. The ex-dividend date is Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.74%. Intuit’s payout ratio is currently 38.81%.

Insiders Place Their Bets

In other Intuit news, CAO Lauren D. Hotz sold 1,078 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $619.28, for a total transaction of $667,583.84. Following the transaction, the chief accounting officer now owns 1,864 shares in the company, valued at $1,154,337.92. The trade was a 36.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Sandeep Aujla sold 1,300 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $626.42, for a total transaction of $814,346.00. Following the transaction, the chief financial officer now owns 644 shares in the company, valued at $403,414.48. The trade was a 66.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,862 shares of company stock valued at $18,767,673 over the last ninety days. 2.68% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have commented on INTU. Jefferies Financial Group reduced their price target on Intuit from $800.00 to $735.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Piper Sandler restated an “overweight” rating and set a $785.00 target price (up previously from $765.00) on shares of Intuit in a research note on Wednesday, February 26th. Morgan Stanley upgraded shares of Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 price target for the company in a research report on Wednesday, February 26th. BNP Paribas downgraded shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective on the stock. in a research report on Wednesday, January 15th. Finally, Scotiabank dropped their target price on shares of Intuit from $700.00 to $600.00 and set a “sector perform” rating for the company in a report on Thursday, February 27th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $718.00.

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.