Intuit (INTU) is Downgraded by Barclays to Equal Weight, Raises Price Target to $ 116

Intuit (INTU) was Downgraded by Barclays to ” Equal Weight” according to the research note released today. The brokerage firm has raised the Price Target to $ 116 from a previous price target of $110 . Earlier the firm had a rating of “Overweight ” on the company shares. Barclays advised their investors in a research report released on Jul 15, 2016.

Many Wall Street Analysts have commented on Intuit. Company shares were Reiterated by UBS on May 25, 2016 to “Buy”, Firm has raised the Price Target to $ 134 from a previous price target of $125 .Goldman Initiated Intuit on May 23, 2016 to “Buy”, Price Target of the shares are set at $117.Credit Suisse Initiated Intuit on Apr 21, 2016 to “Neutral”, Price Target of the shares are set at $100.

On the company’s financial health, Intuit reported $3.43 EPS for the quarter, beating the analyst consensus estimate by $ 0.22 according to the earnings call on May 24, 2016. Analyst had a consensus of $3.21. The company had revenue of $2304.00 million for the quarter, compared to analysts expectations of $2254.62 million. The company’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.85 EPS.

Intuit closed down -1.41 points or -1.21% at $114.98 with 21,58,381 shares getting traded on Friday. Post opening the session at $116.58, the shares hit an intraday low of $114.46 and an intraday high of $116.58 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

In a different news, on Jun 27, 2016, Henry Tayloe Stansbury (EVP, Chief Technology Officer) sold 2,787 shares at $103.86 per share price. According to the SEC, on Jun 21, 2016, Laura A Fennell (EVP, Gen. Counsel & Corp Sec.) sold 10,056 shares at $107.31 per share price. On Jun 20, 2016, Johnson Suzanne M Nora (director) sold 30,000 shares at $105.23 per share price, according to the Form-4 filing with the securities and exchange commission.

Intuit Inc. is a provider of business and financial management solutions for small businesses consumers and accounting professionals. The Company operates through three segments: Small Business Consumer Tax and Professional Tax. The Company operates in the United States Canada India the United Kingdom Singapore and Australia among others. The Company’s Small Business segment solutions include QuickBooks Online Online Payroll solutions Online Payments solutions and Intuit Developer Group. The Company’s Small Business Desktop Ecosystem solutions include QuickBooks Desktop Payroll Solutions Desktop Payments solutions QuickBooks Technical Support and financial supplies. The Consumer Tax segment offers tax return preparation offerings electronic filing and other services and Intuit Tax Freedom Project. The Company’s professional tax offerings include Lacerte and ProSeries.


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