Several other research analysts have also commented on INTU.
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Intuit Inc. shares had been trading around all-time highs, and they took the biggest loss on the S&P 500 index in afternoon trading, dropping $12.31 to $90.62. Further, Intuit generated cash flow of $1.504 billion from operating activities.
The Mountain View company’s shares slid to as low as $85.11 after the market opened Friday, after closing at $102.93 before posting its quarterly financials on Thursday. (NASDAQ:INTU) has a target of $106.2 on a consensus basis. The United Kingdom-based fund Generation Investment Management Llp is also positive about the stock, possessing 1.14 million shares or 4.37% of their equity exposure. The most bullish firm sees the stock reaching $120 within the year while the most conservative has their price target set at $77. The company scored a win on earnings, but fell short on revenue. During the same period in the previous year, the company posted ($0.01) EPS. Although those totals would represent growth of 8% to 10%, they were below the $5.04 billion forecast by analysts. (NASDAQ:INTU) which led to swings in the share price.
The decision to divest the units will reduce revenue by $250 million and earnings per share by 10 cents for the year ending in July, Intuit said. “The divestitures are typical of Intuit constantly re-evaluating their portfolio and getting rid of non- core businesses”. The company reported ($0.05) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.11) by $0.06.
On Thursday, Intuit said earnings excluding some items should be $3.40 to $3.45 a share for the current fiscal year, while analysts anticipated $3.82 on average.
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Intuit Inc. (NASDAQ:INTU) is a supplier of business and financial management options for small businesses, consumers, accounting professionals and financial institutions. The Company’s products and services, including QuickBooks, TurboTax and Quicken help customers solve important business and financial management problems, such as running a small business, paying bills, filing income taxes, or managing personal finances. Lacerte and ProSeries are Intuit’s tax preparation offerings for professional accountants. Financial Services: This segment consists of digital (online and mobile) banking solutions and Other Businesse segment includes its global businesses.
