Intuit plans to sell businesses, including Quicken

(NASDAQ:INTU) traded 0.16 points or 0.15% higher at $105.72.The total intraday money flow for the shares came in at a disappointing $(-4.69) million. Jefferies Group set a $113.00 target price on shares of Intuit and gave the company a “buy” rating in a research report on Wednesday, May 20th. The results were mixed, with Intuit falling short of analyst estimates for revenue, but the real news is that the company announced that it plans to divest various businesses as it transforms itself into a cloud-based company.

For the fourth quarter of the year, to be reported on Thursday, the Street is modeling a consensus net loss in line with guidance on slightly higher revenue of $739.86 million. The company reported a 5 cents a share quarterly loss, better than the 11-cent loss analysts had projected.

The company also increased its dividend by 20% to 30 cents a share from 25 cents. The 50-day moving average is $105.07 and the 200 day moving average is recorded at $100.81. Intuit Inc. are listed in the Technology sector within NASDAQ.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, August 20th. Revenues rose 7 percent to $696 million from $649 million a year earlier.

Intuit Inc. fell the most in about two-and-a-half years after forecasting annual sales and earnings that trailed analysts’ estimates.

The planned exit from Demandforce, QuickBase and Quicken is expected to reduce revenue by about $250 million, and earnings excluding items by about 10 cents a share for the year ending in July 2016. Intuit Inc., a NMS listed company, has a current market cap of 29.25B and on average over the past 3 months has seen 1348760 shares trade hands on a daily basis. The Company’s products, including QuickBooks, TurboTax and Quicken help customers solve significant company and financial management issues, for example paying bills, running a little business, filing income taxes, or managing personal finances.

Intuit Inc. (Intuit) is a provider of business and financial management solutions for small businesses, consumers, accounting professionals and financial institutions. ProSeries and Lacerte are Intuit’s tax preparation offerings for professional accountants.