Intuit Inc. (NASDAQ:INTU) Sees Significant Growth in Short Interest

Intuit Inc. (NASDAQ:INTU) was the target of a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 3,840,000 shares, a growth of 12.0% from the October 15th total of 3,430,000 shares. Based on an average daily volume of 1,330,000 shares, the days-to-cover ratio is presently 2.9 days.

Intuit Stock Down 1.3 %

Shares of NASDAQ INTU traded down $9.06 during trading on Monday, hitting $678.81. 1,580,348 shares of the company traded hands, compared to its average volume of 1,336,806. The firm has a market capitalization of $190.26 billion, a price-to-earnings ratio of 65.82, a P/E/G ratio of 3.36 and a beta of 1.25. The business’s fifty day moving average is $633.08 and its 200 day moving average is $630.19. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. Intuit has a fifty-two week low of $557.29 and a fifty-two week high of $714.78.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The business had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the prior year, the business earned $0.40 EPS. The firm’s revenue for the quarter was up 17.4% on a year-over-year basis. Equities research analysts predict that Intuit will post 14.05 earnings per share for the current fiscal year.

Intuit Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Thursday, October 10th were given a $1.04 dividend. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $4.16 annualized dividend and a yield of 0.61%. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is presently 39.81%.

Analyst Ratings Changes

INTU has been the topic of several recent research reports. Piper Sandler reissued an “overweight” rating and set a $768.00 price objective on shares of Intuit in a report on Friday, September 27th. Susquehanna reaffirmed a “positive” rating and issued a $757.00 price objective on shares of Intuit in a research note on Friday, August 16th. Bank of America boosted their target price on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Morgan Stanley downgraded shares of Intuit from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $750.00 to $685.00 in a research note on Wednesday, August 14th. Finally, BMO Capital Markets boosted their price objective on shares of Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Intuit has an average rating of “Moderate Buy” and an average price target of $739.24.

Insider Buying and Selling

In other Intuit news, EVP Laura A. Fennell sold 30,159 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the completion of the transaction, the executive vice president now owns 52,038 shares of the company’s stock, valued at approximately $33,427,129.68. The trade was a 36.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sandeep Aujla sold 862 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total transaction of $535,327.86. Following the completion of the sale, the chief financial officer now owns 3,840 shares in the company, valued at approximately $2,384,755.20. The trade was a 18.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 55,297 shares of company stock valued at $35,220,046 over the last quarter. 2.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Intech Investment Management LLC lifted its position in Intuit by 134.7% in the 1st quarter. Intech Investment Management LLC now owns 4,601 shares of the software maker’s stock valued at $2,991,000 after acquiring an additional 2,641 shares in the last quarter. Harvest Portfolios Group Inc. lifted its holdings in shares of Intuit by 5.4% in the third quarter. Harvest Portfolios Group Inc. now owns 35,902 shares of the software maker’s stock valued at $22,295,000 after purchasing an additional 1,853 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Intuit by 33.7% during the third quarter. GAMMA Investing LLC now owns 3,838 shares of the software maker’s stock valued at $2,383,000 after buying an additional 968 shares during the last quarter. Cetera Advisors LLC grew its holdings in Intuit by 33.4% during the first quarter. Cetera Advisors LLC now owns 10,607 shares of the software maker’s stock worth $6,895,000 after buying an additional 2,655 shares in the last quarter. Finally, Park Avenue Securities LLC raised its position in Intuit by 13.4% in the 2nd quarter. Park Avenue Securities LLC now owns 11,257 shares of the software maker’s stock valued at $7,398,000 after buying an additional 1,328 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Company Profile

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.