Insider Selling: Intuit Inc. (NASDAQ:INTU) EVP Sells 23,810 Shares of Stock

Intuit Inc. (NASDAQ:INTU) EVP Alex G. Balazs sold 23,810 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $665.98, for a total transaction of $15,856,983.80. Following the completion of the transaction, the executive vice president now directly owns 489 shares of the company’s stock, valued at approximately $325,664.22. This trade represents a 97.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Intuit Trading Down 2.4 %

INTU traded down $15.80 during midday trading on Friday, hitting $656.45. The company’s stock had a trading volume of 1,634,742 shares, compared to its average volume of 1,367,859. The firm has a market cap of $183.75 billion, a P/E ratio of 65.27, a PEG ratio of 3.31 and a beta of 1.24. Intuit Inc. has a 52-week low of $557.29 and a 52-week high of $714.78. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average price of $639.04 and a two-hundred day moving average price of $631.28.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.14. The company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.14 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. Intuit’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the business earned $1.14 EPS. On average, research analysts anticipate that Intuit Inc. will post 14.07 earnings per share for the current year.

Intuit Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Thursday, January 9th will be issued a $1.04 dividend. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.63%. Intuit’s dividend payout ratio (DPR) is 40.39%.

Hedge Funds Weigh In On Intuit

Several hedge funds and other institutional investors have recently modified their holdings of INTU. Lord Abbett & CO. LLC raised its holdings in Intuit by 33.2% in the third quarter. Lord Abbett & CO. LLC now owns 1,408 shares of the software maker’s stock valued at $874,000 after buying an additional 351 shares during the period. Garden State Investment Advisory Services LLC increased its position in shares of Intuit by 55.1% in the third quarter. Garden State Investment Advisory Services LLC now owns 1,227 shares of the software maker’s stock worth $762,000 after acquiring an additional 436 shares in the last quarter. Denver PWM LLC purchased a new position in shares of Intuit in the 3rd quarter valued at $32,000. American Trust acquired a new position in shares of Intuit during the 3rd quarter valued at $1,126,000. Finally, Synovus Financial Corp boosted its position in Intuit by 3.2% during the 3rd quarter. Synovus Financial Corp now owns 7,495 shares of the software maker’s stock worth $4,654,000 after purchasing an additional 231 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on INTU. Piper Sandler dropped their price objective on Intuit from $768.00 to $765.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. JPMorgan Chase & Co. raised their price target on Intuit from $600.00 to $640.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Oppenheimer lifted their price target on Intuit from $712.00 to $722.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. BMO Capital Markets increased their price objective on shares of Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research note on Friday, August 23rd. Finally, StockNews.com upgraded shares of Intuit from a “hold” rating to a “buy” rating in a research report on Thursday. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $737.44.

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.