Intuit Inc. (NASDAQ:INTU) Short Interest Update

Intuit Inc. (NASDAQ:INTU) saw a large decline in short interest in August. As of August 31st, there was short interest totalling 3,160,000 shares, a decline of 8.4% from the August 15th total of 3,450,000 shares. Based on an average daily trading volume, of 1,370,000 shares, the short-interest ratio is currently 2.3 days. Currently, 1.2% of the shares of the stock are short sold.

Insider Transactions at Intuit

In other Intuit news, EVP Alex G. Balazs sold 2,941 shares of Intuit stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total value of $1,849,183.16. Following the transaction, the executive vice president now owns 20 shares in the company, valued at $12,575.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, EVP Alex G. Balazs sold 2,941 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the sale, the executive vice president now owns 20 shares in the company, valued at approximately $12,575.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kerry J. Mclean sold 11,079 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total value of $6,997,607.19. Following the completion of the transaction, the executive vice president now directly owns 24,941 shares of the company’s stock, valued at approximately $15,752,985.01. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,940 shares of company stock valued at $10,721,252. Corporate insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Intuit

A number of hedge funds have recently bought and sold shares of the business. Aveo Capital Partners LLC bought a new stake in Intuit during the fourth quarter valued at about $203,000. 9258 Wealth Management LLC increased its position in shares of Intuit by 29.0% during the 4th quarter. 9258 Wealth Management LLC now owns 650 shares of the software maker’s stock valued at $406,000 after purchasing an additional 146 shares during the last quarter. Gryphon Financial Partners LLC lifted its holdings in shares of Intuit by 31.6% in the 4th quarter. Gryphon Financial Partners LLC now owns 1,635 shares of the software maker’s stock worth $1,022,000 after acquiring an additional 393 shares during the last quarter. Kingsview Wealth Management LLC lifted its stake in shares of Intuit by 8.7% during the 4th quarter. Kingsview Wealth Management LLC now owns 1,147 shares of the software maker’s stock worth $717,000 after acquiring an additional 92 shares during the last quarter. Finally, Great Lakes Advisors LLC boosted its stake in shares of Intuit by 61.4% during the fourth quarter. Great Lakes Advisors LLC now owns 2,363 shares of the software maker’s stock valued at $1,477,000 after purchasing an additional 899 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on INTU shares. Bank of America increased their price target on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Citigroup raised their target price on Intuit from $727.00 to $750.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Piper Sandler reissued an “overweight” rating and issued a $768.00 price target (up from $760.00) on shares of Intuit in a research note on Friday, August 23rd. JPMorgan Chase & Co. raised their price objective on shares of Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research report on Friday, August 23rd. Finally, Erste Group Bank reiterated a “hold” rating on shares of Intuit in a research note on Friday, June 14th. Five equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $720.37.

Intuit Price Performance

INTU traded down $11.75 on Wednesday, reaching $633.07. The company had a trading volume of 995,459 shares, compared to its average volume of 1,319,312. 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 52-week low of $473.56 and a 52-week high of $676.62. The company has a market cap of $176.97 billion, a price-to-earnings ratio of 58.93, a P/E/G ratio of 3.14 and a beta of 1.24. The business has a 50 day simple moving average of $636.25 and a 200 day simple moving average of $631.29.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. The company had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The firm’s revenue was up 17.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.40 EPS. As a group, sell-side analysts anticipate that Intuit will post 14.06 EPS for the current year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be given a $1.04 dividend. This is a boost from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.66%. The ex-dividend date of this dividend is Thursday, October 10th. Intuit’s payout ratio is currently 38.38%.

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.