Short Interest in Intuit Inc. (NASDAQ:INTU) Increases By 9.2%

Intuit Inc. (NASDAQ:INTU) was the target of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 3,450,000 shares, an increase of 9.2% from the August 31st total of 3,160,000 shares. Based on an average daily volume of 1,300,000 shares, the days-to-cover ratio is presently 2.7 days.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on INTU shares. StockNews.com upgraded shares of Intuit from a “hold” rating to a “buy” rating in a research note on Monday. Bank of America lifted their price objective on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Erste Group Bank reissued a “hold” rating on shares of Intuit in a report on Friday, June 14th. Citigroup boosted their price target on Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Finally, Royal Bank of Canada began coverage on shares of Intuit in a research note on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price objective on the stock. Four 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, the company has an average rating of “Moderate Buy” and a consensus price target of $735.71.

Insiders Place Their Bets

In related news, CFO Sandeep Aujla sold 862 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total transaction of $535,327.86. Following the sale, the chief financial officer now directly owns 3,840 shares of the company’s stock, valued at approximately $2,384,755.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Intuit news, insider Scott D. Cook sold 2,461 shares of Intuit stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total value of $1,568,124.59. Following the completion of the sale, the insider now owns 6,453,105 shares of the company’s stock, valued at approximately $4,111,853,974.95. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Sandeep Aujla sold 862 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value of $535,327.86. Following the transaction, the chief financial officer now directly owns 3,840 shares in the company, valued at $2,384,755.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,583 shares of company stock worth $32,975,909. 2.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of INTU. Fortitude Family Office LLC grew its holdings in Intuit by 2.8% during the 2nd quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock valued at $382,000 after purchasing an additional 16 shares during the last quarter. WASHINGTON TRUST Co lifted its stake in shares of Intuit by 10.5% during the 2nd quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock worth $110,000 after acquiring an additional 16 shares during the last quarter. Gemmer Asset Management LLC boosted its holdings in Intuit by 3.7% during the 2nd quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock valued at $294,000 after acquiring an additional 16 shares during the period. Capital Advisors Ltd. LLC grew its position in Intuit by 2.6% in the 1st quarter. Capital Advisors Ltd. LLC now owns 659 shares of the software maker’s stock valued at $429,000 after acquiring an additional 17 shares during the last quarter. Finally, Stonebrook Private Inc. increased its stake in Intuit by 4.5% in the first quarter. Stonebrook Private Inc. now owns 398 shares of the software maker’s stock worth $259,000 after purchasing an additional 17 shares during the period. Institutional investors own 83.66% of the company’s stock.

Intuit Stock Performance

NASDAQ INTU opened at $621.00 on Tuesday. The stock has a market capitalization of $173.60 billion, a PE ratio of 57.29, a P/E/G ratio of 3.13 and a beta of 1.24. Intuit has a 1-year low of $473.56 and a 1-year high of $676.62. The business has a 50 day simple moving average of $634.62 and a two-hundred day simple moving average of $630.21. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. The business had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business’s revenue was up 17.4% on a year-over-year basis. During the same period last year, the company posted $0.40 EPS. On average, research analysts predict that Intuit will post 14.07 EPS for the current fiscal year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be given a $1.04 dividend. The ex-dividend date is Thursday, October 10th. This is an increase from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a yield of 0.67%. Intuit’s dividend payout ratio (DPR) is currently 38.38%.

About Intuit

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.