Short Interest in Intuit Inc. (NASDAQ:INTU) Drops By 5.8%

Intuit Inc. (NASDAQ:INTU) was the recipient of a significant decrease in short interest in the month of June. As of June 15th, there was short interest totalling 3,390,000 shares, a decrease of 5.8% from the May 31st total of 3,600,000 shares. Based on an average daily volume of 1,430,000 shares, the short-interest ratio is presently 2.4 days. Approximately 1.3% of the shares of the stock are sold short.

Insiders Place Their Bets

In related news, EVP Mark P. Notarainni sold 965 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total value of $628,215.00. Following the sale, the executive vice president now directly owns 1,020 shares in the company, valued at approximately $664,020. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Intuit news, insider Scott D. Cook sold 75,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total value of $44,838,750.00. Following the transaction, the insider now directly owns 6,791,469 shares of the company’s stock, valued at approximately $4,060,279,741.65. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Mark P. Notarainni sold 965 shares of the company’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total transaction of $628,215.00. Following the completion of the sale, the executive vice president now owns 1,020 shares of the company’s stock, valued at $664,020. The disclosure for this sale can be found here. Insiders sold 195,963 shares of company stock worth $114,442,445 over the last ninety days. Company insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Intuit

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Intuit by 1.1% in the first quarter. Vanguard Group Inc. now owns 26,057,696 shares of the software maker’s stock valued at $16,937,502,000 after buying an additional 283,291 shares during the period. Morgan Stanley boosted its stake in Intuit by 3.7% in the 3rd quarter. Morgan Stanley now owns 3,848,401 shares of the software maker’s stock worth $1,966,304,000 after purchasing an additional 137,198 shares during the period. Wellington Management Group LLP boosted its stake in Intuit by 173.0% in the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock worth $2,304,850,000 after purchasing an additional 2,336,654 shares during the period. Brown Advisory Inc. increased its holdings in Intuit by 2.3% during the 4th quarter. Brown Advisory Inc. now owns 3,548,119 shares of the software maker’s stock worth $2,217,681,000 after purchasing an additional 80,517 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Intuit in the 4th quarter valued at about $2,101,848,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. KeyCorp lifted their price target on shares of Intuit from $720.00 to $740.00 and gave the company an “overweight” rating in a research report on Monday, May 20th. Piper Sandler boosted their target price on shares of Intuit from $750.00 to $760.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. Citigroup raised their price target on Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Jefferies Financial Group restated a “buy” rating and set a $770.00 target price on shares of Intuit in a research note on Thursday, June 13th. Finally, Stifel Nicolaus lowered their target price on Intuit from $720.00 to $690.00 and set a “buy” rating on the stock in a report on Friday, May 24th. Five equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, Intuit currently has an average rating of “Moderate Buy” and a consensus target price of $687.22.

Intuit Stock Performance

Shares of NASDAQ:INTU opened at $659.90 on Thursday. The firm’s 50 day simple moving average is $619.94 and its 200 day simple moving average is $628.97. Intuit has a fifty-two week low of $444.19 and a fifty-two week high of $676.62. The company has a market capitalization of $184.48 billion, a price-to-earnings ratio of 60.96, a P/E/G ratio of 3.76 and a beta of 1.23. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.50 and a quick ratio of 1.50.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share for the quarter, topping analysts’ consensus estimates of $8.12 by $1.76. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The company had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.65 billion. During the same period last year, the firm posted $7.80 earnings per share. The business’s quarterly revenue was up 11.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Intuit will post 11.72 earnings per share for the current year.

Intuit Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 18th. Stockholders of record on Wednesday, July 10th will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date is Wednesday, July 10th. Intuit’s dividend payout ratio is currently 33.21%.

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.