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

by · The Cerbat Gem

Intuit Inc. (NASDAQ:INTU – Get Free Report) was the recipient of a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 3,450,000 shares, a growth of 9.2% from the August 31st total of 3,160,000 shares. Based on an average trading volume of 1,300,000 shares, the short-interest ratio is presently 2.7 days.

Insider Activity

In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total value of $690,997.47. Following the sale, the chief financial officer now directly owns 3,333 shares in the company, valued at $2,170,682.91. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CFO Sandeep Aujla sold 1,061 shares of Intuit stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total value of $690,997.47. Following the completion of the transaction, the chief financial officer now owns 3,333 shares in the company, valued at $2,170,682.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Laura A. Fennell sold 30,159 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the completion of the sale, the executive vice president now directly owns 52,038 shares in the company, valued at approximately $33,427,129.68. The disclosure for this sale can be found here. Insiders sold 51,583 shares of company stock valued at $32,975,909 in the last three months. Company insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Intuit

Several hedge funds have recently bought and sold shares of INTU. Mattson Financial Services LLC bought a new stake in Intuit in the second quarter worth $1,645,000. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Intuit by 84.8% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 93,025 shares of the software maker’s stock worth $61,137,000 after purchasing an additional 42,685 shares during the last quarter. University of Texas Texas AM Investment Management Co. bought a new position in Intuit in the 2nd quarter worth about $786,000. Sanctuary Advisors LLC purchased a new stake in Intuit during the 2nd quarter valued at about $12,334,000. Finally, Brown Financial Advisors purchased a new stake in Intuit during the 2nd quarter valued at about $1,067,000. Institutional investors own 83.66% of the company’s stock.

Intuit Trading Up 0.3 %

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

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

Intuit Increases Dividend

The firm also recently announced 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. 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 dividend yield of 0.67%. Intuit’s dividend payout ratio is currently 38.38%.

Wall Street Analysts Forecast Growth

INTU has been the subject of a number of recent analyst reports. Stifel Nicolaus boosted their price target on shares of Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Piper Sandler restated an “overweight” rating and set a $768.00 target price on shares of Intuit in a research report on Friday. Jefferies Financial Group raised their price target on Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Morgan Stanley downgraded 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 report on Wednesday, August 14th. Finally, StockNews.com upgraded shares of Intuit from a “hold” rating to a “buy” rating in a research report on Monday. Four analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $735.71.

View Our Latest Report on Intuit

Intuit Company Profile

(Get Free Report)

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.

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