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 that occurred on 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 sale, the executive vice president now directly owns 489 shares in the company, valued at approximately $325,664.22. This represents a 97.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Intuit Stock Performance

Shares of NASDAQ INTU traded down $15.80 during midday trading on Friday, reaching $656.45. 1,634,742 shares of the company were exchanged, compared to its average volume of 1,367,859. The stock has a fifty day simple moving average of $639.04 and a 200 day simple moving average of $631.28. 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 stock 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 1 year low of $557.29 and a 1 year high of $714.78.

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

Intuit Announces Dividend

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

Institutional Trading of Intuit

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Lord Abbett & CO. LLC lifted its position 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 purchasing an additional 351 shares during the period. Garden State Investment Advisory Services LLC raised its stake in shares of Intuit by 55.1% during the 3rd quarter. Garden State Investment Advisory Services LLC now owns 1,227 shares of the software maker’s stock worth $762,000 after buying an additional 436 shares in the last quarter. Denver PWM LLC acquired a new stake in shares of Intuit in the 3rd quarter valued at approximately $32,000. American Trust purchased a new stake in shares of Intuit in the third quarter valued at approximately $1,126,000. Finally, Synovus Financial Corp grew its holdings in Intuit by 3.2% during the third quarter. Synovus Financial Corp now owns 7,495 shares of the software maker’s stock worth $4,654,000 after acquiring an additional 231 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 equities analysts recently commented on INTU shares. Barclays lowered their target price on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. BMO Capital Markets increased their price objective on Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. Stifel Nicolaus cut their target price on Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. Piper Sandler lowered their price target on Intuit from $768.00 to $765.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Finally, Jefferies Financial Group raised their price objective on shares of Intuit from $790.00 to $800.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $737.44.

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.