Short Interest in Intuit Inc. (NASDAQ:INTU) Decreases By 10.1%

Intuit Inc. (NASDAQ:INTU) was the target of a large decline in short interest in March. As of March 31st, there was short interest totalling 3,390,000 shares, a decline of 10.1% from the March 15th total of 3,770,000 shares. Currently, 1.3% of the company’s stock are short sold. Based on an average daily volume of 1,250,000 shares, the short-interest ratio is currently 2.7 days.

Analyst Ratings Changes

Several analysts have commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Intuit from $560.00 to $585.00 and gave the company a “neutral” rating in a research report on Friday, February 23rd. Mizuho raised their target price on shares of Intuit from $670.00 to $725.00 and gave the company a “buy” rating in a research note on Friday, February 23rd. Oppenheimer upped their price target on Intuit from $678.00 to $712.00 and gave the stock an “outperform” rating in a research report on Friday, February 23rd. Piper Sandler raised their price objective on Intuit from $642.00 to $750.00 and gave the stock an “overweight” rating in a research report on Friday, February 23rd. Finally, Stifel Nicolaus upped their target price on Intuit from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. Four analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, Intuit currently has an average rating of “Moderate Buy” and a consensus price target of $645.00.

Intuit Stock Down 0.1 %

INTU stock opened at $611.49 on Wednesday. The company has a market cap of $171.22 billion, a price-to-earnings ratio of 62.40, a PEG ratio of 3.73 and a beta of 1.21. The firm has a 50-day moving average of $645.48 and a two-hundred day moving average of $598.28. Intuit has a 12 month low of $400.22 and a 12 month high of $671.01. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.35.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, February 22nd. The software maker reported $2.63 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.33. Intuit had a return on equity of 17.51% and a net margin of 18.35%. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.39 billion. During the same quarter in the previous year, the company posted $1.05 earnings per share. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, analysts forecast that Intuit will post 11.27 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 18th. Stockholders of record on Wednesday, April 10th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date of this dividend is Tuesday, April 9th. Intuit’s dividend payout ratio is presently 36.73%.

Insider Buying and Selling at Intuit

In related news, EVP Kerry J. Mclean sold 3,692 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $663.84, for a total value of $2,450,897.28. Following the completion of the sale, the executive vice president now directly owns 22,948 shares of the company’s stock, valued at $15,233,800.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Kerry J. Mclean sold 3,692 shares of Intuit stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $663.84, for a total transaction of $2,450,897.28. Following the transaction, the executive vice president now directly owns 22,948 shares of the company’s stock, valued at $15,233,800.32. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Alex G. Balazs sold 280 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $636.38, for a total value of $178,186.40. The disclosure for this sale can be found here. Insiders sold a total of 4,717 shares of company stock valued at $3,117,156 in the last ninety days. Corporate insiders own 2.90% of the company’s stock.

Institutional Trading of Intuit

Several institutional investors and hedge funds have recently bought and sold shares of the stock. DiNuzzo Private Wealth Inc. purchased a new stake in shares of Intuit in the 4th quarter valued at approximately $25,000. MCF Advisors LLC lifted its stake in Intuit by 119.0% during the fourth quarter. MCF Advisors LLC now owns 46 shares of the software maker’s stock worth $29,000 after purchasing an additional 25 shares in the last quarter. NewSquare Capital LLC purchased a new position in shares of Intuit during the third quarter worth $25,000. Cape Investment Advisory Inc. acquired a new stake in shares of Intuit in the third quarter valued at $26,000. Finally, Hobbs Group Advisors LLC purchased a new stake in shares of Intuit in the 4th quarter valued at $33,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

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.