Insider Selling: Intuit Inc. (NASDAQ:INTU) EVP Sells 23,810 Shares of Stock

Intuit Inc. (NASDAQ:INTU - Get Free Report) 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 - Get Free Report) 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.