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

Intuit Inc. (NASDAQ:INTU) was the recipient of a large growth in short interest in October. As of October 31st, there was short interest totalling 3,840,000 shares, a growth of 12.0% from the October 15th total of 3,430,000 shares. Based on an average daily trading volume, of 1,330,000 shares, the short-interest ratio is presently 2.9 days.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Scotiabank began coverage on shares of Intuit in a research note on Monday. They issued a “sector perform” rating and a $700.00 price target on the stock. JPMorgan Chase & Co. upped their target price on Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research report on Friday, August 23rd. Susquehanna reiterated a “positive” rating and issued a $757.00 price objective on shares of Intuit in a report on Friday, August 16th. Piper Sandler reiterated an “overweight” rating and set a $768.00 price target on shares of Intuit in a report on Friday, September 27th. Finally, Bank of America increased their price objective on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $737.06.

Intuit Price Performance

Intuit stock traded down $9.06 during mid-day trading on Monday, hitting $678.81. 1,580,348 shares of the company were exchanged, compared to its average volume of 1,336,806. Intuit has a 1-year low of $557.29 and a 1-year high of $714.78. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The business has a fifty day moving average of $633.08 and a 200 day moving average of $630.19. The company has a market capitalization of $190.26 billion, a PE ratio of 64.96, a price-to-earnings-growth ratio of 3.36 and a beta of 1.25.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.14. The firm had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The firm’s quarterly revenue was up 17.4% on a year-over-year basis. During the same period last year, the firm posted $0.40 EPS. As a group, sell-side analysts expect that Intuit will post 14.05 earnings per share for the current year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Thursday, October 10th were issued a $1.04 dividend. The ex-dividend date was Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.61%. This is a positive change from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is currently 39.81%.

Insider Activity at Intuit

In related news, EVP Laura A. Fennell sold 30,159 shares of the 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 of the company’s stock, valued at $33,427,129.68. This represents a 36.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sandeep Aujla sold 775 shares of the stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total value of $466,015.25. Following the completion of the transaction, the chief financial officer now owns 4,451 shares of the company’s stock, valued at $2,676,430.81. This trade represents a 14.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,297 shares of company stock worth $35,220,046 in the last 90 days. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. LGT Financial Advisors LLC acquired a new position in Intuit during the 2nd quarter valued at about $25,000. Cultivar Capital Inc. acquired a new position in Intuit in the second quarter valued at approximately $26,000. Fairway Wealth LLC acquired a new stake in Intuit during the 2nd quarter worth $26,000. Northwest Investment Counselors LLC bought a new stake in shares of Intuit during the 3rd quarter valued at $27,000. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Intuit in the 2nd quarter valued at $35,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

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.