Intuit (NASDAQ:INTU) Trading Down 2.9% on Insider Selling

Intuit Inc. (NASDAQ:INTU) shares traded down 2.9% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $614.15 and last traded at $614.94. 177,974 shares were traded during trading, a decline of 87% from the average session volume of 1,320,295 shares. The stock had previously closed at $633.62.

Specifically, EVP Alex G. Balazs sold 2,941 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total value of $1,849,183.16. Following the transaction, the executive vice president now owns 20 shares in the company, valued at approximately $12,575.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Jefferies Financial Group upped their price target on shares of Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Citigroup upped their price target on shares of Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Royal Bank of Canada started coverage on shares of Intuit in a research report on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 target price on the stock. Piper Sandler restated an “overweight” rating and set a $768.00 target price (up previously from $760.00) on shares of Intuit in a research report on Friday, August 23rd. Finally, Morgan Stanley lowered shares of Intuit from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $750.00 to $685.00 in a research report on Wednesday, August 14th. Five research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $720.37.

Intuit Stock Performance

The firm has a market cap of $181.17 billion, a P/E ratio of 59.63, a P/E/G ratio of 3.14 and a beta of 1.24. 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 company’s 50 day moving average is $636.90 and its 200 day moving average is $632.08.

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. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The firm had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period in the prior year, the company posted $0.40 EPS. The company’s revenue was up 17.4% on a year-over-year basis. As a group, equities analysts predict that Intuit Inc. will post 14.06 earnings per share for the current fiscal year.

Intuit Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be given a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, October 10th. This is a boost from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a dividend yield of 0.64%. Intuit’s dividend payout ratio is 33.21%.

Institutional Investors Weigh In On Intuit

Large investors have recently modified their holdings of the company. LGT Financial Advisors LLC acquired a new stake in shares of Intuit during the second quarter worth $25,000. Cultivar Capital Inc. acquired a new stake in Intuit in the second quarter worth $26,000. Fairway Wealth LLC acquired a new stake in Intuit in the second quarter worth $26,000. Hobbs Group Advisors LLC acquired a new stake in Intuit in the second quarter worth $35,000. Finally, Trifecta Capital Advisors LLC grew its holdings in Intuit by 145.8% in the second quarter. Trifecta Capital Advisors LLC now owns 59 shares of the software maker’s stock worth $39,000 after purchasing an additional 35 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.