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

Intuit Inc. (NASDAQ:INTU) was the target of a large decline in short interest in the month of 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 shares are short sold. Based on an average trading volume of 1,250,000 shares, the short-interest ratio is currently 2.7 days.

Analysts Set New Price Targets

INTU has been the subject of a number of analyst reports. KeyCorp boosted their target price on shares of Intuit from $700.00 to $720.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 27th. Piper Sandler boosted their target price on Intuit from $642.00 to $750.00 and gave the stock an “overweight” rating in a research note on Friday, February 23rd. Evercore ISI increased their price target on shares of Intuit from $670.00 to $725.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. Susquehanna upped their target price on shares of Intuit from $700.00 to $775.00 and gave the company a “positive” rating in a report on Friday, February 23rd. Finally, Mizuho lifted their price target on shares of Intuit from $670.00 to $725.00 and gave the stock a “buy” rating in a research note on Friday, February 23rd. Four research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, Intuit has a consensus rating of “Moderate Buy” and an average target price of $645.00.

Intuit Trading Down 1.4 %

NASDAQ INTU opened at $612.12 on Tuesday. Intuit has a 52-week low of $400.22 and a 52-week high of $671.01. The firm has a 50-day moving average price of $645.96 and a 200 day moving average price of $597.57. The stock has a market capitalization of $171.39 billion, a P/E ratio of 62.46, a P/E/G ratio of 3.78 and a beta of 1.21. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.35.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, February 22nd. The software maker reported $2.63 earnings per share for the quarter, beating analysts’ consensus estimates of $2.30 by $0.33. The firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.39 billion. Intuit had a return on equity of 17.51% and a net margin of 18.35%. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.05 earnings per share. Equities research analysts expect that Intuit will post 11.27 EPS for the current year.

Intuit Announces Dividend

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

Insider Activity

In related news, CAO Lauren D. Hotz sold 745 shares of Intuit stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $655.13, for a total value of $488,071.85. Following the completion of the sale, the chief accounting officer now owns 3,180 shares in the company, valued at approximately $2,083,313.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Lauren D. Hotz sold 745 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $655.13, for a total transaction of $488,071.85. Following the sale, the chief accounting officer now owns 3,180 shares of the company’s stock, valued at $2,083,313.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kerry J. Mclean sold 3,692 shares of the firm’s 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 completion of the transaction, the executive vice president now directly owns 22,948 shares of the company’s stock, valued at approximately $15,233,800.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,717 shares of company stock valued at $3,117,156. Company insiders own 2.90% of the company’s stock.

Institutional Trading of Intuit

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Intuit by 13.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 27,268 shares of the software maker’s stock worth $17,724,000 after purchasing an additional 3,266 shares during the last quarter. Procyon Advisors LLC lifted its position in Intuit by 95.3% during the first quarter. Procyon Advisors LLC now owns 6,190 shares of the software maker’s stock worth $4,023,000 after buying an additional 3,020 shares during the period. Janiczek Wealth Management LLC boosted its stake in Intuit by 10.1% in the 1st quarter. Janiczek Wealth Management LLC now owns 788 shares of the software maker’s stock worth $512,000 after buying an additional 72 shares during the last quarter. Wealthcare Advisory Partners LLC grew its holdings in Intuit by 23.7% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 793 shares of the software maker’s stock valued at $515,000 after buying an additional 152 shares during the period. Finally, Revolve Wealth Partners LLC purchased a new stake in Intuit in the 1st quarter valued at about $249,000. 83.66% of the stock is 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.