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

Intuit Inc. (NASDAQ:INTU) was the recipient of a significant growth in short interest during the month of 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 volume of 1,330,000 shares, the short-interest ratio is presently 2.9 days.

Intuit Stock Performance

INTU stock traded down $9.06 during trading on Monday, hitting $678.81. 1,580,348 shares of the company’s stock traded hands, compared to its average volume of 1,336,806. The stock has a market capitalization of $190.26 billion, a price-to-earnings ratio of 64.96, a price-to-earnings-growth ratio of 3.36 and a beta of 1.25. Intuit has a 52 week low of $557.29 and a 52 week high of $714.78. The stock has a fifty day moving average price of $633.08 and a two-hundred day moving average price of $630.19. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the prior year, the firm earned $0.40 EPS. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. As a group, equities analysts anticipate that Intuit will post 14.05 EPS for the current fiscal year.

Intuit Increases Dividend

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

Insider Buying and Selling

In other Intuit news, CFO Sandeep Aujla sold 775 shares of the company’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total transaction of $466,015.25. Following the completion of the sale, the chief financial officer now directly owns 4,451 shares in the company, valued at $2,676,430.81. This represents a 14.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Kerry J. Mclean sold 11,079 shares of Intuit stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total value of $6,997,607.19. Following the completion of the transaction, the executive vice president now directly owns 24,941 shares in the company, valued at $15,752,985.01. This represents a 30.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 55,297 shares of company stock valued at $35,220,046. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Intuit

Hedge funds and other institutional investors have recently modified their holdings 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 shares of Intuit during the second quarter worth approximately $26,000. Fairway Wealth LLC bought a new position in Intuit in the 2nd quarter worth approximately $26,000. Northwest Investment Counselors LLC acquired a new stake in Intuit in the 3rd quarter valued at approximately $27,000. Finally, Hobbs Group Advisors LLC acquired a new stake in Intuit in the 2nd quarter valued at approximately $35,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

INTU has been the subject of several research reports. Susquehanna reiterated a “positive” rating and set a $757.00 price objective on shares of Intuit in a research note on Friday, August 16th. Bank of America increased their price target on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Scotiabank initiated coverage on Intuit in a research note on Monday. They set a “sector perform” rating and a $700.00 price objective on the stock. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a research note on Monday, September 30th. Finally, Piper Sandler reissued an “overweight” rating and set a $768.00 price target on shares of Intuit in a research report on Friday, September 27th. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $737.06.

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.