Short Interest in Intuit Inc. (NASDAQ:INTU) Drops By 13.3%

Intuit Inc. (NASDAQ:INTU) saw a significant decrease in short interest in September. As of September 30th, there was short interest totalling 2,990,000 shares, a decrease of 13.3% from the September 15th total of 3,450,000 shares. Based on an average daily volume of 1,310,000 shares, the short-interest ratio is presently 2.3 days.

Intuit Stock Performance

INTU traded down $6.36 during trading on Wednesday, reaching $611.53. The company’s stock had a trading volume of 444,387 shares, compared to its average volume of 1,322,782. Intuit has a 52-week low of $473.56 and a 52-week high of $676.62. The company’s fifty day moving average price is $631.08 and its 200-day moving average price is $627.98. The company has a market capitalization of $170.95 billion, a price-to-earnings ratio of 57.00, a price-to-earnings-growth ratio of 3.04 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.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping the consensus estimate of $1.85 by $0.14. The business had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The company’s quarterly revenue was up 17.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.40 EPS. On average, equities analysts forecast that Intuit will post 14.04 earnings per share for the current fiscal year.

Intuit Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be given a dividend of $1.04 per share. This is an increase from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a dividend yield of 0.68%. The ex-dividend date is Thursday, October 10th. Intuit’s payout ratio is currently 38.38%.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Piper Sandler reissued an “overweight” rating and issued a $768.00 target price on shares of Intuit in a report on Friday, September 27th. BMO Capital Markets increased their target price on Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. Citigroup raised their price objective on Intuit from $727.00 to $750.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Stifel Nicolaus raised their price objective on Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Finally, Barclays dropped their price objective on Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a report on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $735.71.

Insiders Place Their Bets

In other Intuit news, CFO Sandeep Aujla sold 4,000 shares of the company’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $617.28, for a total transaction of $2,469,120.00. Following the transaction, the chief financial officer now directly owns 452 shares in the company, valued at $279,010.56. This represents a 0.00 % 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. In related news, Director Eve B. Burton sold 2,988 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $649.87, for a total value of $1,941,811.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Sandeep Aujla sold 4,000 shares of the stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $617.28, for a total value of $2,469,120.00. Following the completion of the transaction, the chief financial officer now directly owns 452 shares in the company, valued at $279,010.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 55,297 shares of company stock worth $35,220,046 over the last ninety days. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Raleigh Capital Management Inc. raised its holdings in Intuit by 20.6% in the 4th quarter. Raleigh Capital Management Inc. now owns 129 shares of the software maker’s stock valued at $81,000 after acquiring an additional 22 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Intuit during the fourth quarter worth about $227,000. Integrated Advisors Network LLC lifted its position in shares of Intuit by 6.5% during the fourth quarter. Integrated Advisors Network LLC now owns 1,182 shares of the software maker’s stock worth $739,000 after purchasing an additional 72 shares during the last quarter. Centaurus Financial Inc. bought a new position in shares of Intuit during the fourth quarter worth about $179,000. Finally, EP Wealth Advisors LLC lifted its position in shares of Intuit by 7.2% during the fourth quarter. EP Wealth Advisors LLC now owns 5,287 shares of the software maker’s stock worth $3,304,000 after purchasing an additional 356 shares during the last quarter. 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.