Intuit Inc. (NASDAQ:INTU) was the recipient of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 2,580,000 shares, an increase of 28.4% from the September 15th total of 2,010,000 shares. Based on an average daily volume of 1,240,000 shares, the days-to-cover ratio is presently 2.1 days. Currently, 1.0% of the company's stock are short sold.
Intuit stock traded down $0.82 during trading on Friday, reaching $341.15. The company had a trading volume of 790,020 shares, compared to its average volume of 1,403,350. The firm has a market capitalization of $89.32 billion, a price-to-earnings ratio of 49.30, a price-to-earnings-growth ratio of 3.74 and a beta of 0.99. The company has a current ratio of 2.26, a quick ratio of 2.26 and a debt-to-equity ratio of 0.40. The firm's 50-day simple moving average is $327.71 and its 200 day simple moving average is $295.26. Intuit has a 52 week low of $187.68 and a 52 week high of $360.00.
Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Tuesday, August 25th. The software maker reported $1.81 EPS for the quarter, topping analysts' consensus estimates of $0.86 by $0.95. Intuit had a return on equity of 40.79% and a net margin of 23.78%. The business had revenue of $1.80 billion during the quarter, compared to analysts' expectations of $1.57 billion. During the same quarter in the prior year, the business posted ($0.09) earnings per share. The business's quarterly revenue was up 81.1% on a year-over-year basis. On average, analysts predict that Intuit will post 7.11 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 19th. Investors of record on Monday, October 12th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.69%. This is a positive change from Intuit's previous quarterly dividend of $0.53. The ex-dividend date is Thursday, October 8th. Intuit's dividend payout ratio is currently 35.98%.
INTU has been the subject of several recent analyst reports. Guggenheim boosted their price target on Intuit from $320.00 to $395.00 and gave the stock a "buy" rating in a research note on Wednesday, August 26th. KeyCorp boosted their target price on Intuit from $315.00 to $350.00 and gave the stock an "overweight" rating in a research report on Monday, August 24th. Piper Sandler raised their price target on shares of Intuit from $351.00 to $373.00 and gave the company an "overweight" rating in a report on Tuesday, October 6th. Royal Bank of Canada boosted their price objective on shares of Intuit from $315.00 to $405.00 and gave the company an "outperform" rating in a report on Wednesday, August 26th. Finally, Oppenheimer increased their price objective on shares of Intuit from $308.00 to $355.00 and gave the company an "outperform" rating in a research report on Wednesday, August 26th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and fifteen have assigned a buy rating to the company's stock. Intuit currently has a consensus rating of "Buy" and an average price target of $360.94.
In related news, Chairman Brad D. Smith sold 18,773 shares of the firm's stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $342.01, for a total transaction of $6,420,553.73. Following the completion of the sale, the chairman now owns 304,706 shares of the company's stock, valued at $104,212,499.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Laura A. Fennell sold 29,204 shares of the business's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $320.34, for a total transaction of $9,355,209.36. Following the completion of the transaction, the executive vice president now owns 95,313 shares of the company's stock, valued at $30,532,566.42. The disclosure for this sale can be found here. In the last ninety days, insiders sold 244,742 shares of company stock valued at $83,471,109. 4.09% of the stock is owned by insiders.
A number of large investors have recently modified their holdings of the business. Bridges Investment Management Inc. increased its stake in shares of Intuit by 3.3% in the second quarter. Bridges Investment Management Inc. now owns 1,154 shares of the software maker's stock worth $342,000 after purchasing an additional 37 shares in the last quarter. Assetmark Inc. increased its stake in Intuit by 6.9% in the 2nd quarter. Assetmark Inc. now owns 574 shares of the software maker's stock worth $170,000 after buying an additional 37 shares in the last quarter. Cresset Asset Management LLC raised its holdings in Intuit by 0.6% during the second quarter. Cresset Asset Management LLC now owns 6,609 shares of the software maker's stock valued at $1,957,000 after acquiring an additional 39 shares during the period. Partnervest Advisory Services LLC lifted its position in shares of Intuit by 4.2% in the second quarter. Partnervest Advisory Services LLC now owns 1,055 shares of the software maker's stock valued at $313,000 after acquiring an additional 43 shares in the last quarter. Finally, Pacitti Group Inc. lifted its position in shares of Intuit by 16.4% in the second quarter. Pacitti Group Inc. now owns 319 shares of the software maker's stock valued at $97,000 after acquiring an additional 45 shares in the last quarter. 85.52% of the stock is currently owned by institutional investors and hedge funds.
Intuit Inc provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States, Canada, and internationally. The company's Small Business & Self-Employed segment provides QuickBooks online services and desktop software solutions comprising QuickBooks Enterprise, a hosted or server-based solution and QuickBooks Advanced, an online enterprise solution; QuickBooks Self-Employed solution; and QuickBooks Online Accountant and QuickBooks Accountant Desktop Plus solutions; payroll solutions, such as online payroll processing, direct deposit of employee paychecks, payroll reports, electronic payment of federal and state payroll taxes, and electronic filing of federal and state payroll tax forms.
Further Reading: Black Swan
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