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

Intuit Inc. (NASDAQ:INTU - Get Free Report) was the recipient of a large decrease in short interest during the month of March. As of March 31st, there was short interest totalling 3,390,000 shares, a decrease of 10.1% from the March 15th total of 3,770,000 shares. Based on an average daily volume of 1,250,000 shares, the days-to-cover ratio is currently 2.7 days. Approximately 1.3% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on INTU. KeyCorp lifted their price objective on Intuit from $700.00 to $720.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 27th. BMO Capital Markets reiterated an "outperform" rating and issued a $700.00 price objective on shares of Intuit in a research report on Tuesday, March 26th. Evercore ISI lifted their price objective on Intuit from $670.00 to $725.00 and gave the stock an "outperform" rating in a research report on Friday, February 23rd. Barclays lifted their price objective on Intuit from $735.00 to $745.00 and gave the stock an "overweight" rating in a research report on Friday, February 23rd. Finally, Piper Sandler lifted their price objective on Intuit from $642.00 to $750.00 and gave the stock an "overweight" rating in a research report on Friday, February 23rd. Four investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, Intuit presently has a consensus rating of "Moderate Buy" and an average price target of $645.00.

Intuit Stock Down 1.4 %

Shares of Intuit stock traded down $8.99 on Monday, reaching $612.12. The company's stock had a trading volume of 1,022,861 shares, compared to its average volume of 1,251,118. The company has a market capitalization of $171.39 billion, a price-to-earnings ratio of 62.46, a P/E/G ratio of 3.78 and a beta of 1.21. The firm's fifty day simple moving average is $645.96 and its two-hundred day simple moving average is $597.57. Intuit has a 52 week low of $400.22 and a 52 week high of $671.01. 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 - Get Free Report) last posted its earnings results on Thursday, February 22nd. The software maker reported $2.63 EPS for the quarter, topping analysts' consensus estimates of $2.30 by $0.33. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.39 billion. Intuit had a return on equity of 17.51% and a net margin of 18.35%. The company's quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.05 EPS. Equities analysts anticipate that Intuit will post 11.27 earnings per share 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 issued a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 0.59%. The ex-dividend date of this dividend is Tuesday, April 9th. Intuit's payout ratio is currently 36.73%.

Insider Activity

In related news, CAO Lauren D. Hotz sold 745 shares of the firm's stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $655.13, for a total transaction of $488,071.85. Following the transaction, the chief accounting officer now directly owns 3,180 shares in the company, valued at approximately $2,083,313.40. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, EVP Kerry J. Mclean sold 3,692 shares of the firm's stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $663.84, for a total transaction of $2,450,897.28. Following the transaction, the executive vice president now directly owns 22,948 shares in the company, valued at approximately $15,233,800.32. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Lauren D. Hotz sold 745 shares of the firm's stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $655.13, for a total value of $488,071.85. Following the transaction, the chief accounting officer now owns 3,180 shares in the company, valued at $2,083,313.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,717 shares of company stock worth $3,117,156. 2.90% of the stock is currently owned by insiders.

Institutional Trading of Intuit

Several large investors have recently modified their holdings of INTU. Norges Bank bought a new stake in shares of Intuit in the fourth quarter worth $2,101,848,000. Wellington Management Group LLP grew its holdings in Intuit by 173.0% during the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker's stock valued at $2,304,850,000 after purchasing an additional 2,336,654 shares during the period. Moneta Group Investment Advisors LLC grew its holdings in Intuit by 118,345.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 2,088,194 shares of the software maker's stock valued at $812,767,000 after purchasing an additional 2,086,431 shares during the period. Morgan Stanley grew its holdings in Intuit by 42.5% during the fourth quarter. Morgan Stanley now owns 3,444,913 shares of the software maker's stock valued at $1,340,830,000 after purchasing an additional 1,027,752 shares during the period. Finally, Lone Pine Capital LLC bought a new stake in Intuit during the fourth quarter valued at about $467,852,000. Institutional investors own 83.66% of the company's stock.

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.