Intuit Inc. (NASDAQ:INTU – Get Free Report) was the recipient of a significant increase in short interest in November. As of November 15th, there was short interest totalling 4,100,000 shares, an increase of 22.0% from the October 31st total of 3,360,000 shares. Currently, 1.5% of the shares of the stock are sold short. Based on an average daily volume of 1,420,000 shares, the days-to-cover ratio is presently 2.9 days.

Insider Activity at Intuit

In related news, EVP Marianna Tessel sold 8,702 shares of the firm’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $552.63, for a total value of $4,808,986.26. Following the completion of the transaction, the executive vice president now directly owns 32,171 shares of the company’s stock, valued at $17,778,659.73. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Intuit news, EVP Marianna Tessel sold 8,702 shares of Intuit stock in a transaction on Monday, September 11th. The shares were sold at an average price of $552.63, for a total transaction of $4,808,986.26. Following the completion of the transaction, the executive vice president now directly owns 32,171 shares of the company’s stock, valued at $17,778,659.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mark P. Notarainni sold 7,274 shares of Intuit stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $548.30, for a total transaction of $3,988,334.20. Following the transaction, the executive vice president now directly owns 869 shares of the company’s stock, valued at $476,472.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,031 shares of company stock valued at $12,508,976. 3.18% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Intuit

A number of large investors have recently modified their holdings of INTU. Bank Julius Baer & Co. Ltd Zurich grew its stake in shares of Intuit by 99,673.1% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 157,291,233 shares of the software maker’s stock worth $72,069,270,000 after acquiring an additional 157,133,584 shares during the last quarter. Norges Bank purchased a new stake in shares of Intuit during the fourth quarter worth about $1,173,468,000. Moneta Group Investment Advisors LLC grew its stake in shares of 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 worth $812,767,000 after acquiring an additional 2,086,431 shares during the last quarter. Morgan Stanley grew its stake in shares of Intuit by 42.5% during the fourth quarter. Morgan Stanley now owns 3,444,913 shares of the software maker’s stock worth $1,340,830,000 after acquiring an additional 1,027,752 shares during the last quarter. Finally, Clearbridge Investments LLC purchased a new stake in Intuit in the second quarter valued at approximately $356,137,000. Hedge funds and other institutional investors own 82.63% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on INTU shares. Piper Sandler reaffirmed an “overweight” rating and set a $642.00 price objective on shares of Intuit in a research note on Wednesday. Wells Fargo & Company boosted their target price on shares of Intuit from $575.00 to $615.00 and gave the company an “overweight” rating in a research note on Wednesday. StockNews.com assumed coverage on shares of Intuit in a research note on Thursday, October 5th. They set a “buy” rating for the company. JPMorgan Chase & Co. boosted their target price on shares of Intuit from $410.00 to $470.00 and gave the company a “neutral” rating in a research note on Monday. Finally, Mizuho boosted their target price on shares of Intuit from $600.00 to $625.00 and gave the company a “buy” rating in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $582.78.

Check Out Our Latest Analysis on Intuit

Intuit Stock Up 0.5 %

Intuit stock traded up $2.86 during trading hours on Friday, reaching $574.32. The stock had a trading volume of 1,333,966 shares, compared to its average volume of 1,571,688. The company has a market cap of $160.78 billion, a price-to-earnings ratio of 62.77, a PEG ratio of 3.50 and a beta of 1.20. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.25 and a quick ratio of 1.47. The business’s 50 day moving average price is $527.90 and its 200-day moving average price is $497.90. Intuit has a 52 week low of $370.62 and a 52 week high of $599.00.

Intuit (NASDAQ:INTU – Get Free Report) last announced its earnings results on Tuesday, November 28th. The software maker reported $2.47 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $0.49. The business had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $2.88 billion. Intuit had a net margin of 17.53% and a return on equity of 17.34%. The firm’s revenue was up 14.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.57 earnings per share. Sell-side analysts anticipate that Intuit will post 11.25 EPS for the current year.

Intuit Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 18th. Stockholders of record on Wednesday, January 10th will be paid a dividend of $0.90 per share. The ex-dividend date is Tuesday, January 9th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.63%. Intuit’s payout ratio is 39.34%.

About Intuit (Get Free Report)

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.

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Original: MarketBeat News Feed: Intuit Inc. (NASDAQ:INTU) Short Interest Update