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MOUNTAIN VIEW, Calif.—Sasan Goodarzi, CEO, President, and Director of Intuit Inc. (NASDAQ:INTU), recently sold a substantial portion of the company's stock. According to a recent filing with the Securities and Exchange Commission, Goodarzi sold shares amounting to approximately $47.1 million. The sales occurred on December 30, 2024, with transaction prices ranging from $623.755 to $633.97 per share. The transaction comes as Intuit, currently valued at $174.2 billion, maintains a GOOD financial health score according to InvestingPro analysis.
These transactions were part of a pre-established trading plan under Rule 10b5-1, which allows insiders to set up a predetermined schedule for selling stocks, thereby avoiding concerns about insider trading. Goodarzi's sales involved multiple trades, and the shares were held in a trust of which he is a trustee.
In addition to the sales, Goodarzi also acquired 13,628 shares through the exercise of stock options at a price of $216.64 per share, totaling approximately $2.95 million.
Following these transactions, Goodarzi retains ownership of 36,076.299 shares of Intuit common stock. Intuit, known for its financial software products such as TurboTax and QuickBooks, continues to be a significant player in the technology sector.
In other recent news, Intuit has been making headlines with its robust financial performance and strategic transformations. The company's first fiscal quarter results exceeded expectations, reporting revenues of $3.28 billion and earnings per share at $2.50, primarily driven by a 20% surge in its Global Business Services Online Ecosystem and a 29% increase in Credit Karma. Mizuho (NYSE:MFG) has reiterated an Outperform rating on Intuit, raising the price target to $750 from $725, attributing the company's slightly lower second-quarter forecast to a strategic shift in revenue timing rather than an actual loss.
Simultaneously, Piper Sandler has maintained an Overweight rating on the stock, albeit with a slight adjustment in the price target to $765 from the previous $768. The firm acknowledges potential external risks, such as the new administration's initiative to simplify tax filings, but remains optimistic about Intuit's strong start to fiscal year 2025.
In addition to its financial performance, Intuit is undergoing a strategic transformation, leveraging AI to simplify financial tasks and attract new users. The company's CEO, Sasan Gadarzi, and CFO, Sandeep Ojala, highlighted the transformative impact of AI and the progress made in serving mid-market and small business customers, despite a noted decrease in desktop revenue. These developments underscore Intuit's commitment to navigating its business landscape and maintaining its growth trajectory.
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