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Sasan Goodarzi, CEO and President of Intuit Inc. (NASDAQ:INTU), recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. On December 30 and 31, Goodarzi sold a total of 58,560 shares of Intuit common stock, generating approximately $47.4 million. The shares were sold at prices ranging from $627.29 to $633.96 per share. The transaction represents a small portion of Intuit's $174.21 billion market capitalization, with the company maintaining impressive gross profit margins of nearly 80%. InvestingPro analysis indicates the stock is currently trading near its Fair Value.
In addition to the stock sales, Goodarzi also exercised options to acquire 74,000 shares of Intuit common stock at prices of $216.64 and $281.60 per share, valued at approximately $18.5 million. These transactions were part of a pre-established Rule 10b5-1 trading plan, which allows insiders to set up a predetermined schedule for selling company shares.
Following these transactions, Goodarzi holds shares indirectly through a trust. The recent movements in Intuit's stock holdings reflect a strategic management of equity by the company's top executive.
In other recent news, Intuit has shown robust financial performance, with first-quarter revenues of $3.28 billion, surpassing expectations by approximately $144 million. The company also reported earnings per share at $2.50, higher than the anticipated $2.36. This financial performance was bolstered by a 20% increase in its Global Business Services Online Ecosystem and a 29% rise in Credit Karma, part of Intuit's portfolio.
Mizuho (NYSE:MFG) maintained its Outperform rating on Intuit and increased the price target to $750, citing a strategic shift in revenue from the second to the third quarter due to the timing of promotions for Desktop TurboTax. Meanwhile, Piper Sandler adjusted the price target for Intuit to $765, while maintaining an Overweight rating on the stock.
In terms of company news, Intuit is undergoing a strategic transformation, focusing on simplifying financial tasks to attract new users. The company's CEO, Sasan Gadarzi, and CFO, Sandeep Ojala, emphasized the transformative impact of AI and the company's progress in serving mid-market and small business customers. However, a decline in desktop revenue was noted during this period. These are among the recent developments for Intuit.
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