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Scott D. Cook, the founder of Intuit Inc. (NASDAQ:INTU), has divested a significant portion of his holdings in the company, according to a recent SEC filing. On March 10, Cook sold a total of 75,870 shares of Intuit’s common stock. The sales were executed at prices ranging from $576.26 to $600.53 per share, amounting to a total transaction value of approximately $43.8 million. The company, with a market capitalization of $166 billion, maintains strong financial health with an impressive 80% gross profit margin and has consistently delivered value to shareholders.
These transactions were carried out under a pre-arranged trading plan, a Rule 10b5-1 trading arrangement, which allows insiders to set up a predetermined schedule for selling stocks. After these sales, Cook retains ownership of 6,144,900 shares indirectly held through various trusts. The company has maintained dividend payments for 15 consecutive years, with a recent dividend growth of 16%. According to InvestingPro, which offers comprehensive analysis of 1,400+ stocks, Intuit currently trades near its Fair Value.
Investors often scrutinize such transactions to gauge insider sentiment and potential implications for the company’s stock. Intuit, known for its financial software products like TurboTax and QuickBooks, continues to be a significant player in the tech industry.
In other recent news, Intuit Inc. has reported robust earnings that exceeded expectations, particularly in the bottom line, as highlighted by Scotiabank (TSX:BNS). This performance was driven by strong results in the Consumer Group revenue and an acceleration in Online Ecosystem revenue, which grew by 21%. Mizuho (NYSE:MFG) Securities raised its price target for Intuit to $765, maintaining an Outperform rating, while noting the company’s strong fiscal second-quarter results and positive trends in TurboTax unit sales and average revenue per user growth. Meanwhile, KeyBanc Capital Markets maintained an Overweight rating on Intuit, with a $770 price target, citing optimism in consumer group revenue growth and TurboTax Live’s revenue acceleration.
Stifel reiterated its Buy rating with a $725 price target, emphasizing a 30% increase in online services revenue and a promising start to the tax season. BMO Capital Markets adjusted its price target to $714 but kept an Outperform rating, pointing to strong growth in Credit Karma and QuickBooks Online. Analysts have noted Intuit’s effective use of artificial intelligence, contributing to significant efficiencies and aiding in surpassing earnings projections. Despite some price target adjustments, analysts remain positive about Intuit’s prospects, with expectations of continued growth driven by core products and strategic initiatives.
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