Laura A. Fennell, Executive Vice President of People and Places at Intuit Inc. (NASDAQ:INTU), has sold a significant portion of her holdings in the company. According to a recent regulatory filing, Fennell disposed of shares totaling approximately $2.94 million on January 7, 2025. The sales were executed in multiple transactions at prices ranging from $612.68 to $614.90 per share. The transaction comes as Intuit, with its impressive $175 billion market capitalization and strong 79.6% gross profit margins, maintains a "GOOD" financial health rating according to InvestingPro analysis.
Following these transactions, Fennell retains ownership of 30,009.62 shares of Intuit common stock directly. Additionally, Fennell holds 11,695 shares indirectly through a trust. While the stock trades at premium multiples, InvestingPro subscribers can access 15+ additional exclusive tips and comprehensive analysis through the Pro Research Report, helping investors make informed decisions about this dividend-growing technology leader.
In other recent news, Intuit has been making waves with its impressive first-quarter results. The financial software company reported revenues of $3.28 billion, surpassing expectations by approximately $144 million. Additionally, the company’s earnings per share (EPS) stood at $2.50, which is $0.14 higher than anticipated. This performance was largely driven by a 20% increase in its Global Business Services (GBS) Online Ecosystem and a 29% rise in Credit Karma, a part of Intuit’s portfolio.
Mizuho (NYSE:MFG), maintaining an Outperform rating on Intuit, has increased the price target to $750 from the previous $725, following these robust results. The firm attributes Intuit’s slightly below market second-quarter guidance to a strategic shift in revenue from the second to the third quarter, rather than an actual revenue loss. Piper Sandler, on the other hand, has slightly adjusted the price target for Intuit to $765 from the previous $768, while maintaining an Overweight rating.
These are recent developments that also include a strategic transformation within Intuit, focusing on simplifying financial tasks to attract new users. The transformative impact of AI and the company’s progress in serving mid-market and small business customers were highlighted by CEO Sasan Gadarzi and CFO Sandeep Ojala. Despite a noted decline in desktop revenue, the overall performance suggests a positive outlook for the rest of the fiscal year.
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