Alta Capital Management LLC Sells 1,560 Shares of Intuit Inc. (NASDAQ:INTU)

Alta Capital Management LLC trimmed its position in shares of Intuit Inc. (NASDAQ:INTU) by 2.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 72,736 shares of the software maker’s stock after selling 1,560 shares during the period. Intuit comprises 2.7% of Alta Capital Management LLC’s holdings, making the stock its 15th biggest holding. Alta Capital Management LLC’s holdings in Intuit were worth $45,715,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in INTU. R Squared Ltd purchased a new stake in Intuit in the 4th quarter valued at about $25,000. Heck Capital Advisors LLC purchased a new stake in Intuit in the 4th quarter valued at about $28,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Intuit in the 4th quarter valued at about $28,000. Sugar Maple Asset Management LLC purchased a new stake in Intuit in the 4th quarter valued at about $29,000. Finally, Denver PWM LLC purchased a new stake in Intuit in the 3rd quarter valued at about $32,000. 83.66% of the stock is currently owned by institutional investors.

Intuit Trading Down 2.1 %

NASDAQ INTU opened at $601.09 on Tuesday. The company has a fifty day simple moving average of $605.15 and a two-hundred day simple moving average of $626.69. The stock has a market cap of $168.04 billion, a P/E ratio of 58.36, a P/E/G ratio of 2.85 and a beta of 1.24. Intuit Inc. has a 12-month low of $553.24 and a 12-month high of $714.78. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31.

Intuit Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Thursday, April 10th will be issued a $1.04 dividend. The ex-dividend date is Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.69%. Intuit’s dividend payout ratio is currently 38.81%.

Insiders Place Their Bets

In related news, CEO Sasan K. Goodarzi sold 75,000 shares of the firm’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $630.10, for a total transaction of $47,257,500.00. Following the completion of the transaction, the chief executive officer now owns 35,776 shares of the company’s stock, valued at $22,542,457.60. This trade represents a 67.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Scott D. Cook sold 6,446 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $604.26, for a total transaction of $3,895,059.96. Following the transaction, the insider now directly owns 6,219,900 shares of the company’s stock, valued at approximately $3,758,436,774. This trade represents a 0.10 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 224,460 shares of company stock valued at $144,750,747. Insiders own 2.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on INTU. Piper Sandler reissued an “overweight” rating and issued a $785.00 price objective (up from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. Scotiabank lowered their price objective on shares of Intuit from $700.00 to $600.00 and set a “sector perform” rating for the company in a research report on Thursday, February 27th. BNP Paribas cut shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price target for the company. in a research report on Wednesday, January 15th. Barclays lowered their price target on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Finally, Redburn Atlantic assumed coverage on shares of Intuit in a research report on Wednesday, February 19th. They issued a “neutral” rating for the company. One analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Intuit currently has a consensus rating of “Moderate Buy” and a consensus price target of $720.50.

Intuit Profile

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.