Short Interest in Intuit Inc. (NASDAQ:INTU) Declines By 7.7%

Intuit Inc. (NASDAQ:INTU) saw a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 2,510,000 shares, a drop of 7.7% from the April 30th total of 2,720,000 shares. Approximately 1.0% of the company’s stock are sold short. Based on an average trading volume of 1,740,000 shares, the short-interest ratio is currently 1.4 days.

INTU stock traded down $2.39 on Friday, hitting $287.61. The company had a trading volume of 1,738,172 shares, compared to its average volume of 1,095,271. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.10. Intuit has a 12-month low of $187.68 and a 12-month high of $306.89. The stock has a market cap of $75.54 billion, a price-to-earnings ratio of 56.73, a P/E/G ratio of 3.89 and a beta of 1.05. The stock’s 50-day simple moving average is $262.98 and its 200 day simple moving average is $266.23.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, May 21st. The software maker reported $4.49 earnings per share for the quarter, missing the consensus estimate of $4.60 by ($0.11). Intuit had a net margin of 19.50% and a return on equity of 34.27%. The firm had revenue of $3 billion for the quarter, compared to the consensus estimate of $3 billion. During the same period in the previous year, the company earned $5.55 earnings per share. Intuit’s quarterly revenue was down 8.3% compared to the same quarter last year. Research analysts forecast that Intuit will post 5.85 earnings per share for the current year.

A number of brokerages have weighed in on INTU. BidaskClub upgraded shares of Intuit from a “buy” rating to a “strong-buy” rating in a report on Friday, May 8th. Stifel Nicolaus reduced their price objective on Intuit from $315.00 to $300.00 and set a “buy” rating for the company in a research report on Friday, May 8th. KeyCorp boosted their target price on Intuit from $285.00 to $315.00 and gave the stock an “overweight” rating in a report on Tuesday. Morgan Stanley increased their target price on Intuit from $277.00 to $290.00 and gave the stock an “equal weight” rating in a research note on Friday. Finally, Cfra cut shares of Intuit from a “hold” rating to a “sell” rating in a research note on Monday, April 6th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $306.00.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vestcor Investment Management Corp bought a new position in shares of Intuit in the fourth quarter worth about $10,304,000. Weatherly Asset Management L. P. boosted its stake in shares of Intuit by 17.4% in the fourth quarter. Weatherly Asset Management L. P. now owns 3,170 shares of the software maker’s stock worth $830,000 after acquiring an additional 470 shares during the period. Nippon Life Global Investors Americas Inc. boosted its stake in shares of Intuit by 25.9% in the fourth quarter. Nippon Life Global Investors Americas Inc. now owns 21,240 shares of the software maker’s stock worth $5,563,000 after acquiring an additional 4,370 shares during the period. Alyeska Investment Group L.P. purchased a new stake in shares of Intuit during the fourth quarter worth about $4,066,000. Finally, Amalgamated Bank raised its stake in Intuit by 3.8% during the 4th quarter. Amalgamated Bank now owns 43,096 shares of the software maker’s stock valued at $11,288,000 after purchasing an additional 1,572 shares during the period. Institutional investors own 86.39% of the company’s stock.

Intuit Company Profile

Intuit Inc provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States, Canada, and internationally. The company's Small Business & Self-Employed segment provides QuickBooks online services and desktop software solutions comprising QuickBooks Enterprise, a hosted or server-based solution and QuickBooks Advanced, an online enterprise solution; QuickBooks Self-Employed solution; and QuickBooks Online Accountant and QuickBooks Accountant Desktop Plus solutions; payroll solutions, such as online payroll processing, direct deposit of employee paychecks, payroll reports, electronic payment of federal and state payroll taxes, and electronic filing of federal and state payroll tax forms.

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