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Intuit EVP sells $281k in company stock

Published 30-05-2024, 05:28 am
© Reuters

Intuit Inc. (NASDAQ:INTU) Executive Vice President of the Consumer Group, Mark P. Notarainni, has sold 465 shares of the company's common stock, according to a recent SEC filing. The transaction, dated May 28, 2024, was carried out at a price of $604.58 per share, resulting in a total sale value of approximately $281,129.

The sale was conducted under a Rule 10b5-1 trading plan, which was previously adopted on July 10, 2023. Such plans allow company insiders to set up a predetermined schedule for selling stocks at a time when they are not in possession of material non-public information, providing a defense against potential allegations of insider trading.

Following the transaction, Notarainni's direct holdings in Intuit stock decreased to 869 shares. The specifics of the sale were made public through the mandatory disclosure to the Securities and Exchange Commission.

Intuit, known for its financial software including TurboTax, QuickBooks, and Mint, has its headquarters in Mountain View, California. The company's stock is traded on the NASDAQ under the ticker symbol INTU.

Investors often monitor insider transactions as they provide insights into executives' perspectives on the company's stock value. However, such transactions may not always be indicative of company performance and can be influenced by various personal financial considerations of the individual executive.

InvestingPro Insights

As Intuit Inc. (NASDAQ:INTU) navigates the financial software market, recent trends reflected in InvestingPro data highlight the company's performance and valuation metrics. Intuit's market capitalization stands at a robust $167.25 billion, underscoring its significance in the software industry. With a P/E ratio of 54.62, the company trades at a premium, which may reflect investor confidence in its future growth prospects, despite a recent downturn in stock price with a one-week total return of -10.74%. Additionally, Intuit has demonstrated a strong gross profit margin at 79.49% over the last twelve months as of Q3 2024, indicating efficient operations and a solid competitive position in its sector.

An InvestingPro Tip worth noting is that Intuit has raised its dividend for 13 consecutive years, showcasing a commitment to returning value to shareholders. Furthermore, the company's impressive gross profit margins stand out as a key indicator of its financial health. For investors seeking a deeper dive into Intuit's financials and performance, InvestingPro offers a comprehensive array of additional tips—there are 16 more InvestingPro Tips available at https://www.investing.com/pro/INTU, providing a thorough analysis for those considering an investment in the company.

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This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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