Mark Notarainni, Executive Vice President of the Consumer Group at Intuit Inc. (NASDAQ:INTU), recently sold a significant portion of the company's common stock. According to a Form 4 filing with the Securities and Exchange Commission, Notarainni sold shares totaling approximately $2.36 million on December 5, 2024. The transaction comes as Intuit, currently valued at $181 billion, maintains impressive gross profit margins of nearly 80%.
The sales were executed in multiple transactions with prices per share ranging from $641.585 to $653.055. Following these transactions, Notarainni's direct ownership stands at 19.217 shares.
These transactions were conducted under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for selling stocks. This plan was adopted by Notarainni on September 5, 2024.
Investors often monitor such filings to gauge insider sentiment, as they can provide insights into the executive's perspective on the company's prospects.
In other recent news, Intuit reported first-quarter revenues of $3.28 billion, surpassing expectations by approximately $144 million. The company also reported earnings per share (EPS) 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) has maintained its Outperform rating on Intuit, raising the price target to $750 from the previous $725, while Piper Sandler slightly adjusted the price target to $765 from the previous $768, maintaining an Overweight rating on the stock. These adjustments follow Intuit's recent strategic shift in revenue from the second to the third quarter. Despite these developments, Intuit's stock has seen a 5% decrease, attributed to the company's decision to maintain its full-year guidance without adjustments. CEO Sasan Gadarzi and CFO Sandeep Ojala have highlighted the transformative impact of AI and the company's progress in serving mid-market and small business customers. However, a decline in desktop revenue was noted during this period. These are recent developments in Intuit's ongoing journey.
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