Laura Fennell, Executive Vice President of People and Places at Intuit (INTU), recently sold shares worth $2.94 million of the company. INTU is a financial software company that provides solutions for small businesses and personal finance management.
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Insider sales can sometimes indicate lack of confidence in a company’s future. However, it’s important to understand that there are many reasons for these sales, and not all are bad. For example, insiders might sell shares to meet personal financial needs or to diversify their investments.
Closer Look at the Insider’s Transactions
According to the most recent SEC filing, Fennell divested about 4,787 shares of INTU in multiple transactions on January 7. The insider sold shares at prices between $612.68 and $614.90 each.
Investors should note that prior to the latest transactions, the insider had sold 7,700 shares for a total transaction value of $5.06 million in December 2024. Before this, Fennell sold Intuit stock worth $19.4 million in September 2024.
Despite the latest sale, Fennell owns over 30,000 shares of Intuit directly and an additional 11,695 shares indirectly through a trust, totaling about $25.67 million.
Bearish Insider Sentiment for INTU Stock
Importantly, Fennell is not the only one who reduced her stake in the company. Based on other informative insider transactions from the last three months, corporate insiders have sold $23.4 million worth of INTU stock. Overall, TipRanks’ Insider Trading Activity Tool shows that insider confidence in the stock is currently Very Negative.
Investors may benefit from keeping an eye on transactions made by key insiders, as these transactions typically reflect their confidence in the company’s prospects. Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is INTU Stock a Good Buy?
Turning to Wall Street, INTU stock has a Strong Buy consensus rating based on 15 Buys and three Holds assigned in the last three months. At $743.80, the average Intuit price target implies 18.81% upside potential. Shares of the company have declined 3.45% in the past six months.
