Intuit’s CTO Balazs Alex sells shares worth $15.86 million By Investing.com


MOUNTAIN VIEW, CA—Balazs Alex G., the Executive Vice President and Chief Technology Officer of Intuit Inc. (NASDAQ:), a $184 billion market cap software giant with impressive 79.6% gross profit margins, executed a series of stock transactions on December 12, 2024. According to InvestingPro analysis, the company currently trades near its Fair Value. The filings disclosed that Alex sold a significant portion of his holdings, amounting to approximately $15.86 million. The sales were conducted at prices ranging from $664.82 to $667.55 per share.

In addition to the sales, Alex engaged in multiple stock option exercises, acquiring shares at prices between $216.64 and $525.51 per share. The total value of these acquisitions was approximately $9.93 million.

Following these transactions, Alex holds 488.649 shares of Intuit common stock.

In other recent news, Intuit has been experiencing significant developments. The company reported robust first-quarter revenues of $3.28 billion, surpassing expectations by approximately $144 million. Additionally, earnings per share (EPS) were reported at $2.50, $0.14 higher than anticipated. A 20% increase in Global Business Services (GBS) Online Ecosystem and a 29% rise in Credit Karma, both parts of Intuit’s portfolio, largely drove this performance.

Mizuho (NYSE:) maintained its Outperform rating on Intuit and increased the price target to $750. The firm attributes the company’s slightly below market second-quarter guidance to a strategic shift in revenue from the second to the third quarter, linked to the timing of promotions for Desktop TurboTax. Piper Sandler, however, slightly adjusted the price target for Intuit to $765, while maintaining an Overweight rating.

In terms of company developments, Intuit is undergoing a strategic transformation, focusing on simplifying financial tasks to attract new users. CEO Sasan Gadarzi and CFO Sandeep Ojala highlighted the transformative impact of AI and the company’s progress in serving mid-market and small business customers. Nevertheless, a decline in desktop revenue was noted during this period. These are among the recent developments that investors should take note of.

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