00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Intuit shares rose Monday after the company said it will accelerate its share repurchase program
00:07and that its senior leadership team is canceling all pre-scheduled stock sale plans, according to Benzinga.
00:13Management said the current share price does not reflect the company's underlying fundamentals.
00:18Executives and the founder are terminating all ruled 10b5-1 trading plans that allowed automatic stock sales.
00:25Intuit repurchased $1.8 billion of stock in the first half of its fiscal year, a 40% increase from
00:31the prior year.
00:32The company plans to use up to the remaining $3.5 billion authorization to speed up buybacks.
00:38Shares are 8.6% above the 20-day moving average, but 21.4% below the 100-day average
00:45and are down 25% over the past 12 months.
00:48Shares closed up by 2.81% at $452.31 at Monday's close, according to data from Benzinga Pro.
00:56For all things money, visit Benzinga.com.
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