Form 4: Intuit Founder Scott Cook Sells Shares Worth Millions

Scott Cook, founder of Intuit Inc., sold shares of the company's common stock between June 10 and June 12, 2024, according to a Form 4 filing with the SEC.

Summary

• Scott Cook, a founder and director of Intuit Inc., reported the sale of Intuit common stock in a Form 4 filing with the SEC.
• The sales occurred between June 10, 2024, and June 12, 2024.
• The transactions were executed by the Scott D. Cook and Helen Signe Ostby Family Trust UTA 12/30/93 under a pre-arranged Rule 10b5-1 trading plan adopted on December 26, 2023.
• On June 10, 2024, Cook sold 10,378 shares at a weighted average price of $566.3934, 41,839 shares at $567.3489, 13,574 shares at $568.223, 3,700 shares at $569.5179, 2,509 shares at $570.4992 and 3,000 shares at $571.388.
• On June 11, 2024, Cook sold 1,900 shares at a weighted average price of $563.1006, 4,470 shares at $564.1998, 8,746 shares at $565.2167, 31,557 shares at $566.4575, 15,517 shares at $567.1159, 9,210 shares at $568.1388 and 3,600 shares at $568.9734.
• On June 12, 2024, Cook sold 500 shares at a weighted average price of $579.776, 100 shares at $582.04, 200 shares at $585.785, 3,200 shares at $590.1841, 3,008 shares at $591.1588, 8,345 shares at $592.1746, 3,219 shares at $593.1872, 1,100 shares at $594.2427, 2,426 shares at $595.393, 1,666 shares at $596.2488, 900 shares at $597.493, 1,414 shares at $598.8301, 431 shares at $599.7921, 700 shares at $601.1657 and 100 shares at $602.2.
• Following these transactions, Cook continues to beneficially own a significant number of Intuit shares through various trusts.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the filing simply reports stock sales under a pre-arranged trading plan. There is no indication of positive or negative sentiment towards the company's prospects.

Industry Context

Insider sales are a common occurrence, and the use of 10b5-1 plans allows insiders to sell shares over time without being accused of trading on inside information. The market will often look at the size and frequency of these sales to determine if there is any negative sentiment from the insider.

Comparison to Industry Standards

• Comparing Scott Cook's transactions to other tech founders' sales, the use of a 10b5-1 plan is standard practice.
• For example, similar filings are regularly seen from executives at companies like Microsoft, Apple, and Alphabet.
• The scale of the sales is not unusual for a founder with a significant ownership stake.

Stakeholder Impact

• The stock sales could have a minor impact on shareholders if they interpret the sales negatively, although the pre-planned nature of the sales mitigates this risk.
• The impact on employees, customers, suppliers, and creditors is likely to be negligible.

Key Dates