Why Intuit Shares Are Trading Lower Today

Intuit Inc INTU is trading lower Tuesday after the company announced the pricing of a secondary offering of 1,548,700 shares of common stock.

The shares are being offered by certain entities affiliated with Dan Kurzius, co-founder of Mailchimp. The 1,548,700 shares are being offered at a public offering price of $668.95 per share.

The shares are being sold in order to satisfy certain tax obligations and for estate planning purposes. The selling stockholder will receive all of the net proceeds from the offering. The company is not selling any shares of common stock in the offering and will not receive any proceeds from the offering.

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Intuit is a provider of small-business accounting software (QuickBooks), personal tax solutions (TurboTax) and professional tax offerings (Lacerte). 

INTU Price Action: Intuit has traded as high as $716.86 and as low as $348.13 over a 52-week period.

The stock was down 3.55% at $669.84 at time of publication.

Photo: Mike Mozart from Flickr.