The founder and chairman of the executive committee of software maker Intuit Inc. sold 316,734 shares of common stock, according to Securities and Exchange Commission filings Monday.
Interesting timing, with the stock down approximately 20% from recent highs (and in line with the weak seasonality we warned about). Since the seasonal patterns are there for all to see, one would expect the founder to have noticed them as well. The idea that there may be something more than seasonality could have contributed to Monday’s sell-off.
Disclosure: author holds put options on shares of Intuit.
INTU 1-yr chart: