Harber Asset Management LLC acquired a new stake in shares of Intuit Inc. (NASDAQ:INTU – Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 16,956 shares of the software maker’s stock, valued at approximately $4,426,000. Intuit accounts for about 2.7% of Harber Asset Management LLC’s holdings, making the stock its 16th largest holding.
A number of other hedge funds have also recently bought and sold shares of INTU. Vanguard Group Inc. grew its stake in Intuit by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 28,918,438 shares of the software maker’s stock worth $19,156,152,000 after acquiring an additional 296,448 shares during the period. BlackRock Inc. acquired a new stake in shares of Intuit during the second quarter worth $6,851,859,000. State Street Corp grew its position in shares of Intuit by 1.4% in the fourth quarter. State Street Corp now owns 13,062,848 shares of the software maker’s stock valued at $8,653,092,000 after purchasing an additional 180,069 shares during the period. Geode Capital Management LLC increased its stake in Intuit by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 6,614,539 shares of the software maker’s stock valued at $4,369,488,000 after purchasing an additional 87,451 shares during the last quarter. Finally, Morgan Stanley increased its stake in Intuit by 1.2% in the fourth quarter. Morgan Stanley now owns 5,100,857 shares of the software maker’s stock valued at $3,378,912,000 after purchasing an additional 60,910 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.
More Intuit News
Here are the key news stories impacting Intuit this week:
- Positive Sentiment: Intuit’s TurboTax, Credit Karma and QuickBooks businesses remain central to the bullish case. Analysts say the company is building a year-round consumer financial platform and using cross-selling to increase engagement and average revenue per user. Intuit Consumer Flywheel Gains: Can Cross-Selling Sustain Higher ARPU?
- Positive Sentiment: Some analysts see potential for an upside earnings surprise, citing valuation compression, raised guidance and continued momentum in Intuit’s key growth engines. Bank of America maintained a Buy rating and a $400 price target, supporting investor confidence before the report. Intuit: Resilient Growth Drivers and Attractive Valuation Support Buy Rating
- Neutral Sentiment: Options-oriented coverage highlights the possibility of generating income by selling calls against existing INTU shares. The strategy may provide an attractive yield but limits upside if the stock rises above the option’s strike price. Get Paid 16% A Year To Hold INTU Stock You Already Own
- Neutral Sentiment: Wall Street’s outlook is mixed ahead of earnings. Piper Sandler reaffirmed an Underweight rating, while another valuation update reduced its fair-value estimate from $488.17 to $449.20, reflecting concerns about growth expectations, valuation and potential artificial-intelligence risks. Piper Sandler Reaffirms Underweight Rating for Intuit
- Negative Sentiment: Several law firms are publicizing a securities-fraud class action against Intuit and certain officers. The lawsuit alleges that the company made material misstatements or omissions about the strength of its tax-related business and TurboTax growth disclosures. Investors face a September 8 deadline to seek lead-plaintiff status. The legal claims are allegations and could create reputational, financial and investor-confidence risks. Intuit Securities Fraud Class Action Deadline Alert
Intuit Stock Performance
Intuit (NASDAQ:INTU – Get Free Report) last issued its earnings results on Wednesday, May 20th. The software maker reported $12.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $12.57 by $0.23. The business had revenue of $8.56 billion during the quarter, compared to analysts’ expectations of $8.54 billion. Intuit had a return on equity of 25.18% and a net margin of 21.91%.The company’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $11.65 EPS. Equities analysts anticipate that Intuit Inc. will post 18.19 earnings per share for the current year.
Insider Buying and Selling
In other Intuit news, Director Richard L. Dalzell sold 338 shares of Intuit stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $279.86, for a total transaction of $94,592.68. Following the transaction, the director directly owned 12,326 shares of the company’s stock, valued at $3,449,554.36. The trade was a 2.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Vasant M. Prabhu acquired 500 shares of the firm’s stock in a transaction on Tuesday, May 26th. The shares were acquired at an average price of $309.71 per share, with a total value of $154,855.00. Following the completion of the purchase, the director owned 1,750 shares of the company’s stock, valued at $541,992.50. This trade represents a 40.00% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have sold 1,239 shares of company stock worth $348,354. 2.49% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
A number of analysts have issued reports on the company. Morgan Stanley lowered Intuit from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $580.00 to $335.00 in a research note on Tuesday, July 21st. Wells Fargo & Company cut their price objective on shares of Intuit from $425.00 to $360.00 and set an “equal weight” rating on the stock in a report on Thursday, May 21st. BNP Paribas Exane decreased their target price on shares of Intuit from $463.00 to $315.00 and set a “neutral” rating on the stock in a research report on Thursday, May 21st. Wall Street Zen downgraded shares of Intuit from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, Citigroup cut their price target on shares of Intuit from $591.00 to $457.00 and set a “buy” rating on the stock in a research note on Thursday, August 13th. Twenty investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $451.26.
Check Out Our Latest Analysis on INTU
About Intuit
Intuit Inc (NASDAQ: INTU) is a financial software company headquartered in Mountain View, California, that develops and sells cloud-based financial management and compliance products for individuals, small businesses, self-employed workers and accounting professionals. Founded in 1983 by Scott Cook and Tom Proulx, the company has grown from desktop tax and accounting software into a diversified provider of online financial tools. As of my latest update, Sasan Goodarzi serves as Chief Executive Officer.
Intuit’s product portfolio includes QuickBooks, its flagship accounting and business-management platform that offers bookkeeping, payroll, payments and invoicing capabilities; TurboTax, a tax-preparation and filing service aimed at individual taxpayers; and Mint, a consumer personal-finance and budgeting app.
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