39,173 Shares in Intuit Inc. $INTU Purchased by Ieq Capital LLC

Ieq Capital LLC acquired a new position in shares of Intuit Inc. (NASDAQ:INTU) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 39,173 shares of the software maker’s stock, valued at approximately $10,224,000.

A number of other hedge funds also recently bought and sold shares of the company. Joseph Group Capital Management purchased a new position in shares of Intuit in the fourth quarter worth approximately $25,000. Intesa Sanpaolo Wealth Management acquired a new stake in shares of Intuit during the fourth quarter valued at approximately $25,000. MidFirst Bank purchased a new stake in shares of Intuit in the 2nd quarter valued at approximately $28,000. HHM Wealth Advisors LLC lifted its position in shares of Intuit by 75.0% in the 1st quarter. HHM Wealth Advisors LLC now owns 70 shares of the software maker’s stock valued at $30,000 after acquiring an additional 30 shares in the last quarter. Finally, Whipplewood Advisors LLC acquired a new position in Intuit in the 1st quarter worth approximately $30,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on INTU shares. Wells Fargo & Company lowered their price objective on shares of Intuit from $425.00 to $360.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 21st. Freedom Capital lowered Intuit from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 21st. Deutsche Bank Aktiengesellschaft decreased their target price on Intuit from $530.00 to $425.00 and set a “buy” rating for the company in a research report on Wednesday. Stifel Nicolaus reiterated a “hold” rating and set a $275.00 price target (down from $375.00) on shares of Intuit in a report on Wednesday, June 17th. Finally, TD Cowen reissued a “buy” rating on shares of Intuit in a research report on Tuesday. Twenty equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $451.26.

Intuit News Roundup

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

Insiders Place Their Bets

In other news, Director Vasant M. Prabhu acquired 500 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was acquired at an average cost of $309.71 per share, for a total transaction of $154,855.00. Following the completion of the acquisition, the director owned 1,750 shares in the company, valued at approximately $541,992.50. The trade was a 40.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard L. Dalzell sold 338 shares of the stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $279.86, for a total value of $94,592.68. Following the sale, the director owned 12,326 shares of the company’s stock, valued at approximately $3,449,554.36. This represents a 2.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,239 shares of company stock worth $348,354 over the last ninety days. 2.49% of the stock is currently owned by company insiders.

Intuit Stock Up 1.4%

Intuit stock opened at $367.00 on Friday. The firm has a market cap of $100.39 billion, a PE ratio of 22.23, a P/E/G ratio of 1.15 and a beta of 0.97. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.45 and a current ratio of 1.45. The firm’s 50 day moving average price is $299.09 and its two-hundred day moving average price is $359.96. Intuit Inc. has a twelve month low of $252.84 and a twelve month high of $705.08.

Intuit (NASDAQ:INTU) last issued its earnings results on Wednesday, May 20th. The software maker reported $12.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $12.57 by $0.23. Intuit had a net margin of 21.91% and a return on equity of 25.18%. The company had revenue of $8.56 billion during the quarter, compared to analyst estimates of $8.54 billion. During the same quarter last year, the business posted $11.65 EPS. The company’s revenue for the quarter was up 10.4% on a year-over-year basis. On average, research analysts predict that Intuit Inc. will post 18.19 EPS for the current fiscal year.

Intuit Company Profile

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.