Wealthfront Advisers LLC Makes New Investment in Intuit Inc. $INTU

Wealthfront Advisers LLC purchased a new stake in shares of Intuit Inc. (NASDAQ:INTU) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 32,980 shares of the software maker’s stock, valued at approximately $8,608,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in INTU. Betterment LLC lifted its position in shares of Intuit by 2.1% during the 3rd quarter. Betterment LLC now owns 779 shares of the software maker’s stock worth $532,000 after purchasing an additional 16 shares during the last quarter. One Capital Management LLC grew its holdings in Intuit by 2.7% in the 3rd quarter. One Capital Management LLC now owns 681 shares of the software maker’s stock valued at $465,000 after buying an additional 18 shares during the last quarter. Quadcap Wealth Management LLC grew its holdings in Intuit by 1.0% in the 3rd quarter. Quadcap Wealth Management LLC now owns 1,801 shares of the software maker’s stock valued at $1,230,000 after buying an additional 18 shares during the last quarter. United Asset Strategies Inc. increased its position in Intuit by 1.0% in the 4th quarter. United Asset Strategies Inc. now owns 2,036 shares of the software maker’s stock worth $1,349,000 after buying an additional 20 shares during the period. Finally, Sage Private Wealth Group LLC increased its position in Intuit by 2.8% in the 4th quarter. Sage Private Wealth Group LLC now owns 802 shares of the software maker’s stock worth $531,000 after buying an additional 22 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Intuit Price Performance

Shares of NASDAQ:INTU opened at $362.47 on Thursday. Intuit Inc. has a 1-year low of $252.84 and a 1-year high of $705.10. The firm has a market capitalization of $99.15 billion, a PE ratio of 21.95, a PEG ratio of 1.11 and a beta of 0.97. The business’s 50 day moving average is $295.58 and its 200-day moving average is $360.88. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.26.

Intuit (NASDAQ:INTU) last released its quarterly earnings data 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. The business had revenue of $8.56 billion for 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%.Intuit’s quarterly revenue was up 10.4% on a year-over-year basis. During the same period in the previous year, the business posted $11.65 earnings per share. Sell-side analysts predict that Intuit Inc. will post 18.18 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on INTU. Mizuho reduced their price objective on Intuit from $500.00 to $430.00 and set an “outperform” rating for the company in a research report on Monday. BNP Paribas Exane dropped 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. Freedom Capital cut shares of Intuit from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 21st. BMO Capital Markets cut their target price on shares of Intuit from $550.00 to $412.00 and set an “outperform” rating for the company in a research note on Thursday, May 21st. Finally, TD Cowen reissued a “buy” rating on shares of Intuit in a report on Tuesday. Twenty analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $451.26.

Insiders Place Their Bets

In other Intuit news, Director Richard L. Dalzell sold 284 shares of the business’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $262.32, for a total value of $74,498.88. Following the sale, the director owned 11,758 shares of the company’s stock, valued at $3,084,358.56. The trade was a 2.36% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Vasant M. Prabhu acquired 500 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was acquired at an average price of $309.71 per share, with a total value of $154,855.00. Following the purchase, the director owned 1,750 shares in the company, valued at approximately $541,992.50. This represents a 40.00% increase in their position. The SEC filing for this purchase provides additional information. Insiders have sold 1,239 shares of company stock worth $348,354 in the last quarter. Corporate insiders own 2.49% of the company’s stock.

Intuit News Summary

Here are the key news stories impacting Intuit this week:

• Positive Sentiment: Intuit benefited from a broader rotation into enterprise software after weakness in AI hardware stocks. The move suggests traders are reassessing the durability and valuation of software businesses, although it may be a short-term sector trade. Software Stocks Soar in Rotational Trade
• Positive Sentiment: Investor commentary highlighted Intuit’s potential to use AI through its AI-native enterprise resource planning products and Intuit Intelligence chat. A separate investment analysis argued that tax preparation and AI could complement one another, supporting the long-term growth narrative. Intuit Expanding AI-Native ERP
• Positive Sentiment: A GuruFocus analysis cited a GF Score of 78, reflecting relatively favorable quality, growth, profitability, and valuation characteristics. Intuit’s latest reported quarter also showed year-over-year revenue growth and an earnings-per-share beat, providing fundamental support for the rebound. Intuit GF Score Analysis

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.