16,956 Shares in Intuit Inc. $INTU Bought by Harber Asset Management LLC

Harber Asset Management LLC acquired a new position in Intuit Inc. (NASDAQ:INTU) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,956 shares of the software maker’s stock, valued at approximately $4,426,000. Intuit makes up 2.7% of Harber Asset Management LLC’s portfolio, making the stock its 16th biggest holding.

Other institutional investors also recently made changes to their positions in the company. Joseph Group Capital Management acquired a new position in shares of Intuit during the 4th quarter worth $25,000. Intesa Sanpaolo Wealth Management acquired a new stake in shares of Intuit in the fourth quarter valued at about $25,000. MidFirst Bank acquired a new stake in shares of Intuit in the second quarter valued at about $28,000. HHM Wealth Advisors LLC boosted its holdings in Intuit by 75.0% during the first quarter. HHM Wealth Advisors LLC now owns 70 shares of the software maker’s stock worth $30,000 after buying an additional 30 shares in the last quarter. Finally, Whipplewood Advisors LLC acquired a new position in Intuit during the first quarter worth about $30,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Intuit

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

Insider Activity at Intuit

In related news, Director Vasant M. Prabhu purchased 500 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was bought at an average price of $309.71 per share, with a total value of $154,855.00. Following the completion of the transaction, the director owned 1,750 shares of the company’s stock, valued at approximately $541,992.50. This represents a 40.00% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard L. Dalzell sold 338 shares of the business’s 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 completion of the transaction, the director directly owned 12,326 shares of the company’s stock, valued at approximately $3,449,554.36. This trade represents a 2.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,239 shares of company stock valued at $348,354 over the last 90 days. Insiders own 2.49% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Wall Street Zen cut shares of Intuit from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Evercore reissued an “outperform” rating on shares of Intuit in a research note on Tuesday. Argus lowered their price target on Intuit from $580.00 to $480.00 and set a “buy” rating on the stock in a report on Friday, May 22nd. Northcoast Research dropped their price objective on Intuit from $575.00 to $465.00 and set a “buy” rating for the company in a research note on Thursday, May 21st. Finally, Barclays reduced their price objective on Intuit from $540.00 to $443.00 and set an “overweight” rating for the company in a report on Thursday, May 21st. Twenty equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $451.26.

Intuit Stock Performance

NASDAQ:INTU opened at $367.00 on Friday. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $100.39 billion, a P/E ratio of 22.23, a price-to-earnings-growth ratio of 1.14 and a beta of 0.97. The firm has a 50-day moving average price of $299.09 and a two-hundred day moving average price of $359.96. Intuit Inc. has a twelve month low of $252.84 and a twelve month high of $705.08.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Wednesday, May 20th. The software maker reported $12.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $12.57 by $0.23. The company had revenue of $8.56 billion for the quarter, compared to the consensus estimate of $8.54 billion. Intuit had a net margin of 21.91% and a return on equity of 25.18%. The company’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $11.65 earnings per share. As a group, research analysts expect that Intuit Inc. will post 18.19 earnings per share 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.