NewEdge Wealth LLC Buys Shares of 4,597 Intuit Inc. $INTU

NewEdge Wealth LLC bought a new position in Intuit Inc. (NASDAQ:INTU) in the second quarter, according to its most recent disclosure with the SEC. The firm bought 4,597 shares of the software maker’s stock, valued at approximately $1,200,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Rakuten Investment Management Inc. raised its stake in shares of Intuit by 522.3% in the 4th quarter. Rakuten Investment Management Inc. now owns 51,697 shares of the software maker’s stock valued at $34,852,000 after acquiring an additional 43,389 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Intuit by 20.3% during the 4th quarter. Bank of New York Mellon Corp now owns 2,791,212 shares of the software maker’s stock worth $1,848,954,000 after purchasing an additional 471,451 shares during the period. Vestcor Inc increased its holdings in Intuit by 79.1% in the 4th quarter. Vestcor Inc now owns 20,717 shares of the software maker’s stock valued at $13,723,000 after purchasing an additional 9,148 shares during the last quarter. Janney Montgomery Scott LLC raised its position in Intuit by 119.5% in the first quarter. Janney Montgomery Scott LLC now owns 86,618 shares of the software maker’s stock valued at $37,452,000 after purchasing an additional 47,148 shares during the period. Finally, O Shaughnessy Asset Management LLC lifted its stake in Intuit by 13.2% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 59,974 shares of the software maker’s stock worth $39,728,000 after purchasing an additional 6,999 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Stock Up 1.4%

Intuit stock opened at $367.00 on Friday. The firm has a market capitalization of $100.39 billion, a P/E ratio of 22.23, a P/E/G ratio of 1.14 and a beta of 0.97. 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 Inc. has a twelve month low of $252.84 and a twelve month high of $705.08. The stock’s fifty day simple moving average is $299.09 and its 200-day simple moving average is $359.96.

Intuit (NASDAQ:INTU) last released 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 return on equity of 25.18% and a net margin of 21.91%.The firm had revenue of $8.56 billion during the quarter, compared to analyst estimates of $8.54 billion. During the same period last year, the business posted $11.65 earnings per share. Intuit’s revenue was up 10.4% compared to the same quarter last year. As a group, equities analysts expect that Intuit Inc. will post 18.19 earnings per share for the current fiscal year.

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

Analyst Ratings Changes

INTU has been the subject of several research analyst reports. The Goldman Sachs Group lowered Intuit from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $519.00 to $276.00 in a research report on Tuesday, June 2nd. Deutsche Bank Aktiengesellschaft decreased their target price on Intuit from $530.00 to $425.00 and set a “buy” rating on the stock in a research note on Wednesday. Weiss Ratings cut Intuit from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, June 11th. Morgan Stanley lowered shares of Intuit from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $580.00 to $335.00 in a research note on Tuesday, July 21st. Finally, Piper Sandler reissued an “underweight” rating and set a $250.00 price target on shares of Intuit in a research report on Wednesday. Twenty 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 stock. Based on data from MarketBeat.com, Intuit presently has an average rating of “Moderate Buy” and a consensus target price of $451.26.

Insider Transactions at Intuit

In related news, Director Vasant M. Prabhu acquired 500 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was acquired at an average price of $309.71 per share, for a total transaction of $154,855.00. Following the purchase, the director owned 1,750 shares of the company’s stock, valued at $541,992.50. This represents a 40.00% increase in their position. 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 284 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $262.32, for a total value of $74,498.88. Following the transaction, the director directly owned 11,758 shares of the company’s stock, valued at approximately $3,084,358.56. This represents a 2.36% 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 a total of 1,239 shares of company stock worth $348,354 in the last ninety days. 2.49% of the stock is owned by corporate insiders.

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.