Magellan Asset Management Ltd Acquires New Holdings in Intuit Inc. $INTU

Magellan Asset Management Ltd acquired a new position in shares of Intuit Inc. (NASDAQ:INTU) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 148,165 shares of the software maker’s stock, valued at approximately $38,671,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. XXEC Inc. bought a new position in shares of Intuit in the second quarter valued at approximately $436,740,000. BlackRock Inc. acquired a new position in shares of Intuit during the 2nd quarter valued at $6,851,859,000. Norges Bank acquired a new position in shares of Intuit during the 4th quarter valued at $3,058,407,000. Bank of New York Mellon Corp bought a new stake in shares of Intuit in the 2nd quarter worth $564,592,000. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Intuit by 102.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,896,561 shares of the software maker’s stock valued at $1,684,795,000 after buying an additional 1,972,719 shares during the period. 83.66% of the stock is currently owned by institutional investors.

Intuit Price Performance

INTU opened at $367.00 on Monday. The firm has a market cap of $100.39 billion, a price-to-earnings ratio of 22.23, a PEG 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 simple moving average is $299.09 and its 200-day simple moving average is $359.07. Intuit Inc. has a twelve month low of $252.84 and a twelve month high of $705.08.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. UBS Group reiterated a “neutral” rating on shares of Intuit in a research report on Tuesday, August 18th. Citigroup reduced their target price on Intuit from $591.00 to $457.00 and set a “buy” rating for the company in a report on Thursday, August 13th. Stifel Nicolaus reaffirmed a “hold” rating and set a $275.00 price objective (down from $375.00) on shares of Intuit in a research report on Wednesday, June 17th. Mizuho dropped their price target on shares of Intuit from $500.00 to $430.00 and set an “outperform” rating on the stock in a research note on Monday, August 17th. Finally, Erste Group Bank upgraded Intuit to a “hold” rating in a research note on Monday, April 27th. Twenty equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Intuit currently has an average rating of “Moderate Buy” and a consensus price target of $449.65.

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

Insider Buying and Selling

In related news, Director Richard L. Dalzell sold 338 shares of Intuit stock in a transaction dated 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 $3,449,554.36. The trade was a 2.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Vasant M. Prabhu acquired 500 shares of the 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 transaction, the director directly 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 sold 1,239 shares of company stock valued at $348,354 in the last quarter. 2.49% of the stock is currently 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.