Magellan Asset Management Ltd Purchases New Position in Intuit Inc. $INTU

Magellan Asset Management Ltd acquired a new position in shares of Intuit Inc. (NASDAQ:INTU) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 148,165 shares of the software maker’s stock, valued at approximately $38,671,000. Magellan Asset Management Ltd owned approximately 0.05% of Intuit at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Rakuten Investment Management Inc. grew its position in 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 buying an additional 43,389 shares during the last quarter. Bank of New York Mellon Corp boosted its stake 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 acquiring an additional 471,451 shares in the last quarter. Vestcor Inc increased its stake 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 in the last quarter. Janney Montgomery Scott LLC grew its holdings 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 last quarter. Finally, O Shaughnessy Asset Management LLC increased its position in shares of Intuit by 13.2% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 59,974 shares of the software maker’s stock valued at $39,728,000 after buying an additional 6,999 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Richard L. Dalzell sold 338 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $279.86, for a total transaction of $94,592.68. Following the completion of the transaction, the director directly owned 12,326 shares in the company, valued at approximately $3,449,554.36. This represents a 2.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Vasant M. Prabhu bought 500 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was purchased at an average price of $309.71 per share, with a total value of $154,855.00. Following the transaction, 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 disclosure for this purchase is available in the SEC filing. In the last quarter, insiders sold 1,239 shares of company stock worth $348,354. Insiders own 2.49% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on INTU. BMO Capital Markets dropped their price objective 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. Evercore reiterated an “outperform” rating on shares of Intuit in a report on Tuesday, August 18th. Citigroup reduced their price objective on Intuit from $591.00 to $457.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. Erste Group Bank upgraded Intuit to a “hold” rating in a research report on Monday, April 27th. Finally, Truist Financial reissued a “hold” rating and issued a $350.00 target price (down from $410.00) on shares of Intuit in a research note on Monday, August 3rd. Twenty investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $449.65.

Intuit Stock Performance

Shares of INTU stock opened at $367.00 on Monday. The stock has a market cap of $100.39 billion, a price-to-earnings ratio of 22.23, a price-to-earnings-growth ratio of 1.15 and a beta of 0.97. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.26. Intuit Inc. has a fifty-two week low of $252.84 and a fifty-two week high of $705.08. The firm’s 50 day moving average price is $299.09 and its two-hundred day moving average price is $359.07.

More Intuit News

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

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.