Saranac Partners Ltd Takes $3.45 Million Position in Intuit Inc. $INTU

Saranac Partners Ltd bought a new position in shares of Intuit Inc. (NASDAQ:INTU) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 13,175 shares of the software maker’s stock, valued at approximately $3,448,000.

A number of other institutional investors have also made changes to their positions in the business. Rakuten Investment Management Inc. grew its holdings 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 in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Intuit by 20.3% during the fourth 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 buying an additional 471,451 shares in the last quarter. Vestcor Inc lifted its holdings in shares of Intuit by 79.1% during the fourth quarter. Vestcor Inc now owns 20,717 shares of the software maker’s stock worth $13,723,000 after buying an additional 9,148 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in shares of 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 acquiring an additional 47,148 shares during the period. Finally, O Shaughnessy Asset Management LLC boosted 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 acquiring an additional 6,999 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about 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

Analyst Ratings Changes

A number of research firms recently commented on INTU. Oppenheimer lowered their price target on shares of Intuit from $558.00 to $406.00 and set an “outperform” rating on the stock in a research report on Thursday, May 21st. TD Cowen reissued a “buy” rating on shares of Intuit in a report on Tuesday, August 18th. Morgan Stanley lowered shares of Intuit from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $580.00 to $335.00 in a research report on Tuesday, July 21st. UBS Group reaffirmed a “neutral” rating on shares of Intuit in a report on Tuesday, August 18th. Finally, Freedom Capital cut Intuit from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 21st. Twenty analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $449.65.

Insiders Place Their Bets

In other Intuit news, Director Vasant M. Prabhu purchased 500 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was purchased at an average cost of $309.71 per share, for a total transaction of $154,855.00. Following the acquisition, the director owned 1,750 shares in the company, valued at approximately $541,992.50. The trade was a 40.00% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard L. Dalzell sold 284 shares of Intuit 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 completion of the transaction, the director directly owned 11,758 shares of the company’s stock, valued at approximately $3,084,358.56. This trade represents a 2.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,239 shares of company stock worth $348,354 in the last ninety days. Insiders own 2.49% of the company’s stock.

Intuit Price Performance

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 P/E/G ratio of 1.15 and a beta of 0.97. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.45 and a quick ratio of 1.45. The company has a 50 day simple moving average of $299.09 and a 200 day simple moving average of $359.07. Intuit Inc. has a 1 year low of $252.84 and a 1 year high of $705.08.

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.