GCQ FUNDS MANAGEMENT PTY Ltd Acquires New Shares in Intuit Inc. $INTU

GCQ FUNDS MANAGEMENT PTY Ltd acquired a new position in Intuit Inc. (NASDAQ:INTU) in the second quarter, HoldingsChannel reports. The fund acquired 257,393 shares of the software maker’s stock, valued at approximately $67,180,000. Intuit comprises 9.3% of GCQ FUNDS MANAGEMENT PTY Ltd’s investment portfolio, making the stock its 4th biggest holding.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in INTU. Joseph Group Capital Management purchased a new position in Intuit during the 4th quarter valued at about $25,000. Intesa Sanpaolo Wealth Management purchased a new stake in shares of Intuit in the 4th quarter worth approximately $25,000. MidFirst Bank bought a new position in shares of Intuit during the second quarter valued at approximately $28,000. HHM Wealth Advisors LLC boosted its stake in shares of Intuit by 75.0% during the first quarter. HHM Wealth Advisors LLC now owns 70 shares of the software maker’s stock valued at $30,000 after purchasing an additional 30 shares in the last quarter. Finally, Whipplewood Advisors LLC purchased a new position in Intuit during the first quarter valued at approximately $30,000. 83.66% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Intuit

In other Intuit news, Director Vasant M. Prabhu bought 500 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were purchased at an average cost of $309.71 per share, for a total transaction of $154,855.00. Following the purchase, the director directly owned 1,750 shares in the company, valued at $541,992.50. This represents a 40.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Richard L. Dalzell sold 284 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The shares were 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 in the company, valued at $3,084,358.56. This 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. In the last quarter, insiders have sold 1,239 shares of company stock valued at $348,354. Company insiders own 2.49% of the company’s stock.

Intuit Trading Up 1.4%

NASDAQ INTU opened at $367.00 on Friday. Intuit Inc. has a 52 week low of $252.84 and a 52 week high of $705.08. The company has a 50 day moving average price of $299.09 and a 200 day moving average price of $359.96. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.26. The firm has a market cap of $100.39 billion, a PE ratio of 22.23, a price-to-earnings-growth ratio of 1.14 and a beta of 0.97.

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

Analysts Set New Price Targets

INTU has been the subject of a number of recent research reports. BMO Capital Markets reduced 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. Erste Group Bank raised Intuit to a “hold” rating in a research report on Monday, April 27th. Northcoast Research cut their price target on Intuit from $575.00 to $465.00 and set a “buy” rating on the stock in a report on Thursday, May 21st. Oppenheimer reduced their price target on Intuit from $558.00 to $406.00 and set an “outperform” rating for the company in a research report on Thursday, May 21st. Finally, Barclays decreased their price objective on Intuit from $540.00 to $443.00 and set an “overweight” rating for the company in a research note on Thursday, May 21st. Twenty investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $451.26.

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

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.