Sumitomo Life Insurance Co. Takes Position in Intuit Inc. $INTU

Sumitomo Life Insurance Co. bought a new position in shares of Intuit Inc. (NASDAQ:INTU) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,907 shares of the software maker’s stock, valued at approximately $498,000.

Other institutional investors have also modified their holdings of the company. Joseph Group Capital Management acquired a new stake in Intuit during the 4th quarter valued at approximately $25,000. Intesa Sanpaolo Wealth Management purchased a new stake in Intuit during the 4th quarter worth approximately $25,000. MidFirst Bank acquired a new position in shares of Intuit in the 2nd quarter valued at approximately $28,000. HHM Wealth Advisors LLC boosted its stake in shares of Intuit by 75.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 70 shares of the software maker’s stock valued at $30,000 after buying an additional 30 shares during the last quarter. Finally, Whipplewood Advisors LLC purchased a new position in shares of Intuit during the 1st quarter valued at approximately $30,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Price Performance

Shares of NASDAQ INTU opened at $367.00 on Friday. Intuit Inc. has a twelve month low of $252.84 and a twelve month high of $705.08. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.26. The company has a market capitalization 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 business has a 50 day simple moving average of $299.09 and a 200-day simple moving average of $359.96.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Wednesday, May 20th. The software maker reported $12.80 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $8.54 billion. During the same period last year, the business posted $11.65 earnings per share. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. As a group, equities research analysts expect that Intuit Inc. will post 18.19 earnings per share for the current year.

Intuit News Summary

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 at Intuit

In other news, Director Richard L. Dalzell sold 284 shares of the firm’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 approximately $3,084,358.56. This trade represents a 2.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Vasant M. Prabhu purchased 500 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was acquired at an average cost of $309.71 per share, with a total value of $154,855.00. Following the completion of the acquisition, the director directly owned 1,750 shares in the company, valued at approximately $541,992.50. This trade represents a 40.00% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have sold 1,239 shares of company stock valued at $348,354. 2.49% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on INTU. Bank of America initiated coverage on shares of Intuit in a research note on Wednesday, May 27th. They issued a “buy” rating and a $400.00 price target for the company. BNP Paribas Exane reduced their price objective on shares of Intuit from $463.00 to $315.00 and set a “neutral” rating on the stock in a research note on Thursday, May 21st. Oppenheimer decreased their price objective on shares of Intuit from $558.00 to $406.00 and set an “outperform” rating for the company in a report on Thursday, May 21st. Weiss Ratings downgraded shares of Intuit from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, June 11th. Finally, Erste Group Bank upgraded shares of Intuit to a “hold” rating in a research note on Monday, April 27th. Twenty analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $451.26.

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.