2,163,189 Shares in Intuit Inc. $INTU Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 2.16 million Intuit shares worth approximately $564.6 million, giving it a 0.79% stake. Institutional investors collectively own 83.66% of Intuit.
• Analysts maintain a generally positive outlook, with 20 Buy, 8 Hold and 3 Sell ratings and an average price target of $451.26, despite several recent target-price reductions.
• Intuit recently exceeded quarterly earnings and revenue expectations, reporting $12.80 EPS and $8.56 billion in revenue, while investors continue to weigh growth opportunities in TurboTax, Credit Karma and QuickBooks against valuation, AI concerns and securities-fraud litigation.

Bank of New York Mellon Corp acquired a new stake in Intuit Inc. (NASDAQ:INTU - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,163,189 shares of the software maker's stock, valued at approximately $564,592,000. Bank of New York Mellon Corp owned 0.79% of Intuit as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in INTU. Joseph Group Capital Management purchased a new position in Intuit in the fourth quarter valued at about $25,000. Intesa Sanpaolo Wealth Management purchased a new position in shares of Intuit in the fourth quarter valued at $25,000. HHM Wealth Advisors LLC increased its position in shares of Intuit by 75.0% in the first 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 in the last quarter. Whipplewood Advisors LLC acquired a new position in shares of Intuit during the 1st quarter worth $30,000. Finally, CrossGen Wealth LLC purchased a new stake in shares of Intuit in the 1st quarter worth about $32,000. Institutional investors and hedge funds own 83.66% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on INTU. Jefferies Financial Group dropped their price objective on shares of Intuit from $650.00 to $550.00 and set a "buy" rating for the company in a research note on Thursday, May 21st. HSBC lowered their target price on Intuit from $897.00 to $707.00 and set a "buy" rating on the stock in a report on Friday, May 22nd. Citigroup decreased their price target on shares of Intuit from $591.00 to $457.00 and set a "buy" rating on the stock in a research note on Thursday, August 13th. Wolfe Research reissued an "outperform" rating and set a $400.00 price objective on shares of Intuit in a research note on Thursday, May 21st. Finally, TD Cowen reissued a "buy" rating on shares of Intuit in a research note on Tuesday. Twenty analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $451.26.

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

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 market capitalization of $100.39 billion, a price-to-earnings ratio of 22.23, a PEG ratio of 1.14 and a beta of 0.97. The firm has a 50-day moving average of $299.09 and a two-hundred day moving average of $359.96. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.26.

Intuit (NASDAQ:INTU - Get Free Report) last announced its earnings results on Wednesday, May 20th. The software maker reported $12.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $12.57 by $0.23. Intuit had a net margin of 21.91% and a return on equity of 25.18%. The firm had revenue of $8.56 billion for the quarter, compared to analyst estimates of $8.54 billion. During the same quarter in the prior year, the business posted $11.65 EPS. The business's revenue was up 10.4% compared to the same quarter last year. As a group, analysts expect that Intuit Inc. will post 18.19 earnings per share for the current fiscal year.

Insider Buying and Selling at Intuit

In related news, Director Richard L. Dalzell sold 338 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $279.86, for a total value of $94,592.68. Following the sale, the director directly owned 12,326 shares in the company, valued at $3,449,554.36. This represents a 2.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 on Tuesday, May 26th. The stock was bought at an average cost of $309.71 per share, with a total value of $154,855.00. Following the completion of the purchase, the director owned 1,750 shares of the company's stock, 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. Over the last ninety days, insiders have sold 1,239 shares of company stock valued at $348,354. 2.49% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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