23,900 Shares in Intuit Inc. $INTU Purchased by Westpac Banking Corp

Key Points

• Westpac Banking Corp acquired 23,900 Intuit shares worth approximately $6.24 million in the second quarter, while institutional investors and hedge funds collectively own 83.66% of INTU.
• Analyst sentiment remains mixed: Intuit has a “Moderate Buy” consensus with an average price target of $451.26, but several firms recently downgraded the stock or lowered their targets.
• Intuit continues to show solid operating performance, with quarterly revenue up 10.4% year over year and earnings exceeding estimates, although the company faces concerns over valuation, artificial-intelligence risks and a securities-fraud class action alleging misleading TurboTax and tax-business disclosures.

Westpac Banking Corp acquired a new stake in Intuit Inc. (NASDAQ:INTU - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 23,900 shares of the software maker's stock, valued at approximately $6,238,000.

A number of other hedge funds also recently made changes to their positions in INTU. Joseph Group Capital Management acquired a new stake in Intuit during the fourth quarter worth approximately $25,000. Intesa Sanpaolo Wealth Management acquired a new position in shares of Intuit in the fourth quarter valued at approximately $25,000. Pin Oak Investment Advisors Inc. acquired a new position in shares of Intuit in the third quarter valued at approximately $33,000. Birchwood Financial Partners Inc. bought a new position in shares of Intuit during the fourth quarter worth approximately $33,000. Finally, Sankala Group LLC bought a new position in shares of Intuit during the fourth quarter worth approximately $40,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Key Headlines 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

Analyst Ratings Changes

Several analysts recently issued reports on the company. Wall Street Zen downgraded Intuit from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Morgan Stanley cut Intuit from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $580.00 to $335.00 in a research report on Tuesday, July 21st. Weiss Ratings downgraded Intuit from a "hold (c-)" rating to a "sell (d+)" rating in a report on Thursday, June 11th. Mizuho reduced their target price on shares of Intuit from $500.00 to $430.00 and set an "outperform" rating for the company in a research report on Monday, August 17th. Finally, Argus decreased their price target on shares of Intuit from $580.00 to $480.00 and set a "buy" rating on the stock in a research note on Friday, May 22nd. Twenty research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued 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 $451.26.

Intuit Price Performance

INTU stock opened at $367.00 on Friday. The company's 50-day moving average price is $299.09 and its two-hundred day moving average price is $359.96. The firm has a market cap of $100.39 billion, a P/E ratio of 22.23, a P/E/G ratio of 1.14 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 12 month low of $252.84 and a 12 month high of $705.08.

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

Insider Buying and Selling

In other Intuit news, Director Vasant M. Prabhu bought 500 shares of Intuit stock in a transaction on Tuesday, May 26th. The shares were purchased at an average price of $309.71 per share, with a total value of $154,855.00. Following the acquisition, the director owned 1,750 shares in the company, valued at $541,992.50. This trade represents a 40.00% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard L. Dalzell sold 338 shares of Intuit stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $279.86, for a total value of $94,592.68. Following the completion of the transaction, the director owned 12,326 shares in the company, valued at approximately $3,449,554.36. The trade was a 2.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,239 shares of company stock worth $348,354 over the last three months. 2.49% of the stock is currently owned by 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.

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