Bank of Nova Scotia Acquires New Position in Intuit Inc. $INTU

Key Points

• Bank of Nova Scotia acquired 145,413 Intuit shares in the second quarter, worth approximately $38.0 million and representing a 0.05% stake. Institutional investors and hedge funds collectively own 83.66% of Intuit.
• Analyst sentiment remains broadly positive, with 20 Buy, eight Hold and three Sell ratings, producing a “Moderate Buy” consensus and an average price target of $449.65. However, several firms recently lowered their targets, and Goldman Sachs downgraded the stock to Sell.
• Intuit shares opened at $367, with a market capitalization of about $100.4 billion and a 52-week range of $252.84 to $705.08. Recent insider activity was mixed: a director bought 500 shares, while another director sold 284 shares.

Bank of Nova Scotia purchased a new stake in Intuit Inc. (NASDAQ:INTU - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 145,413 shares of the software maker's stock, valued at approximately $37,953,000. Bank of Nova Scotia owned 0.05% of Intuit as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Joseph Group Capital Management purchased a new stake in shares of Intuit during the 4th quarter worth $25,000. Intesa Sanpaolo Wealth Management purchased a new stake in Intuit during the 4th quarter worth about $25,000. Pin Oak Investment Advisors Inc. purchased a new position in shares of Intuit in the 3rd quarter valued at about $33,000. Birchwood Financial Partners Inc. purchased a new position in shares of Intuit in the 4th quarter valued at about $33,000. Finally, Sankala Group LLC acquired a new stake in shares of Intuit during the 4th quarter worth about $40,000. Institutional investors and hedge funds own 83.66% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Susquehanna lowered their price target on Intuit from $550.00 to $427.00 and set a "positive" rating for the company in a report on Monday, July 20th. Stifel Nicolaus restated a "hold" rating and issued a $275.00 target price (down from $375.00) on shares of Intuit in a report on Wednesday, June 17th. HSBC dropped their target price on shares of Intuit from $897.00 to $707.00 and set a "buy" rating on the stock in a research report on Friday, May 22nd. Bank of America assumed coverage on shares of Intuit in a research report on Wednesday, May 27th. They issued a "buy" rating and a $400.00 price target for the company. Finally, The Goldman Sachs Group downgraded shares of Intuit from a "neutral" rating to a "sell" rating and decreased their price objective for the company from $519.00 to $276.00 in a research note on Tuesday, June 2nd. 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's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $449.65.

Intuit Stock Performance

Shares of Intuit stock opened at $367.00 on Monday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.45 and a current ratio of 1.45. The company has a market capitalization of $100.39 billion, a P/E ratio of 22.23, a PEG ratio of 1.15 and a beta of 0.97. Intuit Inc. has a 1 year low of $252.84 and a 1 year high of $705.08. The company's fifty day moving average is $299.09 and its two-hundred day moving average is $359.07.

Insider Activity

In related news, Director Vasant M. Prabhu acquired 500 shares of Intuit stock in a transaction on Tuesday, May 26th. The stock was purchased at an average cost of $309.71 per share, with a total value of $154,855.00. Following the purchase, the director directly owned 1,750 shares in the company, valued at approximately $541,992.50. The trade was a 40.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard L. Dalzell sold 284 shares of the company's stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $262.32, for a total value of $74,498.88. Following the sale, the director directly owned 11,758 shares of the company's stock, valued at approximately $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. Insiders have sold 1,239 shares of company stock valued at $348,354 in the last quarter. Insiders own 2.49% of the company's stock.

More Intuit News

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.

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