NewEdge Wealth LLC Invests $1.20 Million in Intuit Inc. $INTU

Key Points

• NewEdge Wealth acquired 4,597 Intuit shares worth approximately $1.2 million in the second quarter. Institutional investors collectively own 83.66% of Intuit’s outstanding stock.
• Intuit reported quarterly revenue of $8.56 billion, up 10.4% year over year, and adjusted earnings of $12.80 per share, exceeding analysts’ $12.57 estimate.
• Analyst sentiment remains broadly positive but mixed, with a “Moderate Buy” consensus and an average price target of $451.26, while several firms recently lowered their targets amid valuation, growth and AI-related concerns.

NewEdge Wealth LLC acquired a new stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 4,597 shares of the software maker's stock, valued at approximately $1,200,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Joseph Group Capital Management acquired a new stake in Intuit in the fourth quarter worth about $25,000. Intesa Sanpaolo Wealth Management purchased a new position in shares of Intuit in the 4th quarter valued at approximately $25,000. MidFirst Bank acquired a new stake in Intuit in the 2nd quarter worth approximately $28,000. HHM Wealth Advisors LLC grew its position in Intuit by 75.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 70 shares of the software maker's stock worth $30,000 after purchasing an additional 30 shares during the last quarter. Finally, Whipplewood Advisors LLC acquired a new position in Intuit during the 1st quarter valued at approximately $30,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Intuit

In other Intuit news, Director Vasant M. Prabhu purchased 500 shares of the firm's stock in a transaction dated Tuesday, May 26th. The shares were purchased 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 in the company, valued at approximately $541,992.50. This represents a 40.00% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Richard L. Dalzell sold 284 shares of the business's stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $262.32, for a total transaction of $74,498.88. Following the transaction, the director owned 11,758 shares in the company, valued at $3,084,358.56. The trade was a 2.36% decrease in their ownership of the stock. 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 valued at $348,354 over the last quarter. Company insiders own 2.49% of the company's stock.

Intuit Stock Up 1.4%

Shares of INTU opened at $367.00 on Friday. The stock has a 50 day moving average price of $299.09 and a 200 day moving average price of $359.96. Intuit Inc. has a one year low of $252.84 and a one year high of $705.08. 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 stock 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.

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

Analyst Ratings Changes

INTU has been the subject of several research analyst reports. BNP Paribas Exane reduced their price objective on Intuit from $463.00 to $315.00 and set a "neutral" rating for the company in a research note on Thursday, May 21st. Royal Bank Of Canada lowered their target price on shares of Intuit from $600.00 to $500.00 and set an "outperform" rating on the stock in a research note on Thursday, May 21st. Truist Financial reissued a "hold" rating and issued a $350.00 price target (down from $410.00) on shares of Intuit in a research note on Monday, August 3rd. Wolfe Research reissued an "outperform" rating and set a $400.00 target price on shares of Intuit in a research note on Thursday, May 21st. Finally, Barclays reduced their price target on shares of Intuit from $540.00 to $443.00 and set an "overweight" rating for the company in a research report on Thursday, May 21st. Twenty investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $451.26.

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

Intuit 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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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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