XXEC Inc. Buys New Shares in Intuit Inc. $INTU

Key Points

• XXEC Inc. acquired 140.9 million Intuit shares worth approximately $436.7 million in the second quarter, making Intuit its 16th-largest portfolio holding; institutional investors collectively own 83.66% of INTU.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and average price target of $451.26, although several firms recently lowered their targets and one downgraded the stock to “Hold.”
• Intuit recently exceeded quarterly earnings and revenue expectations, reporting $12.80 in EPS and $8.56 billion in revenue, with revenue up 10.4% year over year; the stock opened at $367 and has traded between $252.84 and $705.08 over the past year.

XXEC Inc. bought a new position in Intuit Inc. (NASDAQ:INTU - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 140,939,987 shares of the software maker's stock, valued at approximately $436,740,000. Intuit comprises 0.2% of XXEC Inc.'s portfolio, making the stock its 16th largest position. XXEC Inc. owned approximately 51.52% of Intuit as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in INTU. Brighton Jones LLC increased its holdings in Intuit by 61.3% in the 4th quarter. Brighton Jones LLC now owns 3,552 shares of the software maker's stock worth $2,233,000 after buying an additional 1,350 shares during the period. Revolve Wealth Partners LLC raised its position in Intuit by 145.6% during the 4th quarter. Revolve Wealth Partners LLC now owns 813 shares of the software maker's stock worth $511,000 after buying an additional 482 shares during the last quarter. Nicholas Hoffman & Company LLC. acquired a new stake in Intuit during the 1st quarter valued at approximately $785,564,000. Sivia Capital Partners LLC lifted its stake in Intuit by 23.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 886 shares of the software maker's stock valued at $698,000 after acquiring an additional 166 shares during the period. Finally, Florida Financial Advisors LLC boosted its holdings in shares of Intuit by 12.2% in the 2nd quarter. Florida Financial Advisors LLC now owns 470 shares of the software maker's stock valued at $370,000 after acquiring an additional 51 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Analyst Ratings Changes

INTU has been the topic of a number of research reports. Argus cut their price objective 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. Jefferies Financial Group decreased their target price on shares of Intuit from $650.00 to $550.00 and set a "buy" rating for the company in a research report on Thursday, May 21st. Mizuho lowered their price target on shares of Intuit from $500.00 to $430.00 and set an "outperform" rating on the stock in a report on Monday, August 17th. TD Cowen reaffirmed a "buy" rating on shares of Intuit in a research report on Tuesday. Finally, Wall Street Zen downgraded Intuit from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Twenty investment 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. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $451.26.

Insiders Place Their Bets

In related news, Director Richard L. Dalzell sold 284 shares of the firm's stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $262.32, for a total transaction of $74,498.88. Following the sale, the director owned 11,758 shares in the company, valued at approximately $3,084,358.56. This trade represents a 2.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Vasant M. Prabhu acquired 500 shares of the business's 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 acquisition, the director directly owned 1,750 shares of the company's stock, valued at $541,992.50. This represents a 40.00% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have 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 Trading Up 1.4%

Intuit stock opened at $367.00 on Friday. The firm has a market cap of $100.39 billion, a PE ratio of 22.23, a P/E/G ratio of 1.15 and a beta of 0.97. Intuit Inc. has a 12 month low of $252.84 and a 12 month high of $705.08. The stock's 50 day simple moving average is $299.09 and its two-hundred day simple moving average is $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 posted its earnings results on Wednesday, May 20th. The software maker reported $12.80 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $8.54 billion. During the same period in the previous year, the firm earned $11.65 EPS. The business's quarterly revenue was up 10.4% on a year-over-year basis. Analysts anticipate that Intuit Inc. will post 18.19 earnings per share for the current year.

Key Stories 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

About Intuit

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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