Saranac Partners Ltd Acquires New Holdings in Intuit Inc. $INTU

Saranac Partners Ltd bought a new stake in Intuit Inc. (NASDAQ:INTU) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 13,175 shares of the software maker’s stock, valued at approximately $3,448,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in INTU. Joseph Group Capital Management bought a new position in Intuit during the fourth quarter worth about $25,000. Intesa Sanpaolo Wealth Management bought a new stake in shares of Intuit in the fourth quarter worth about $25,000. MidFirst Bank acquired a new stake in shares of Intuit during the second quarter worth about $28,000. HHM Wealth Advisors LLC raised its position in shares of Intuit by 75.0% during the first 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 period. Finally, Whipplewood Advisors LLC acquired a new position in shares of Intuit in the 1st quarter valued at approximately $30,000. 83.66% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Richard L. Dalzell sold 284 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $262.32, for a total transaction of $74,498.88. Following the completion of the transaction, 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 sale was disclosed in a document filed with the SEC, which is accessible through 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 stock in a transaction on Tuesday, May 26th. The shares were bought at an average cost of $309.71 per share, for a total transaction of $154,855.00. Following the transaction, 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 SEC filing for this purchase provides additional information. Insiders have sold 1,239 shares of company stock worth $348,354 in the last quarter. 2.49% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on INTU. Mizuho lowered their target price on Intuit from $500.00 to $430.00 and set an “outperform” rating for the company in a research note on Monday, August 17th. Daiwa Securities Group lowered their price objective on shares of Intuit from $640.00 to $500.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Wolfe Research restated an “outperform” rating and set a $400.00 price objective on shares of Intuit in a report on Thursday, May 21st. Weiss Ratings lowered shares of Intuit from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, June 11th. Finally, Northcoast Research lowered their target price on Intuit from $575.00 to $465.00 and set a “buy” rating for the company in a report on Thursday, May 21st. Twenty investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $449.65.

Key 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 Stock Performance

Shares of NASDAQ:INTU opened at $367.00 on Monday. The company’s 50-day moving average price is $299.09 and its two-hundred day moving average price is $359.07. 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 current ratio of 1.45 and a quick ratio of 1.45. The stock has a market capitalization of $100.39 billion, a PE ratio of 22.23, a price-to-earnings-growth ratio of 1.15 and a beta of 0.97.

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.