Sumitomo Life Insurance Co. Acquires New Shares in Intuit Inc. $INTU

Sumitomo Life Insurance Co. bought a new position in Intuit Inc. (NASDAQ:INTU) during the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 1,907 shares of the software maker’s stock, valued at approximately $498,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in shares of Intuit during the second quarter worth about $6,851,859,000. Norges Bank acquired a new stake in shares of Intuit in the 4th quarter worth about $3,058,407,000. Bank of New York Mellon Corp bought a new stake in Intuit in the 2nd quarter valued at about $564,592,000. Arrowstreet Capital Limited Partnership lifted its position in Intuit by 102.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,896,561 shares of the software maker’s stock valued at $1,684,795,000 after purchasing an additional 1,972,719 shares during the last quarter. Finally, Deutsche Bank AG acquired a new position in Intuit during the 2nd quarter valued at about $426,641,000. 83.66% of the stock is currently owned by institutional investors.

Insider Activity at Intuit

In other Intuit news, Director Richard L. Dalzell sold 284 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $262.32, for a total value of $74,498.88. Following the completion of the sale, the director directly owned 11,758 shares in the company, valued at $3,084,358.56. This represents a 2.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 firm’s stock in a transaction on 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 $541,992.50. This represents a 40.00% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have sold 1,239 shares of company stock worth $348,354. 2.49% of the stock is owned by corporate insiders.

Intuit Stock Up 1.4%

INTU stock opened at $367.00 on Friday. Intuit Inc. has a 52 week low of $252.84 and a 52 week high of $705.08. The company has a market capitalization of $100.39 billion, a price-to-earnings ratio of 22.23, a price-to-earnings-growth ratio of 1.15 and a beta of 0.97. The firm’s 50-day moving average is $299.09 and its two-hundred day 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) last posted its quarterly earnings data on Wednesday, May 20th. The software maker reported $12.80 earnings per share (EPS) 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 business had revenue of $8.56 billion during the quarter, compared to analysts’ expectations of $8.54 billion. During the same period last year, the firm posted $11.65 earnings per share. The business’s revenue was up 10.4% on a year-over-year basis. On average, analysts forecast that Intuit Inc. will post 18.19 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Freedom Capital lowered shares of Intuit from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 21st. Royal Bank Of Canada reduced their price objective on Intuit from $600.00 to $500.00 and set an “outperform” rating for the company in a research report on Thursday, May 21st. BMO Capital Markets decreased their price objective on Intuit from $550.00 to $412.00 and set an “outperform” rating for the company in a report on Thursday, May 21st. Deutsche Bank Aktiengesellschaft lowered their target price on Intuit from $530.00 to $425.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Erste Group Bank raised Intuit to a “hold” rating in a research note on Monday, April 27th. Twenty analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $451.26.

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.