On June 12th, 2023, it was reported that Renaissance Technologies LLC had sold off 72% of its stake in Intuit Inc. (NASDAQ:INTU). The company’s most recent 13F filing with the Securities & Exchange Commission noted that they had sold 105,700 shares during the fourth quarter, reducing their total stake to 41,148 shares worth $16,016,000.
Intuit is a software maker that recently released its quarterly earnings results on May 23rd. The company reported a higher-than-expected EPS of $8.92 for the quarter, surpassing analysts’ consensus estimates of $7.30 by $1.62. Additionally, Intuit’s revenue for the quarter was $6.02 billion compared to analyst estimations of $6.09 billion. The company also announced an increase in quarterly revenue of 6.9%, compared to figures from the same period last year when they earned $6.70 per share.
Over the past few months, Intuit has been receiving positive attention from research analysts and ratings agencies alike. StockNews.com recently upgraded their rating for INTU from “hold” to “buy” following impressive earnings results released earlier this year.
Several investment firms have raised their price targets on INTU as well in recent weeks including Bank of America and Morgan Stanley who have raised their target prices to $500 and $525 respectively.
Despite these positive indicators from across the industry, UBS Group issued a neutral rating and placed a price target of only $430 on Intuit shares earlier this year.
As things stand today Bloomberg reports an overall “Moderate Buy” consensus rating for INTU stock with an average price target hovering around $491 per share which many experts are still lauding as a potential upside opportunity given continued strong performance and market fundamentals remaining stable in both related sectors.
It will be interesting to see whether Renaissance Technologies LLC moves to purchase INTU stock again in the coming months, as well as how the company continues to fare amidst increased competition in the ever-evolving software market.
[bs_slider_forecast ticker=”INTU”]
Investors Flock to Intuit as Share Value Surges
Investors have been flocking to Intuit, the software maker, as the company experiences a surge in share value. Recently reported statistics suggest that hedge funds and institutional investors have snapped up around 82.65% of the market share. Key players such as Oliver Luxxe Assets LLC and Guyasuta Investment Advisors Inc. have been busy increasing their stakes in Intuit by buying additional shares during recent quarters, with Mission Creek Capital Partners Inc. adding an extra 26 shares during the last quarter. Elmwood Wealth Management Inc. also raised its acquisition of stock by buying an additional 30 shares during the last quarter.
This rise in investments has led Intuit’s share price to soar, reaching $441.85 on Monday – up $10 from previous trading hours in one week alone; this marks a significant increase compared to its lowest closing point from last year, at just $352.63 per share. The company boasts a market capitalization of $123.74 billion and is currently valued at over four times this amount.
The figures speak for themselves – with such positive momentum and dividends consistently being paid out (the latest dividend will be released on Tuesday, July 18th), it’s no surprise that investors are rushing to get onboard with what is proving to be a lucrative opportunity. Meanwhile, industry analysts have issued buy ratings for Intuit stock in many cases and given positive recommendations on trading options.
Although some insiders like Executive Vice President James Alexander Chriss have sold off stocks recently due to high market demand, they still hold valuable positions within the company which shows long-term confidence about Intuit’s future success story.
Overall potential investors can only benefit from recognizing how highly sought after this innovative tech firm has become in recent months and getting ahead of any further increases before they miss out on these promising investment opportunities!