GAMMA Investing LLC significantly increased its investment in Intuit Inc. during the first quarter of the year, acquiring an astonishing 69,701.9% more shares, bringing its total to 2,825,582 shares. This acquisition positions Intuit as the fourth largest holding in GAMMA’s portfolio, making up 3.1% of its total investment. As of the conclusion of the first quarter, the firm’s stake in Intuit is valued at approximately $17.35 billion.
Other hedge funds have also shown a keen interest in Intuit, with several making adjustments to their holdings during the fourth quarter. For instance, Great Diamond Partners LLC increased its stake by 2.8%, while NewSquare Capital LLC saw a significant boost of 72%. Ethos Financial Group LLC and Legacy Investment Solutions LLC also adjusted their positions, indicating a growing confidence in Intuit’s stock.
In terms of insider transactions, notable sales were made by Scott D. Cook, who sold 72,442 shares and saw a decrease in his ownership by 1.18%, and Laura A. Fennell, who sold 25,648 shares, reducing her ownership by approximately 52.94%. Over the last three months, company insiders sold shares valued around $138 million.
On the market front, Intuit’s stock recently experienced a slight decline of 0.7%, bringing it down to $752.04. The stock has fluctuated between a 12-month low of $532.65 and a high of $761.02, showcasing its volatility. Moreover, Intuit has maintained strong financial performance, reporting earnings of $11.65 per share, surpassing analysts’ expectations, along with a revenue increase of 15.1% year-over-year.
Intuit has also announced a quarterly dividend of $1.04, which is set to be distributed to shareholders on July 18, reflecting the company’s commitment to returning value to its investors.
Analyst sentiment remains favorable toward Intuit, with many upgrading their ratings and price targets, suggesting continued optimism for the company’s growth potential in the financial management sector.
The strong backing from institutional investors and positive market forecasts indicate a resilient outlook for Intuit, making it a compelling choice for those looking to invest in technology-driven financial solutions.