Intuit Inc. (NASDAQ: INTU) experienced a solid day in the market, with its stock price finishing at $784.87, an increase of $8.72 or 1.12%.[1] Trading was active, with a volume of approximately $1.17 billion.[2] The stock even saw a slight bump in after-hours trading, rising to $789.70.
The day’s trading range for Intuit was between a low of $781.31 and a high of $790.54, demonstrating investor confidence throughout the session. This recent performance, however, still trails the broader market indices like the S&P 500 and the tech-heavy Nasdaq.[1]
Investors and market analysts are keenly awaiting Intuit’s upcoming earnings report on August 21.[1][3] Analysts are forecasting earnings of $2.65 per share, which would represent a significant 33.17% growth year-over-year.[1] Revenue is also expected to show a healthy increase, with consensus estimates pointing to $3.74 billion, up 17.61% from the same quarter last year.[1]
These anticipated strong results are contributing to a generally positive outlook for the company, which is known for its popular financial software products like TurboTax, QuickBooks, and Credit Karma.[3] The company’s full-year earnings are projected to be $20.06 per share on revenues of $18.74 billion.[1]
In recent news, Intuit has been actively innovating, particularly in the realm of artificial intelligence.[4] The company recently unveiled updated automated accounting features for its QuickBooks platform, designed to help businesses streamline their financial operations using AI.[4] A recent survey by Intuit QuickBooks highlighted a growing trend of accountants embracing AI and strategic advisory services to fuel growth.[5] These technological advancements are seen as key drivers for the company’s future performance.[6][7]
Looking at the bigger picture, Intuit’s stock is trading closer to its 52-week high of $813.70 than its 52-week low of $532.64. The company also offers a dividend yield of 0.53%, with a quarterly dividend of $1.04 per share.
Wall Street analysts hold a “Moderate Buy” consensus rating for Intuit’s stock.[8] Price targets from various analysts range, with some predicting highs of up to $900.[8] However, technical indicators suggest some caution, with the stock showing signs of being overbought in the short term.[9] This suggests that while the long-term fundamentals appear strong, a short-term pullback is possible. As the August 21 earnings date approaches, all eyes will be on whether Intuit can meet or exceed the optimistic expectations and provide further momentum for its stock.
