10 Best SaaS Stocks To Buy Now

5. Intuit Inc. (NASDAQ:INTU)

Number of Hedge Fund Investors In Q1 2024: 77

YTD Return: -4.4%

Intuit Inc. (NASDAQ:INTU) is a large and diversified SaaS company that enables businesses to manage their payrolls, payments, and other business operations. Its shares tanked by more than 8% in late May after Intuit Inc. (NASDAQ:INTU)’s latest earnings report revealed that its popular TurboTax SaaS software lost one million users. The results also saw Intuit Inc. (NASDAQ:INTU) report $6.74 billion in revenue and $9.88 in earnings per share. These beat analyst estimates of $6.65 billion and $9.37. Jefferies kept a $770 share price target for Intuit Inc. (NASDAQ:INTU) and a Buy rating for the shares in June 2024. The research firm believes that Intuit Inc. (NASDAQ:INTU)’s decision to increase prices for its popular QuickBooks platform could lead to higher revenue guidance for 2025 which could surpass the market consensus of 12.2%.

The average of 24 one year analyst share price targets for Intuit Inc. (NASDAQ:INTU) is $707.58. This marks an 18% upside over the recent closing price of $595.70. Intuit Inc. (NASDAQ:INTU)’s three year annualized revenue growth rate is 23.22%. Baron Funds mentioned the firm in its Q4 2023 investor letter and shared:

Intuit Inc. is the leading provider of accounting software for small businesses and tax preparation software for individuals and tax professionals. Shares increased after the company reported quarterly financial results that exceeded Street expectations, with 15% revenue growth and 49% EPS growth. Intuit is benefiting from the sale of higher- value services and is well positioned to capitalize on increasing adoption of artificial intelligence (AI) given its vast data sets. The company recently launched Intuit Assist, a generative AI-powered digital assistant that improves productivity and unlocks valuable insights for customers. We continue to own the stock due to Intuit’s strong competitive position and numerous growth opportunities.