10 Tech Stocks to Sell Now According to Cathie Wood

6. Intuit Inc. (NASDAQ:INTU)

Percentage of stake sold by ARK Invest in Q3: 47%

ARK Investment Management’s Q3 Stake Value: $14.5 million

Number of Hedge Fund Holders: 87

A global financial technology platform, Intuit Inc. (NASDAQ:INTU) enables both individuals and corporations to reach their financial objectives. Among its products are Mailchimp for email marketing, QuickBooks for business accounting, Credit Karma for financial management, and TurboTax for tax preparation.

With revenue of $3.2 billion, or roughly 17% year-over-year growth, Intuit Inc. (NASDAQ:INTU) showed that the company is resilient to macroeconomic challenges in Q4 2024. Looking ahead, the company expects its overall revenue to grow about 12% annually, which reflects a balanced approach across all of its segments.

Intuit Inc. (NASDAQ:INTU) recently expanded its partnership with leading productivity software provider GetBusy plc. The collaboration adds Intuit ProConnect Tax to the suite of products that integrate with GetBusy’s SmartVault, providing a co-branded document management and workflow solution exclusive to ProConnect Tax users.

Parnassus Growth Equity Fund stated the following regarding Intuit Inc. (NASDAQ:INTU) in its Q3 2024 investor letter:

“Intuit Inc. (NASDAQ:INTU) shares fell despite the financial software company posting strong quarterly results. The company’s pricing-dependent long-term guidance concerned investors. However, we continue to believe Intuit’s customer growth and relevant platform will sustain its wide moat and long growth runway.”