5 Stocks Trending on Robinhood

4. Intuit Inc. (NASDAQ:INTU)

Number of Hedge Fund Holders: 82

Headquartered in Mountain View, California, Intuit Inc. (NASDAQ:INTU) is a provider of financial management and compliance products and services for small businesses in the United States, Canada, and international markets. 

Intuit Inc. (NASDAQ:INTU) declared on March 3 a $0.68 per share quarterly dividend, in line with previous. The dividend will be distributed on April 18, to shareholders of record on April 11. 

On March 21, Stifel analyst Brad Reback maintained a Buy recommendation on Intuit Inc. (NASDAQ:INTU), but reduced the price target to $580 from $600. The analyst cited the enterprise software sector reflecting increasing headwinds to new business activity given the Russia/Ukraine war, accelerating supply chain challenges, and the widespread effect of higher energy prices on consumer spending for the slashed price objective.

According to the Q4 database of Insider Monkey, 82 hedge funds placed long bets on Intuit Inc. (NASDAQ:INTU), up from 64 funds in the last quarter. Terry Smith’s Fundsmith LLP is the largest shareholder of Intuit Inc. (NASDAQ:INTU), with 3.7 million shares worth $2.40 billion.  

Here is what Baron FinTech Fund has to say about Intuit Inc. (NASDAQ:INTU) in its Q4 2021 investor letter:

“Intuit Inc. is the leading provider of accounting and tax preparation software. Shares increased after the company reported quarterly results that beat Street estimates, with 22% revenue growth in the Small Business segment and record-high revenue from Credit Karma. The company closed the acquisition of MailChimp, which expands its product offering and is accretive to EPS. Management increased full-year guidance to reflect better organic growth and the contribution from MailChimp. We continue to own the stock due to Intuit’s strong competitive position and numerous growth opportunities. We have several investments in software companies that help businesses manage their financial processes and operations. Intuit Inc. provides accounting and payroll solutions for small businesses as well as tax preparation software for consumers and tax professionals.”