5 Technology Stocks to Buy Now According to Dan Loeb

2. Intuit Inc. (NASDAQ:INTU)

Third Point’s Stake Value: $739,703,000

Percentage of Third Point’s 13F Portfolio: 5.16%

Number of Hedge Fund Holders: 82

Intuit Inc. (NASDAQ:INTU) is a global technology company that offers financial software platforms such as TurboTax, QuickBooks, Mint, Credit Karma, and Mailchimp. Dan Loeb owns 1.15 million Intuit Inc. (NASDAQ:INTU) shares as per the 13F filings from Q4 2021. The billionaire’s stake is valued at $739.7 million, representing 5.16% of the total portfolio. 

On March 3, Intuit (NASDAQ:INTU) declared a quarterly dividend of $0.68 per share. The dividend is payable on April 18, to shareholders of the company as of the close of business on April 11. 

Stifel analyst Brad Reback on March 21 maintained a Buy rating on Intuit (NASDAQ:INTU) but lowered the firm’s price target on the stock to $580 from $600. The analyst slashed the price objective for a “vast majority” of the 70 software companies his firm covers to account for greater headwinds around new business activity originating from the prevalent Ukraine war, increasing supply chain challenges, and the growing impact of significantly soaring energy prices on consumer spending.

According to the hedge funds tracked by Insider Monkey in the fourth quarter of 2021, 82 funds were bullish on Intuit (NASDAQ:INTU), up from 64 funds in the earlier quarter. Terry Smith’s Fundsmith LLP is the biggest stakeholder of the company, 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.”