Is it Still Good to Keep Your Intuit (INTU) Stake?

Baron Funds, an asset management firm, published its “Baron FinTech Fund” fourth quarter 2021 investor letter – a copy of which can be downloaded here. A return of 2.53% was delivered by the fund’s institutional shares for the fourth quarter of 2021, compared to its benchmarks, the S&P 500 Index, which appreciated 11.03%, and the FactSet Global FinTech Index which rose 7.68% for the same period. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Baron FinTech Fund, in its Q4 2021 investor letter, mentioned Intuit Inc. (NASDAQ:INTU) and discussed its stance on the firm. Founded in 1983, Intuit Inc. (NASDAQ:INTU) is a Mountain View, California-based global technology platform with a $120.0 billion market capitalization, and is currently spearheaded by its CEO, Sasan K. Goodarzi. Intuit Inc. (NASDAQ:INTU) delivered a -33.98% return since the beginning of the year, while its 12-month returns are up by 7.00%. The stock closed at $424.63 per share on March 14, 2022.

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.”

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Our calculations show that Intuit Inc. (NASDAQ:INTU) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. Intuit Inc. (NASDAQ:INTU) was in 82 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 64 funds in the previous quarter. Intuit Inc. (NASDAQ:INTU) delivered a -36.50% return in the past 3 months.

In February 2022, we also shared another hedge fund’s views on Intuit Inc. (NASDAQ:INTU) in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

Disclosure: None. This article is originally published at Insider Monkey.