Clear Harbor Asset Management LLC Connected to 3,951 Shares Sold in Intuit Inc

October 28, 2024 04:26 AM PDT | By Team Kalkine Media

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Clear Harbor Asset Management LLC Connected to 3,951 Shares Sold in Intuit Inc — Image source: Shutterstock

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Highlights

Clear Harbor Asset Management LLC significantly reduced its stake in Intuit Inc. by over 90% in the third quarter, reflecting a strategic shift.

Institutional ownership of Intuit remains strong, with notable increases from other hedge funds and investment firms.

Recent analyst reports show a consensus rating of "Moderate Buy," indicating optimism about Intuit's growth potential.

Clear Harbor Asset Management LLC has dramatically decreased its position in Intuit Inc. (NASDAQ:INTU) by 90.6% during the third quarter, as revealed in the firm’s latest filing with the Securities and Exchange Commission. Following the sale of 3,951 shares, the asset manager now holds only 411 shares of the software company.

Despite this reduction, other institutional investors have been actively adjusting their positions in Intuit. International Assets Investment Management LLC reported a staggering increase of over 68,000% in its holdings, acquiring 484,328 shares valued at approximately $300 million. Similarly, SG Americas Securities LLC raised its stake by 940.4%, while Vanguard Group and Ameriprise Financial also bolstered their investments, reflecting a broader institutional confidence in the company. Currently, institutional ownership accounts for 83.66% of Intuit's stock.

Analyst sentiment regarding Intuit remains positive, with several research firms upgrading their ratings and price projections. StockNews.com has upgraded Intuit from a "hold" to a "buy" rating. Bank of America increased its price objective for Intuit shares to $780, while other analysts have set various price targets, with a consensus rating categorized as "Moderate Buy" and an average price target of approximately $735.

Intuit's recent performance has shown promise, with the company reporting earnings per share of $1.99 in its last quarterly results, exceeding analysts' expectations. Revenue also saw an increase, demonstrating resilience amid changing market dynamics. Additionally, Intuit recently raised its quarterly dividend to $1.04 per share, indicating a commitment to returning value to shareholders.

The software company, known for its financial management and compliance products, continues to navigate challenges while focusing on strategic growth areas.

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