Why Intuit Shares Are Rising Today

Intuit Inc INTU is trading higher Friday after the company announced better-than-expected fiscal first-quarter financial results and issued guidance above estimates.

Intuit reported quarterly adjusted earnings of $1.53 per share, which beat the estimate of 99 cents per share. The company reported quarterly revenue of $2.01 billion, which beat the estimate of $1.81 billion. 

Intuit expects fiscal second-quarter adjusted earnings to be in a range of $1.84 to $1.88 per share versus the estimate of $1.47 per share. The company expects full-year fiscal 2022 revenue to be in a range of $12.165 billion to $12.3 billion versus the estimate of $11.16 billion.

"We are off to a strong start in fiscal year 2022, delivering on our strategy of becoming an AI-driven expert platform powering the prosperity of consumers and small businesses. We continue to see strong momentum and proof that our Big Bets are further positioning us for durable growth in the future, and we're delighted that Mailchimp has joined Intuit," said Sasan Goodarzi, CEO of Intuit.

Analyst Assessment: Multiple analyst firms weighed in on the stock following Intuit's financial results:

• Keybanc analyst Josh Beck maintained Intuit with an Overweight rating and raised the price target from $625 to $750.
• Piper Sandler analyst Arvind Ramnani maintained Intuit with an Overweight rating and raised the price target from $621 to $770.
• Mizuho analyst Siti Panigrahi maintained Intuit with a Buy rating and raised the price target from $640 to $730.
• Barclays analyst Raimo Lenschow maintained Intuit with an Overweight rating and raised the price target from $710 to $802.
• Goldman Sachs analyst Kash Rangan upgraded Intuit from Neutral to Buy and raised the price target from $535 to $840.

Related Link: Analysts Lift Price Targets On Intuit Post Q1 Success; See Up To 34% Upside

Intuit is a provider of small-business accounting software, personal tax solutions and professional tax offerings.

INTU Price Action: Intuit has traded as low as $337.72 over a 52-week period. It's making new highs Friday.

The stock was up 13.20% at $712 at time of publication.