Why Intuit Stock Is Rising Today

Intuit Inc INTU shares are trading higher Wednesday after the company reported better-than-expected financial results and issued full-year revenue guidance above analyst estimates.

Intuit said fiscal fourth-quarter revenue decreased 6% year-over-year to $2.4 billion, which beat average analyst estimates of $2.34 billion, according to Benzinga Pro. The company reported quarterly earnings of $1.10 per share, which beat average analyst estimates of 98 cents per share.

"We had a very strong fourth quarter, ending the year with momentum. We're more confident than ever in our long-term business strategy as we power prosperity around the world," said Sasan Goodarzi, CEO of Intuit. 

Intuit expects fiscal first-quarter revenue growth of approximately 23% to 25%. The company expects first-quarter earnings to be between $1.14 and $1.20 per share versus the estimate of $1.86 per share. 

Intuit expects full-year 2023 revenue to be between $14.485 billion and $14.7 billion versus the estimate of $14.47 billion. The company expects full-year adjusted earnings to be between $13.59 and $13.89 per share versus the estimate of $13.81 per share.

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Analyst Assessment:

• Keybanc analyst Josh Beck maintained Intuit with an Overweight and raised the price target from $475 to $525.
• Piper Sandler analyst Arvind Ramnani maintained Intuit with an Overweight and raised the price target from $500 to $553.
• Barclays analyst Raimo Lenschow maintained Intuit with an Overweight and raised the price target from $580 to $585.

INTU Price Action: Intuit has a 52-week high of $645.61 and a 52-week low of $339.36.

The stock was up 5.88% at $476 at press time.

Photo: Tony Webster from Flickr.