5 Best Software Stocks To Buy According To Hedge Funds

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In this article, we discuss the 5 best software stocks to buy according to hedge funds. If you want to see more stocks in this selection, check out the 12 Best Software Stocks To Buy According To Hedge Funds 

05. Intuit Inc. (NASDAQ:INTU)

Number of Hedge Fund Holders as of Q2, 2022: 75

Intuit Inc. (NASDAQ:INTU) is a leading provider of financial technology services that help individuals and small companies manage their money, attract and keep customers, eliminate debt, and file taxes with ease, among other things. Over 100 million users are served by Intuit Inc. (NASDAQ:INTU) platforms, which include Credit Karma, Mailchimp, QuickBooks, and TurboTax.

On October 3, JPMorgan analyst Mark Murphy downgraded Intuit Inc. (NASDAQ:INTU) shares to ‘Neutral’ from ‘Overweight’ with a $360 price target. The analyst is “quite positive” about the longer-term fundamentals of the company, but he anticipates that earnings growth will be offset by a decline in multiples because he does not believe that 10% to 15% organic growth will continue to carry the mid-20s or higher price-to-earnings multiple in an environment of rising interest rates and a recession.

As of Q2 2022, 75 of the 895 hedge funds tracked by Insider Monkey held Intuit Inc. (NASDAQ:INTU) shares valued at a combined total of $5.4 billion. Terry Smith’s Fundsmith LLP was its largest hedge fund shareholder, with ownership of 2.4 million shares valued at $914 million.

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