Do You See Potential for an Upside Earnings Revision by Intuit (INTU)?

ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Growth Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The market’s increased concentration on generative AI pushed the mega-cap growth stocks to outperform in the quarter. The strategy outperformed its benchmark the Russell 1000 Growth Index through a high-beta-driven period of mega-cap dominance. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Large Cap Growth Strategy highlighted Intuit Inc. (NASDAQ:INTU) in the second quarter 2023 investor letter. Headquartered in Mountain View, California, Intuit Inc. (NASDAQ:INTU) provides business and financial management solutions.  On July 7, 2023, Intuit Inc. (NASDAQ:INTU) stock closed at $448.19 per share. One-month return of Intuit Inc. (NASDAQ:INTU) was 0.46%, and its shares gained 11.33% of their value over the last 52 weeks. Intuit Inc. (NASDAQ:INTU) has a market capitalization of $ 125.52 billion.

ClearBridge Large Cap Growth Strategy made the following comment about Intuit Inc. (NASDAQ:INTU) in its second quarter 2023 investor letter:

“Taking advantage of post-earnings weakness, we initiated a position in Intuit Inc. (NASDAQ:INTU), a provider of software for small business accounting and tax preparation under the QuickBooks and TurboTax brands as well as personal finance (Credit Karma) and marketing services (Mailchimp). We see a clear path to upside earnings revisions as the company expands new products that increase its total addressable market and drive average revenue per user growth.”

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Intuit Inc. (NASDAQ:INTU) is in 27th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 86 hedge fund portfolios held Intuit Inc. (NASDAQ:INTU) at the end of first quarter 2023 which was 92 in the previous quarter.

We discussed Intuit Inc. (NASDAQ:INTU) in another article and shared the list of best NASDAQ dividend stocks to buy. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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