Strong F4Q Earnings Announcement Pushed Intuit (INTU) in Q3

The Ithaka Group, an investment advisory firm, released the “Ithaka US Growth Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the weak market, the fund underperformed during the quarter, by falling 6.3% compared to the Dow’s 2.6% fall, the S&P 500’s 3.7% decline, the NASDAQ’s 4.1% decline, and the fund’s benchmark, the Russell 1000 Growth’s 3.1% decline. The underperformance of the fund during the quarter was entirely due to stock selection. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Ithaka US Growth Strategy highlighted stocks like Intuit Inc. (NASDAQ:INTU) in the third quarter 2023 investor letter. Headquartered in Mountain View, California, Intuit Inc. (NASDAQ:INTU) provides business and financial management solutions. On October 27, 2023, Intuit Inc. (NASDAQ:INTU) stock closed at $479.52 per share. One-month return of Intuit Inc. (NASDAQ:INTU) was -7.39%, and its shares gained 12.17% of their value over the last 52 weeks. Intuit Inc. (NASDAQ:INTU) has a market capitalization of $134.39 billion.

Ithaka US Growth Strategy made the following comment about Intuit Inc. (NASDAQ:INTU) in its Q3 2023 investor letter:

“With a mission of “powering prosperity around the world,” Intuit Inc. (NASDAQ:INTU) serves its consumer and small businesses customers by delivering financial management, compliance, and marketing products/services on one unified global technology platform. Intuit’s platform has expanded over the years and now includes QuickBooks, TurboTax, Credit Karma and Mailchimp, comprising 100M total customers across all four products. Intuit’s outperformance in the quarter followed a strong F4Q earnings announcement that included forward guidance slightly above Street expectations.”

Intuit Inc. (NASDAQ:INTU) is not 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 second quarter which was 86 in the previous quarter.

We discussed Intuit Inc. (NASDAQ:INTU) in another article and shared George Soros’ net worth and top ten holdings heading into 2024. In addition, please check out our hedge fund investor letters Q3 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.