Intuit stock price prediction ahead of second quarter results

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The Intuit (NASDAQ: INTU) share price hovers near its all-time high ahead of its second quarter results which will be released after Tuesday’s regular session. The stock is trading at $ 552, about 50% higher than at the start of the year. It is up nearly 200% from its lowest level in 2020, bringing its total market capitalization to over $ 150 billion.

Overview of Intuit Revenue

Intuit is a leading financial technology company best known for its QuickBooks, TurboTax, and Mint products. QuickBooks is one of the world’s leading accounting software, while TurboTax helps people file their taxes. Mint is a financial product that helps people budget.

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Intuit has recently experienced strong growth. In fact, its annual turnover rose from more than 4.6 billion dollars in 2016 to more than 7.6 billion dollars. It is also a very profitable business that generates almost $ 2 billion in annual profits.

Data compiled by SeekingAlpha shows analysts expect the company to have $ 2.32 billion in revenue. This will be significantly lower than the more than $ 4 billion in first quarter revenue. This is understandable as the company’s Turbo Tax product sees more activity during Q1 tax season.

Revenue will be significantly higher than the $ 1.5 billion it reported in the same quarter in 2020. Its earnings per share are expected to be $ 1.59, which will be lower than the previous $ 6.0. . Intuit will likely beat analysts’ forecasts given that more than 87% of all US companies have published strong results.

The results will be notable because they come after the company decided to end its free tax filing program that was used by millions of Americans. The program was part of a public-private partnership that allowed people earning less than $ 72,000 to file their taxes for free.

Analysts are generally bullish on Intuit’s stock price. Those at Barclays expect it to hit $ 634 while those at Jefferies and Mizuho expect it to hit over $ 630 and $ 550.

Intuit stock price prediction

Intuit share price

The daily chart shows that the Intuit stock price has been trending strongly upward over the past few years. Along the way, stocks broke the 25- and 50-day moving averages, while oscillators like the Relative Strength Index (RSI) and MACD trended higher.

Therefore, while Intuit is likely to report strong results, its stock may see a pullback in profit taking.

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