Intuit Inc (NASDAQ:INTU) shares are trading higher Wednesday after the company reported better-than-expected financial results and raised guidance.
Intuit said fiscal third-quarter revenue grew 35% year-over-year to $5.63 billion, which beat the estimate of $5.51 billion, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of $7.65 per share, which beat the estimate of $7.58 per share.
"We had another strong quarter, and we are raising Intuit's revenue and operating income guidance for the fiscal year 2022," said Sasan Goodarzi, CEO of Intuit.
Intuit now expects full-year revenue to be between $12.63 billion and $12.67 billion, representing growth of approximately 31% to 32%, which is up from previous guidance for revenue growth of 26% to 28%.
Full-year adjusted earnings are expected to be between $11.68 and $11.74 per share versus the $11.66 estimate, representing growth of approximately 20% to 21%, which is up from previous guidance for growth of 18% to 20%.
Analyst Assessment:
- Piper Sandler analyst Arvind Ramnani maintained Intuit with an Overweight rating and lowered the price target from $674 to $500.
- Keybanc analyst Josh Beck maintained Intuit with an Overweight rating and lowered the price target from $600 to $500.
- BMO Capital analyst Daniel Jester maintained Intuit with an Outperform rating and lowered the price target from $550 to $475.
- Deutsche Bank analyst Brad Zelnick maintained Intuit with a Buy rating and lowered the price target from $650 to $625.
- Credit Suisse analyst Yaoxian Chew maintained Intuit with an Outperform rating and lowered the price target from $600 to $500.
See Also: 21 Stocks Moving in Wednesday's Pre-Market Session
INTU Price Action: Intuit has traded between $339.36 and $716.86 over a 52-week period.
The stock surged following the company's earnings release, but it was up just 1.4% at $364 at press time.
Photo: Mike Mozart from Flickr.
