According to Inc., “Financial software maker Intuit announced Wednesday morning that it has agreed to acquire small-business resource site Docstoc.”
Now, let’s take a gander at the recent action encompassing Intuit Inc. (NASDAQ:INTU).
Hedge fund activity in Intuit Inc. (NASDAQ:INTU)
At Q1′s end, a total of 29 of the hedge funds Insider Monkey tracks were bullish in this stock, a change of -9 percent from the second quarter. With hedge funds’ sentiment swirling, there exists a select group of noteworthy hedge fund managers who were boosting their holdings significantly.
Of the funds we track, Generation Investment Management, managed by David Blood and Al Gore, holds the largest position in Intuit Inc. (NASDAQ:INTU). Generation Investment Management has a $473.9 million position in the stock, comprising 9 percent of its 13F portfolio. Coming in second is Citadel Investment Group, managed by Ken Griffin, which held a $150.5 million position; 0.2 percent of its 13F portfolio is allocated to the stock. Remaining peers that hold long positions include Robert Joseph Caruso’s Select Equity Group, James Crichton and Adam Weiss’s Scout Capital Management and Steven Cohen’s SAC Capital Advisors.
Due to the fact that Intuit Inc. (NASDAQ:INTU) has faced a declination in interest from the smart money, we can see that there is a sect of money managers that decided to sell off their positions entirely heading into Q2. At the top of the heap, Greg Poole’s Echo Street Capital Management cut the largest position of all the hedgies we watch, comprising close to $31.4 million in stock, and John Overdeck and David Siegel of Two Sigma Advisors was right behind this move, as the fund cut about $27.7 million worth. These bearish behaviors are interesting, as total hedge fund interest fell by 3 funds heading into Q2.
What do corporate executives and insiders think about Intuit Inc. (NASDAQ:INTU)?
Insider buying is particularly usable when the company in question has experienced transactions within the past 180 days. Over the latest six-month time period, Intuit Inc. (NASDAQ:INTU) has seen zero unique insiders purchasing, and seven insider sales (see the details of insider trades here).
Let’s also review hedge fund and insider activity in other stocks similar to Intuit Inc. (NASDAQ:INTU). These stocks are Workday Inc (NYSE:WDAY), Catamaran Corp (USA) (NASDAQ:CTRX), CA, Inc. (NASDAQ:CA), salesforce.com, inc. (NYSE:CRM), and Adobe Systems Incorporated (NASDAQ:ADBE). This group of stocks belong to the application software industry and their market caps resemble INTU’s market cap.
| Company Name | # of Hedge Funds | # of Insiders Buying | # of Insiders Selling |
| Workday Inc (NYSE:WDAY) | 36 | 0 | 8 |
| Catamaran Corp (USA) (NASDAQ:CTRX) | 33 | 0 | 0 |
| CA, Inc. (NASDAQ:CA) | 17 | 0 | 5 |
| salesforce.com, inc. (NYSE:CRM) | 50 | 0 | 12 |
| Adobe Systems Incorporated (NASDAQ:ADBE) | 39 | 0 | 12 |
At the end of Q3, Intuit Inc. was the fifth most widely held application software industry equity among the hedge funds Insider Monkey tracks.
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