Intuit Inc. (INTU) provides accounting and tax preparation software to small businesses, consumers, and accountants all over the world.
Over the last few years, the company’s stock has provided investors with strong profits. To be more exact, the stock has increased by 74% in the last three years and 12% in the past year.
Intuit’s Q2 2022 statistics were also quite impressive, with total revenues increasing by 70% to nearly $2.7 billion, indicating that the company had another successful quarter. Credit Karma, in particular, announced record sales of $444 million, owing to the company’s success in personal loans and credit cards. In terms of profitability, non-GAAP EPS came in at $1.55, up 128% from the prior-year period, thanks to stronger sales.
Surprisingly, Intuit’s excellent fiscal second-quarter revenues were already forecasted by the new TipRanks monthly website traffic metric. Furthermore, Intuit appears to be maintaining its high growth pace even after the release of the results, according to the website tool.
What User Visit Details Show Us
The tool revealed that the statistics for intuit.com for the month of February showed a clear upward trend. According to the graph below, the total expected website visitors to the company’s main platform intuit.com increased by about 22% to 183.4 million in February, up from 150.1 million in January.
In addition, the tool shows that in February, user visits to Intuit’s most popular platforms, such as Credit Karma and TurboTax, surged. On a monthly basis, total projected visits to creditkarma.com and turbotax.com increased by 16.7% and 833.6%, respectively, in February.
What does the Increasing Trend Indicate?
Total website visits are a good sign of user involvement for a cloud-based company like Intuit. Increased user interaction in February indicates that the company’s financial management solutions, compliance products, and services continue to remain in high demand, implying greater top-line numbers in the months ahead.
Growth Drivers
Intuit’s products and platforms that comprise TurboTax, QuickBooks, Mint, and Credit Karma, among others, are gaining traction. Intuit’s tax preparation software, TurboTax, in particular, is gaining popularity among consumers as the number of people who want help preparing their income tax returns continues to rise.
Also, Intuit’s Credit Karma service, which helps consumers pay off debts and maximize tax refunds, is also contributing significantly to the company’s top-line growth.
Further, Intuit is also making attempts to develop its overseas businesses. With its market-leading product portfolio, the company has expanded in France, Brazil, and India, and is well-positioned to enter new markets.
Based on the aforementioned backdrop, Intuit appears to be a fundamentally strong company that might be a great long-term growth stock to own.
Wall Street’s Take
The Wall Street analysts are optimistic on Intuit, with a Strong Buy consensus rating based on 18 unanimous Buys. The average INTU stock prediction of $645.76 implies upside potential of approximately 47% to current levels for this stock.
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