Intuit (INTU) Shares Rose After the Company Posted Strong Quarterly Results

Baron Funds, an investment management company, released its "Baron FinTech Fund" first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund rose 4.83% (Institutional Shares) compared to an 8.24% gain for the FactSet Global FinTech Index and a 7.50% gain for the S&P 500 benchmark index. Against a confusing market backdrop, the Fund appreciated during the first quarter yet trailed the Benchmark and the broader market. In addition, please check the fund's top five holdings to know its best picks in 2023.

Baron FinTech Fund highlighted stocks like Intuit Inc. (NASDAQ:INTU) in the first quarter 2023 investor letter. Headquartered in Mountain View, California, Intuit Inc. (NASDAQ:INTU) provides business and financial management solutions. On June 5, 2023, Intuit Inc. (NASDAQ:INTU) stock closed at $442.84 per share. One-month return of Intuit Inc. (NASDAQ:INTU) was 3.54%, and its shares gained 6.29% of their value over the last 52 weeks. Intuit Inc. (NASDAQ:INTU) has a market capitalization of $124.022 billion.

Baron FinTech Fund made the following comment about Intuit Inc. (NASDAQ:INTU) in its Q1 2023 investor letter:

"Intuit Inc. (NASDAQ:INTU)is the leading provider of accounting software for small businesses and tax preparation software for individuals and tax professionals. Shares contributed after the company reported quarterly results that exceeded Street expectations with 14% revenue growth and 42% EPS growth. Management expressed confidence in their outlook and reaffirmed full-year financial guidance, which came as a relief to investors who feared a macro-driven guidance cut. We continue to own the stock due to Intuit's strong competitive position and numerous growth opportunities."

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Intuit Inc. (NASDAQ:INTU) is in 27th position 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 first quarter 2023 which was 92 in the previous quarter.

We discussed Intuit Inc. (NASDAQ:INTU) in another article and shared top stock picks of billionaire Andreas Halvorsen's Viking Global. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.