Intuit at $634: Norges Bank's $3.27B Stake, OpenAI Partnership, and a Strong Q1

Intuit (INTU) on November 29, 2025: Institutions Buy, AI Deals Land, Earnings Beat-What Matters Now

Meta: Intuit (NASDAQ: INTU) sits near $634 per share into the November 29 weekend as Norges Bank builds a $3.27B position, other institutions trim around the edges, and new AI partnerships plus strong Q1 results reset the risk/reward for INTU stock.

INTU today: price and context

INTU closed around $634.08 on Friday, up ~0.79% on the day, but roughly 22% below its late-July peak near $814. Over the past week and month, shares are down a little more than 5%, and about flat over the past year. Market cap sits near $176.5B, with a 52-week range of ~$532.65 to $813.70. The quarterly dividend is $1.20 per share (about 0.7% yield).

• Last close: $634.08
• 1-day: +0.79% | 1-week: ~-5.3% | 1-month: ~-5.0%
• 1-year: ~+0.03%
• Market cap: ~$176.5B
• 52-week range: ~$532.65 - $813.70
• Dividend (quarterly): $1.20

With markets closed, the real movement is in ownership filings, earnings follow-through, and fresh AI headlines that could influence positioning into December.

Institutional flows: one big buyer, some profit-taking

• Norges Bank: new stake of ~4.15M shares (~$3.27B), about 1.49% of INTU's outstanding shares-now a top shareholder.
• Neuberger Berman: trimmed ~4.9% (-31,266 shares) to ~611,769 shares (~$481.7M), about 0.22% of the company.
• Skandinaviska Enskilda Banken: modest cut (-0.6%) to ~286,888 shares (~$226M), ~0.10% of INTU; still a top-15 holding for the firm.
• Institutional ownership: ~83-84% of float. The read: rebalancing, not a rush for the exits.

Earnings rewind: broad strength and higher cash returns

Intuit's Q1 FY26 (reported Nov 20) showed high-teens growth and clean beats.

• Revenue: ~$3.89B, +18% y/y (vs. ~${3.76}B consensus)
• Non-GAAP EPS: $3.34, +34% y/y (vs. ~$3.09 consensus)
• GAAP EPS: $1.59, up more than 120% y/y
• Operating income: GAAP nearly doubled; non-GAAP up 30%+

Growth was broad-based:

• Global Business Solutions (QuickBooks): ~${3.0}B revenue, +18%; online ecosystem +21%
• Consumer (TurboTax & ProTax): ~$894M, +21%
• Credit Karma: +27% on improved loans, cards, and auto

The board lifted the quarterly dividend to $1.20 (+15% y/y). Buybacks ran ~$851M in Q1, with ~$4.4B left on authorization.

Guidance: steady full-year, investment dampens near-term EPS

• Q2 FY26: revenue growth ~14-15% (above ~12.8% Street), but adjusted EPS guided to $3.63-$3.68 (below ~${3.83} consensus) as AI and product spend ramps.
• FY26: revenue ~$21.0-$21.2B (+12-13%); GAAP operating income +17-19%; non-GAAP operating income +14-15%; GAAP EPS ~$15.49-$15.69.

Takeaway: growth is intact, margin expansion remains plausible, and full-year targets stay in place despite mixed macro signals.

AI: the OpenAI deal-and why it matters

Intuit announced a multi-year agreement worth $100M+ with OpenAI to put frontier models behind AI agents across TurboTax, Credit Karma, QuickBooks, and Mailchimp. Intuit's apps will also be accessible inside ChatGPT, enabling tasks like refund estimates, loan comparisons, and cash-flow improvements without leaving the chatbot.

• GenOS integration: OpenAI models deepen within Intuit's generative AI platform to deliver personalized, actionable financial insights-and agents that take actions (invoice reminders, tailored loan options, and more).
• Intuit investor relations provides the latest filings and earnings details.
• Reuters coverage emphasizes the size and scope of the partnership.

Beyond OpenAI: data reach and SMB ad tech

• SMB audience data on The Trade Desk: via SMB MediaLabs, pushing Intuit's first-party reach into digital ad channels.
• Mid-market integrations: embedding AI inside ERP and back-office tools to extend utility outside native apps.

Strategy in plain terms: turn Intuit's financial graph into a network effect-inside its suite and across third-party ecosystems.

Valuation check: premium, but supported by growth and margins

• Growth: EPS up ~24% in the last year; revenue up ~17%; multi-year averages near 20%.
• Forward look: ~15.5% EPS CAGR and ~12.4% revenue CAGR expected.
• Multiples: trailing P/E ~30; forward ~23-24-full vs. the market, but not extreme against high-quality software comps.
• Profitability/Balance sheet: ROIC >16%, profit margin >21%, gross margin near 80%, moderate leverage (D/E ~0.28), healthy Altman-Z.

What Wall Street thinks

• RBC: Outperform, $850 target.
• BMO: Outperform, trimmed target to $810.
• Consensus: ~28-33 brokers, average target around $810 (range ~$600 to ~$971). Overall view: Moderate Buy with low- to mid-20s% upside from ~$634, if execution holds.

Independent fair value views

• Simply Wall St: fair value near $805, implying ~27% upside from current levels.
• Scenario: by 2028, ~$26.9B revenue and ~$6.2B earnings, ~12.7% revenue CAGR. Community estimates are wide ($482-$823), reflecting bullish AI cross-sell potential vs. Mailchimp and integration concerns.

Technical snapshot

TradingView signals lean "sell" on the daily and "neutral" on the monthly. INTU is down ~5% this week, flat over 12 months, with volatility near 1.35% and beta ~0.47. Earlier this week saw a 4.64% gap-up and a 4.03% one-day gain, backed by long-term fundamentals like ~21% average ROCE and near-20% sales growth.

Key drivers to watch

• AI execution: Can ChatGPT integration and in-app agents push engagement, pricing, and cross-sell across TurboTax, Credit Karma, QuickBooks, and Mailchimp?
• Growth durability: Management is targeting low-teens revenue growth; Q1 suggests it's achievable if small-business spending and Credit Karma's marketplace stay firm.
• Margins and capital returns: Operating leverage plus buybacks and a growing dividend can compound EPS even in a cooler top-line tape.

Main risks

• Valuation sensitivity: A premium multiple leaves room for compression if growth stalls.
• Mailchimp and macro: marketing-tech softness and small-business exposure can weigh on revenue if ad budgets and SMB demand soften.
• Competition and regulation: pressure across accounting, tax, and personal finance; regulatory scrutiny around tax products and data privacy can resurface.

Bottom line

INTU's setup is straightforward. Growth is healthy, AI is moving from pitch to product, and big institutions still want exposure-even as some holders trim. Valuation has cooled from summer highs, and most fair-value marks cluster in the low-$800s, leaving room for upside if execution stays consistent.

The next leg likely comes down to proof: AI agents that drive measurable customer outcomes, steadier Mailchimp trends, and a clean path to margin expansion while investing in new features.

Want to go deeper on AI in finance?

If you're building skills around AI tooling for finance teams, here's a curated list that's worth bookmarking: AI tools for finance.

Important note

This article is for informational purposes only and is not financial or investment advice. It does not consider your objectives, financial situation, or needs. Do your own research or consult a licensed professional before making investment decisions.