With significant hedge fund interest, Intuit Inc. (NASDAQ:INTU) secures a spot on our list of the 10 best SaaS stocks to buy according to hedge funds.
As of Q1 2026, 92 hedge funds held bullish positions in the stock, representing $6.96 billion in aggregate value
Photo by Possessed Photography on Unsplash After the company released its latest quarterly updates, Intuit Inc. (NASDAQ:INTU) announced an expansion of its AI offerings. On May 20, 2026, Intuit Inc. (NASDAQ:INTU) said it would cut 17% of its full-time workforce, or nearly 3,000 roles globally, to simplify its organizational structure and focus on key areas, including AI. Intuit expects restructuring charges of $300 million to $340 million tied to the cuts to be recognized in the fourth quarter.
The announcement sent shares down 14% after the bell. Intuit Inc. (NASDAQ:INTU) also lowered its fiscal 2026 TurboTax revenue forecast to a range of $5.277 billion to $5.282 billion, from a prior projection of $5.305 billion to $5.330 billion. CEO Sasan Goodarzi said total IRS tax filings are projected to drop nearly 30 basis points this season, roughly 2 million short of broader economic forecasts, which he described as the steepest industry-wide contraction since the post-COVID era.