Intuit on Tuesday introduced a set of proactive AI agents for its QuickBooks accounting software for small businesses. But Intuit stock fell.
The Mountain View, Calif.-based financial software firm said the artificial intelligence agents can act as a virtual team to help businesses with routine tasks. The agents automate workflows and, when combined with human experts, can deliver real-time insights and improve cash flow for businesses, Intuit said in a news release.
The AI agents can complete workflows across payments, accounting, financial analysis and customer relationship management. They connect data across multiple applications. Intuit said the AI tools save businesses up to 12 hours a month on bookkeeping.
"Intuit's AI-driven expert platform is transforming how businesses run and grow with first-of-its-kind agentic AI experiences," Intuit Chief Executive Sasan Goodarzi said in a statement. "When our vast amounts of data and AI capabilities are combined with the power of trusted human experts, Intuit's uniquely designed, integrated platform unlocks next-level efficiencies, profitability, and growth for businesses."
The AI agents complete day-to-day tasks, including managing customer leads, tracking payments, sending invoices and reconciling a business's books.
On the stock market today, Intuit stock retreated 1% to close at 779.61. Earlier in the session, Intuit stock hit an all-time high of 790.60.
Intuit Stock Rated Buy
Mizuho Securities analyst Siti Panigrahi on Tuesday reiterated his outperform, or buy, rating on Intuit stock with a price target of 875.
"We view AI agents as a necessary evolution to simplify small business operations and reduce costs," Panigrahi said in a client note. "As adoption grows, we expect the company to introduce standalone AI (products), unlocking incremental monetization opportunities and reinforcing platform retention."
Intuit stock is on the IBD Tech Leaders list.
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