Norges Bank acquired 4.62 million shares of Intuit Inc. for approximately $3.06 billion. This purchase gives Norway’s central bank a 1.66% ownership stake in the financial technology platform.
The investment follows a significant share price decline after Intuit's May 20 earnings report. The company reported a weak tax season and pricing pressure on its TurboTax product. Intuit also recently reduced its total workforce by 17%.
This institutional backing coincides with recent insider share purchases by a company director. However, Intuit currently faces an investigation into potential securities fraud regarding its pricing representations.