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• Investors may be wondering if Intuit at around US$409 is starting to look like value, or if the price still reflects high expectations for the future.

• The share price has moved around recently, with a 7.5% gain over the last 7 days but declines of 24.1% over 30 days, 35.0% year to date and 32.9% over the past year, leaving only modest 2.1% and 10.5% returns over 3 and 5 years.

• These swings have come as Intuit continues to attract attention for its role in tax preparation and small business software, and how that fits into broader discussions about software valuations. Investors are weighing…