Intapp (NASDAQ:INTA) Shares Gap Up on Strong Earnings

Shares of Intapp, Inc. (NASDAQ:INTA) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $36.92, but opened at $44.38. Intapp shares last traded at $40.61, with a volume of 1,457,522 shares changing hands.

The company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04. The business had revenue of $135.04 million during the quarter, compared to the consensus estimate of $132.07 million. Intapp had a negative net margin of 3.61% and a negative return on equity of 0.91%. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.15 earnings per share.

Intapp declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, August 12th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to buy up to 5.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on INTA shares. UBS Group reissued a “buy” rating and set a $72.00 price target (down previously from $83.00) on shares of Intapp in a report on Wednesday. Wall Street Zen downgraded shares of Intapp from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 21st. Piper Sandler raised shares of Intapp to a “neutral” rating and set a $55.00 price target for the company in a report on Tuesday, June 24th. Stifel Nicolaus cut their price objective on shares of Intapp from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, July 8th. Finally, Citigroup cut their price objective on shares of Intapp from $66.00 to $53.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 16th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $60.63.

Insider Activity at Intapp

In related news, CFO David H. Morton, Jr. sold 10,000 shares of Intapp stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $55.02, for a total transaction of $550,200.00. Following the sale, the chief financial officer directly owned 32,739 shares in the company, valued at $1,801,299.78. The trade was a 23.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John T. Hall sold 8,000 shares of the business’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $55.28, for a total transaction of $442,240.00. Following the completion of the sale, the chief executive officer owned 5,445,335 shares in the company, valued at approximately $301,018,118.80. This trade represents a 0.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 71,913 shares of company stock valued at $3,974,734 in the last ninety days. Company insiders own 13.02% of the company’s stock.

Institutional Investors Weigh In On Intapp

Several hedge funds and other institutional investors have recently bought and sold shares of the business. REAP Financial Group LLC raised its holdings in Intapp by 218.5% during the 2nd quarter. REAP Financial Group LLC now owns 481 shares of the company’s stock worth $25,000 after buying an additional 330 shares during the period. Farther Finance Advisors LLC raised its holdings in Intapp by 74.2% during the 1st quarter. Farther Finance Advisors LLC now owns 526 shares of the company’s stock worth $31,000 after buying an additional 224 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in Intapp during the 2nd quarter worth about $31,000. Caitong International Asset Management Co. Ltd raised its holdings in Intapp by 356.0% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 643 shares of the company’s stock worth $33,000 after buying an additional 502 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Intapp during the 1st quarter worth about $36,000. 89.96% of the stock is currently owned by institutional investors.

Intapp Trading Down 2.8%

The company has a fifty day simple moving average of $46.48 and a 200-day simple moving average of $55.33. The stock has a market cap of $3.36 billion, a price-to-earnings ratio of -172.79, a P/E/G ratio of 9.01 and a beta of 0.73.

Intapp Company Profile

Intapp, Inc, through its subsidiary, Integration Appliance, Inc, provides industry-specific cloud-based software solutions for the professional and financial services industry in the United States, the United Kingdom, and internationally. Its solutions include DealCloud, a deal and relationship management solution that manages financial services firms' market relationships, prospective clients and investments, current engagements and deal processes, and operations and compliance activities; collaboration and content solutions, including Intapp documents, an engagement-centric document management system, and Intapp workspaces; risk and compliance management solutions, such as Intapp conflicts, Intapp intake, Intapp terms, Intapp walls, and Intapp employee compliance; and operational and financial management solutions comprising Intapp Billstream, a cloud-based automated proforma invoice solution, Intapp time, and Intapp terms.