Intapp, Inc. (NASDAQ:INTA) Sees Large Decline in Short Interest

Intapp, Inc. (NASDAQ:INTA) saw a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 2,780,000 shares, a drop of 18.0% from the October 15th total of 3,390,000 shares. Currently, 4.0% of the shares of the company are sold short. Based on an average daily volume of 757,100 shares, the days-to-cover ratio is presently 3.7 days.

Intapp Stock Down 1.4 %

Shares of NASDAQ:INTA opened at $56.13 on Friday. The firm has a fifty day simple moving average of $49.93 and a two-hundred day simple moving average of $41.39. Intapp has a 52 week low of $30.36 and a 52 week high of $60.88. The stock has a market capitalization of $4.34 billion, a P/E ratio of -193.55 and a beta of 0.64.

Intapp (NASDAQ:INTA) last released its quarterly earnings results on Monday, November 4th. The company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.13 by $0.08. Intapp had a negative return on equity of 2.08% and a negative net margin of 4.74%. The company had revenue of $118.81 million during the quarter, compared to analyst estimates of $117.88 million. During the same quarter last year, the business posted ($0.20) earnings per share. The firm’s revenue was up 17.0% on a year-over-year basis. On average, analysts expect that Intapp will post -0.14 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on INTA shares. Piper Sandler reaffirmed an “overweight” rating and issued a $60.00 target price (up previously from $46.00) on shares of Intapp in a report on Tuesday, November 5th. JPMorgan Chase & Co. increased their target price on Intapp from $52.00 to $58.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Raymond James boosted their price target on Intapp from $46.00 to $55.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Truist Financial restated a “buy” rating and issued a $55.00 price target (up from $47.00) on shares of Intapp in a research note on Tuesday, November 5th. Finally, Bank of America reduced their price objective on shares of Intapp from $52.00 to $48.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Intapp presently has an average rating of “Moderate Buy” and a consensus price target of $53.55.

Insider Buying and Selling

In other Intapp news, Director Ralph Baxter sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $57.10, for a total transaction of $2,855,000.00. Following the sale, the director now owns 5,624 shares in the company, valued at approximately $321,130.40. This trade represents a 89.89 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thad Jampol sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $45.09, for a total transaction of $901,800.00. Following the completion of the transaction, the insider now owns 772,412 shares of the company’s stock, valued at approximately $34,828,057.08. The trade was a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 237,017 shares of company stock valued at $12,156,222. 13.02% of the stock is owned by company insiders.

Institutional Trading of Intapp

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC increased its position in Intapp by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 11,379 shares of the company’s stock valued at $390,000 after acquiring an additional 959 shares during the last quarter. Swiss National Bank grew its holdings in Intapp by 58.1% during the 1st quarter. Swiss National Bank now owns 86,500 shares of the company’s stock valued at $2,967,000 after purchasing an additional 31,800 shares during the last quarter. Sei Investments Co. raised its position in Intapp by 13.4% in the 1st quarter. Sei Investments Co. now owns 13,858 shares of the company’s stock worth $475,000 after purchasing an additional 1,638 shares during the period. ProShare Advisors LLC purchased a new position in shares of Intapp during the first quarter valued at approximately $246,000. Finally, Vanguard Group Inc. grew its stake in shares of Intapp by 42.7% during the first quarter. Vanguard Group Inc. now owns 5,014,640 shares of the company’s stock valued at $172,002,000 after buying an additional 1,501,091 shares during the last quarter. Hedge funds and other institutional investors own 89.96% of the company’s stock.

About Intapp

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.