Informed Momentum Co LLC Reduces Stake in Intapp, Inc. (NASDAQ:INTA)

Key Points

• Informed Momentum Co LLC reduced its holdings in Intapp, Inc. by 53.8% during the 1st quarter, selling 39,454 shares and ending with a total of 33,896 shares valued at approximately $1.98 million.
• Multiple institutional investors, including Wells Fargo and Envestnet Asset Management, increased their positions in Intapp significantly during the fourth quarter, indicating growing confidence in the company.
• Intapp announced a $150 million share buyback plan, a strategy that often suggests management believes the stock is undervalued.

Informed Momentum Co LLC cut its holdings in Intapp, Inc. (NASDAQ:INTA - Free Report) by 53.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 33,896 shares of the company's stock after selling 39,454 shares during the period. Informed Momentum Co LLC's holdings in Intapp were worth $1,979,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Jefferies Financial Group Inc. bought a new position in shares of Intapp in the first quarter worth about $924,000. Thoroughbred Financial Services LLC increased its stake in shares of Intapp by 128.0% in the first quarter. Thoroughbred Financial Services LLC now owns 13,768 shares of the company's stock worth $803,000 after purchasing an additional 7,729 shares during the period. Wells Fargo & Company MN grew its position in Intapp by 79.4% during the fourth quarter. Wells Fargo & Company MN now owns 30,607 shares of the company's stock worth $1,962,000 after buying an additional 13,543 shares in the last quarter. Rhumbline Advisers grew its position in Intapp by 7.2% during the first quarter. Rhumbline Advisers now owns 78,398 shares of the company's stock worth $4,577,000 after buying an additional 5,257 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Intapp by 61.9% during the first quarter. Bank of New York Mellon Corp now owns 264,088 shares of the company's stock worth $15,417,000 after buying an additional 101,004 shares in the last quarter. 89.96% of the stock is currently owned by institutional investors.

Intapp Trading Up 1.6%

Shares of Intapp stock traded up $0.65 during trading hours on Friday, reaching $42.12. 1,429,910 shares of the company's stock were exchanged, compared to its average volume of 729,965. The company has a 50 day moving average of $46.48 and a two-hundred day moving average of $55.33. Intapp, Inc. has a fifty-two week low of $35.51 and a fifty-two week high of $77.74. The stock has a market cap of $3.41 billion, a P/E ratio of -175.50, a P/E/G ratio of 9.01 and a beta of 0.73.

Intapp (NASDAQ:INTA - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.04. The firm had revenue of $135.04 million for the quarter, compared to analysts' expectations 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 revenue was up 18.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.15 EPS. As a group, analysts expect that Intapp, Inc. will post -0.14 earnings per share for the current fiscal year.

Intapp announced that its board has authorized a stock repurchase plan on Tuesday, August 12th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to purchase up to 5.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on INTA shares. Wall Street Zen downgraded Intapp from a "strong-buy" rating to a "buy" rating in a research report on Saturday, June 21st. UBS Group reissued a "buy" rating and set a $72.00 target price (down from $83.00) on shares of Intapp in a research report on Wednesday. Stifel Nicolaus decreased their target price on Intapp from $65.00 to $60.00 and set a "buy" rating on the stock in a research report on Tuesday, July 8th. Citigroup decreased their target price on Intapp from $66.00 to $53.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 16th. Finally, Piper Sandler raised Intapp to a "neutral" rating and set a $55.00 target price on the stock in a research report on Tuesday, June 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, Intapp currently has a consensus rating of "Hold" and a consensus price target of $60.63.

Insider Activity

In related news, insider David Benjamin Harrison sold 14,275 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.01, for a total transaction of $785,267.75. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Donald F. Coleman sold 2,809 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $56.77, for a total transaction of $159,466.93. Following the completion of the sale, the chief operating officer owned 435,076 shares in the company, valued at $24,699,264.52. This represents a 0.64% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 71,913 shares of company stock worth $3,974,734. Insiders own 13.02% 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.