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Intapp (NASDAQ:INTA) Board Announces Share Buyback Plan

Intapp logo with Computer and Technology background

Key Points

  • Intapp's Board has approved a $150 million share buyback plan, allowing the company to repurchase up to 5.2% of its outstanding shares, signaling confidence in its stock value.
  • Shares of Intapp (NASDAQ: INTA) saw a 3.6% increase on the trading day following the announcement, reaching $36.92, amid an increased trading volume of nearly two million shares.
  • Recent analyst ratings show a mixed outlook, with one firm upgrading Intapp to "neutral" and others lowering price objectives, resulting in an average consensus target price of $60.11.
  • Want stock alerts on Intapp? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Intapp (NASDAQ:INTA - Get Free Report) announced that its board has approved a stock repurchase program on Tuesday, August 12th, RTT News reports. The company plans to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 5.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Intapp Trading Up 3.6%

Shares of NASDAQ INTA traded up $1.28 on Tuesday, reaching $36.92. 1,893,968 shares of the company traded hands, compared to its average volume of 950,102. Intapp has a fifty-two week low of $32.86 and a fifty-two week high of $77.74. The company has a 50 day moving average of $47.06 and a 200 day moving average of $55.60. The stock has a market capitalization of $2.99 billion, a PE ratio of -153.83, a P/E/G ratio of 7.53 and a beta of 0.73.

Analyst Upgrades and Downgrades

Several research firms recently commented on INTA. Piper Sandler upgraded shares of Intapp to a "neutral" rating and set a $55.00 price objective on the stock in a research report on Tuesday, June 24th. UBS Group decreased their price objective on shares of Intapp from $92.00 to $83.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Citigroup decreased their price objective on shares of Intapp from $66.00 to $53.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 16th. Barclays lowered shares of Intapp from an "equal weight" rating to an "underweight" rating and decreased their price objective for the stock from $60.00 to $44.00 in a research report on Monday, July 14th. Finally, Truist Financial reduced their target price on shares of Intapp from $80.00 to $68.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $60.11.

Get Our Latest Report on INTA

Insider Activity at Intapp

In related news, COO Donald F. Coleman sold 5,629 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $57.07, for a total transaction of $321,247.03. Following the completion of the sale, the chief operating officer owned 437,885 shares of the company's stock, valued at approximately $24,990,096.95. This represents a 1.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John T. Hall sold 31,200 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $55.01, for a total value of $1,716,312.00. Following the completion of the transaction, the chief executive officer owned 5,445,335 shares of the company's stock, valued at approximately $299,547,878.35. This represents a 0.57% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 71,913 shares of company stock worth $3,974,734. 13.02% of the stock is owned by insiders.

About Intapp

Get Free Report)

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.

See Also

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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