Feb. 4 at 10:44 PM
$INTA UBS kept its Buy rating on Intapp but lowered the price target on the stock to
$54 from
$62 as the software sector is rerating amid generative AI anxiety. The firm noted that the generative AI storm has clouded effective execution by the company.
"The INTA stock fell after hours despite strong FQ2 + NEW
$200M [~8.5% cap] buyback after completing its inaugural
$150M buyback as the market is likely focusing on lack of full revenue beat flow through. Importantly, Intapp continues to show cloud acceleration with TTM cloud net revenue retention at ~124% up from 121% in Q1 and cloud ARR up +31% from +30%," said analysts led by Kevin McVeigh.