INTA · Intapp
Conviction · Low · more likely to lag the S&P 500 over the next three months
Wrong if: a daily close above $54.35
Note written ·
Price against the kill line
15.1% clear of its kill line on the 13 November 2026 close.
How to read this
This note expects the shares to lag the market, so its kill line sits above the price: a close above the red mark would prove the view wrong. Prices run from low on the left to high on the right. The dot is where the stock closed on 13 November 2026, left of the mark while it is below the line; a dot right of the mark has closed through it.
The scale is stretched near the line, so close calls are easy to see. More than 8% from the line, the stock reads well clear, with a hollow dot to show the figure is off the drawn scale.
The kill line is the research note's own test. The portfolio sells on business facts, not on a price. How the portfolio decides
Three months against the kill line
Daily closes, to . Red: the kill line, a daily close above $54.35, on record since 11 November 2026. The shares are up 19.9% since the close; the S&P 500 is down 2.1% over the same sessions. Figures in the note can cover a different window.
Kill line
A daily close above $54.35, about 17% above the $46.45 close of 11 November 2026, which would show the shares leading the S&P 500; cloud ARR growth back above 29% in the fiscal second-quarter 2027 report would also prove the call wrong.
Research onlyNot in the portfolio.
Key figures from the filings · Technology
Quarter to 30 September 2026, filed 27 October 2026; valuation at the 13 November 2026 close
- Revenue, latest quarter ($M)
- 161
- Revenue, change on a year (%)
- +16.0
- Gross margin (%)
- 77.9
- Operating margin (%)
- −0.7
- Free cash flow, four quarters ($M)
- 160
- Net cash, cash less debt ($M)
- 148
- Enterprise value to sales (×)
- 5.7
- Free-cash-flow yield (%)
- 4.5
All filed numbers
What Intapp reports to the SEC in its quarterly and annual filings. Each group states its period and filing date once; a figure dated otherwise says so. Built from the filings known on .
| Quarter to | Revenue ($M) | On a year (%) | Gross margin (%) | Operating margin (%) |
|---|---|---|---|---|
| first filed | 161 | +16.0 | 77.9 | −0.7 |
| first filed | 153 | +13.0 | 77.6 | −2.8 |
| first filed | 146 | +13.1 | 75.7 | −9.8 |
| first filed | 140 | +15.7 | 75.0 | −5.1 |
| first filed | 139 | +17.0 | 74.7 | −10.4 |
| first filed | 135 | +18.1 | 74.8 | −3.1 |
| Pre-tax income ($M) | −0.2 |
| Net income ($M) four quarters: −28.3 | −1.3 |
| Diluted shares, change on a year (%) against the quarter to 30 September 2025 | −6.5 |
| Operating cash flow ($M) | 162 |
| Capital spending ($M) | 1.9 |
| Free cash flow ($M) | 160 |
| Cash and short-term investments ($M) | 148 |
| Debt ($M) | None reported |
| Net cash, cash less debt ($M) no debt reported | 148 |
| Deferred revenue ($M) +21.4% on a year | 290 |
| Backlog, orders not yet delivered ($M) +11.8% on a year | 799 |
| Receivables ($M) | 55.5 |
| Inventory ($M) | Not reported |
| Shareholders' equity ($M) | 308 |
| Market value ($M) | 3,538 |
| Enterprise value, market value plus net debt ($M) no debt reported | 3,391 |
| Enterprise value to sales (×) no debt reported | 5.7 |
| Enterprise value to operating income (×) | Not meaningful |
| Price to earnings (×) | Not meaningful |
| Price to book value (×) | 11.5 |
| Free-cash-flow yield (%) | 4.5 |
Short interest (FINRA, settled 15 October 2026, published 26 October 2026): 3.5% of shares outstanding sold short, 5.1 days of average trading to cover, −12.4% since the previous report.
| Window | Bought | Sold |
|---|---|---|
| 90 daysfrom | $0 | $7.4M |
| 12 monthsfrom | $0 | $19.6M |
The thesis
Intapp's shares look more likely to lag the S&P 500 than lead it over the next three months. Its AI engine, Celeste, is winning a growing share of new bookings, but contracted revenue fell in the September quarter and growth in cloud annual recurring revenue (ARR) slowed. The fiscal second-quarter report, expected in early February 2027, shows whether AI bookings lift cloud growth.
The rating is Low because the Form 10-Q for the quarter ended 30 September 2026 shows the contracted base shrinking while the shares trade above most analyst targets. Remaining performance obligations (RPO), meaning contracted revenue not yet recognized, were about $799.4 million at 30 September 2026, against about $833.0 million at 30 June 2026 in the fiscal 2026 Form 10-K. Deferred revenue fell to $290.4 million from $317.7 million over the same three months.
RPO still sits above the $791.4 million management cited for 31 March 2026, so renewal timing around the June quarter may explain part of the fall. That reading fails if the February filing shows RPO below $799.4 million at 31 December 2026.
On 27 October 2026 Intapp reported fiscal first-quarter 2027 revenue of $161.3 million, up 16%, and non-GAAP earnings per share (EPS) of $0.44. Both beat the estimates Benzinga cited, $159.65 million and $0.40. Cloud ARR grew 28% to $515.3 million, down from 29% growth at 30 June 2026.
The price already reflects the raised guidance: the shares closed at $46.45 on 11 November 2026, above MarketBeat's $40.71 consensus target of 30 October 2026 and Citigroup's $40 target, raised on 28 October 2026 with a neutral rating. The rise from $43.73 on 6 November 2026 came with no new company results or guidance.
Bullish and bearish views on Intapp, Inc.
The bull case on Intapp, Inc. (INTA), in brief: AI is a growing share of bookings. The bear case: contracted revenue fell in the quarter.
Bull case
- AI is a growing share of bookings. On the 27 October 2026 call, management said Firm AI made up more than 40% of net new bookings in the quarter, up from more than 20% the quarter before. The CFO said the qualified Celeste pipeline grew about 2.5 times quarter over quarter.
- Existing clients keep expanding. Trailing twelve-month cloud net revenue retention was 123% at 30 September 2026, the same as at 30 June 2026. The Form 10-Q counts 908 clients above $100,000 of ARR, up 12% from 813.
- Full-year guidance went up. On 27 October 2026, Intapp raised fiscal 2027 revenue guidance to $658.2–662.2 million, from $656.5–660.5 million. It raised non-GAAP EPS guidance to $1.64–1.68, from $1.58–1.62, against a $1.60 estimate cited by Benzinga.
- Losses narrowed and cash funds buybacks. The Form 10-Q shows a GAAP net loss of $1.3 million for the quarter, against $14.4 million a year earlier, and cash of $147.7 million at 30 September 2026. Intapp bought and retired about 0.6 million shares for $25.0 million, with $50.0 million left under its $200.0 million program.
- New DealCloud wins carry Celeste. On 20 October 2026 Intapp announced that Carr, Riggs & Ingram M&A Advisors chose DealCloud with Celeste for deal origination and relationship tracking.
Bear case
- Contracted revenue fell in the quarter. RPO was about $799.4 million at 30 September 2026, down from about $833.0 million at 30 June 2026 (Form 10-Q and Form 10-K). The share due within 12 months rose to about 59% from about 57%. On the fiscal fourth-quarter call in August 2026, management named shorter on-premise contracts as a drag on RPO.
- Cloud ARR growth slowed. Cloud ARR grew 28% at 30 September 2026, down from 29% at 30 June 2026. Total ARR grew 20% to $607.1 million.
- Second-quarter guidance points lower. The $158.8–159.8 million revenue guide issued on 27 October 2026 is below the first quarter's $161.3 million and the $160.8 million estimate Benzinga cited. The $0.37–0.39 non-GAAP EPS guide is below the $0.40 estimate.
- License revenue keeps shrinking. License revenue fell 21% to $23.0 million from $29.2 million (Form 10-Q). Management said on the 27 October 2026 call that it expects the decline to continue through fiscal 2027.
- Deployment capacity slows conversion. Management said on 27 October 2026 that Celeste demand is running ahead of its ability to deploy it. About 200 firms run Celeste without a full subscription.
- The shares trade above analyst targets. MarketBeat's consensus target was $40.71 across nine analysts on 30 October 2026, with three buy, four hold and two sell ratings. Citigroup's target, raised on 28 October 2026, is $40.
- AI-native legal software competes for law firms. On 27 October 2026, Benzinga reported that Latham's investment funds practice and Harvey are developing an AI-enabled platform for fund clients.
Price setup
The shares closed at $46.45 on 11 November 2026, 3.6% below the 52-week intraday high of $48.19 set on 23 October 2026. They are up 13.2% over three months from the $41.02 close of 13 August 2026. The 52-week closing low was $19.14 on 27 May 2026.
The close sits above the 50-day moving average of $40.50 and the 200-day moving average of $30.31, both as of 11 November 2026. After the 27 October 2026 report, Intapp was among the stocks Benzinga listed as falling in the 28 October 2026 pre-market session. The shares then closed at $45.07 on 4 November 2026, dipped to $43.73 on 6 November 2026 and rose for three sessions to $46.45. A close above the $48.19 high would put the shares at a new 52-week peak with no new results behind it.
Insider selling is steady and pre-planned. SEC Form 4 filings show CEO John Hall exercising options at $7.45 and selling 3,000 shares each week under a Rule 10b5-1 plan: at $40.00 on 12 October 2026, an average of $44.35 on 19 October 2026, $47.32 on 26 October 2026, $44.94 on 2 November 2026 and $44.12 on 9 November 2026. President of Industries David Benjamin Harrison sold 40,284 shares at $45.26 on 20 October 2026, and Chief Product Officer Thad Jampol sold 5,000 shares at $41.91 on 2 November 2026, both under 10b5-1 plans. The company's buyback runs against these sales.
Catalysts ahead
- ~3 February 2027 (est.): Fiscal second-quarter 2027 results and the Form 10-Q that follows. Tests revenue against the $158.8–159.8 million guide, shows whether cloud ARR growth holds at 28% or re-accelerates, and shows whether remaining performance obligations recover from $799.4 million.
What would change the view
A daily close above $54.35, about 17% above the $46.45 close of 11 November 2026, which would show the shares leading the S&P 500; cloud ARR growth back above 29% in the fiscal second-quarter 2027 report would also prove the call wrong.
What it trades with
The shares trade mostly on Intapp's own reports. The rise from the $19.14 closing low of 27 May 2026 spanned the fiscal fourth-quarter report in August and the Celeste general release in July 2026, both company events. That view fails if the shares move with the software sector at the February 2027 report instead of with their own results.
Part of the business depends on deal activity, because DealCloud serves dealmakers such as Carr, Riggs & Ingram M&A Advisors. The Latham and Harvey news of 27 October 2026 ties the shares to the wider debate over whether AI-native tools take legal workflows from established professional-services software.
The evidence, claim by claim (8)
- Remaining performance obligations were about $799.4 million at 30 September 2026, with about 59% due within 12 months, against about $833.0 million and about 57% at 30 June 2026. Intapp Form 10-Q for the quarter ended 30 September 2026; fiscal 2026 Form 10-K · as of
- Deferred revenue was $290.4 million at 30 September 2026, down from $317.7 million at 30 June 2026. Intapp Form 10-Q for the quarter ended 30 September 2026 · as of
- Cloud ARR was $515.3 million, up 28% year over year, or 85% of total ARR of $607.1 million (up 20%). Trailing twelve-month cloud net revenue retention was 123%. Intapp Q1 fiscal 2027 results release, 27 October 2026 · as of
- Intapp reported fiscal first-quarter 2027 total revenue of $161.3 million, up 16% year over year, and subscription revenue of $125.5 million, up 29%. License revenue fell 21% to $23.0 million. Intapp Q1 fiscal 2027 results release, 27 October 2026; Form 10-Q · as of
- Firm AI made up more than 40% of net new bookings in fiscal Q1 2027, up from more than 20% the prior quarter. The CFO said the Celeste pipeline grew about 2.5 times quarter over quarter. Intapp Q1 fiscal 2027 earnings call, 27 October 2026 · as of
- Intapp guided fiscal second-quarter revenue to $158.8–159.8 million against a $160.8 million estimate and raised fiscal 2027 revenue guidance to $658.2–662.2 million from $656.5–660.5 million. Intapp Q1 fiscal 2027 results release; Benzinga, 27 October 2026 · as of
- CEO John Hall exercised options on 3,000 shares at $7.45 and sold 3,000 shares at $43.75–$44.32 (average $44.12) on 9 November 2026 under a Rule 10b5-1 plan, his fifth weekly sale of that size since 12 October 2026. SEC Form 4 filings, filed 14 October 2026 through 10 November 2026 · as of
- The consensus price target across nine analysts was $40.71 (high $47, low $34), with three buy, four hold and two sell ratings; Citigroup raised its target to $40 on 28 October 2026 and kept a neutral rating. MarketBeat INTA forecast page; Benzinga, 28 October 2026 · as of
Sources
- Intapp, Inc. - Form 10-Q - FY2026 · sec.gov
- Intapp, Inc. - Form 10-K - FY2026 · sec.gov
- Intapp, Inc. - Form 4 - FY2026 · sec.gov ·
- Intapp (INTA) Stock Forecast and Price Target 2026 $INTA · marketbeat.com
- MarketBeat ·
- Intapp (INTA) Q4 2026 Earnings Call Transcript · fool.com
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