PALO ALTO, Calif.—David H. Morton Jr., Chief Financial Officer of Intapp, Inc. (NASDAQ:INTA), recently sold shares of the company's common stock valued at approximately $252,126. The transactions took place on November 22, 2024, at prices ranging from $59.16 to $60.74 per share.
Morton sold a total of 4,204 shares in two separate transactions. The first sale involved 1,922 shares at a weighted average price of $59.6617, while the second sale consisted of 2,282 shares at a weighted average price of $60.2352. These sales were conducted to cover tax liabilities incurred upon the vesting of performance share units and restricted share units, as part of a 10b5-1 plan implemented by the company earlier this year.
Following these transactions, Morton retains direct ownership of 27,331 shares of Intapp.
In other recent news, Intapp has been making noteworthy strides in its financial performance, with a particular emphasis on cloud solutions and artificial intelligence. The company's first quarter results showed a 27% year-over-year increase in cloud Annual Recurring Revenue (ARR) to $309 million, making up 74% of the total ARR of $417 million. Additionally, the company's non-GAAP diluted EPS was reported at $0.21, and the free cash flow stood at $24.1 million. In contrast, Intapp noted a 35% year-over-year decrease in net new ARR during the first quarter, primarily due to a slowdown in large deal activity.
At the company's Annual Meeting of Stockholders, directors Ralph Baxter (NYSE:BAX), Charles Moran, and George Neble were reelected, while Deloitte & Touche LLP was ratified as the company's independent registered public accounting firm for the fiscal year ending June 30, 2025. Also, the company's advisory vote to approve named executive officer compensation, the "Say-on-Pay" vote, was approved.
On the analyst front, Oppenheimer maintained its Perform rating for Intapp, highlighting the company's sustained SaaS revenue growth and operating leverage. Looking ahead, Intapp projects Q2 SaaS revenue between $79.5 million and $80.5 million, and full fiscal year SaaS revenue between $327.6 million and $331.6 million. These recent developments reflect Intapp's strategic focus on cloud solutions and AI capabilities.
InvestingPro Insights
As Intapp's CFO David H. Morton Jr. sells shares to cover tax liabilities, it's worth noting some key financial metrics and insights from InvestingPro that provide context to the company's current position.
According to InvestingPro data, Intapp's market capitalization stands at $4.74 billion, reflecting its significant presence in the software industry. The company's revenue for the last twelve months as of Q1 2023 was $447.75 million, with a robust revenue growth of 20.07% over the same period. This growth trajectory aligns with an InvestingPro Tip indicating that net income is expected to grow this year.
Despite the recent share sales by the CFO, Intapp's stock has shown strong performance. The company has seen a remarkable 65.62% price total return over the past six months, and it's currently trading near its 52-week high, with the price at 99.84% of its peak. This performance is reflected in another InvestingPro Tip, which highlights Intapp's high return over the last year.
It's important to note that while Intapp holds more cash than debt on its balance sheet—a positive sign for financial stability—the company was not profitable over the last twelve months. However, analysts predict that Intapp will turn profitable this year, which could be a significant milestone for investors to watch.
For those seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for Intapp, providing a deeper understanding of the company's financial health and market position.
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