Intapp's chief people officer Murgel sells shares worth $159,887

PALO ALTO, CA—Michele Murgel, the Chief People & Places Officer at Intapp, Inc. (NASDAQ:INTA), recently sold shares of the company, according to a recent SEC filing. The transactions, which occurred on November 22, involved the sale of 2,666 shares of common stock, generating a total value of $159,887. The shares were sold at prices ranging from $59.16 to $60.74.

The sales were executed under a 10b5-1 plan, which was established by the company on June 10, 2024. This plan allows executives to sell a predetermined number of shares at a set time, helping to avoid any allegations of insider trading. The shares were sold to cover tax liabilities resulting from the vesting of performance share units and restricted share units granted under Intapp's 2021 Omnibus Incentive Plan.

Following these transactions, Murgel retains ownership of 165,989 shares of Intapp, Inc. The company, based in Palo Alto, California, specializes in prepackaged software services.

In other recent news, Intapp has been making significant strides in its financial performance, with a particular emphasis on cloud solutions and artificial intelligence. The company's first quarter results showcased 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. This growth was accompanied by a 30% increase in SaaS revenue, reaching $77 million, and a total revenue growth of 17% to $119 million. On the other hand, Intapp reported a 35% year-over-year decrease in net new ARR, attributed to a slowdown in large deal activity.

In the recent Annual Meeting of Stockholders, Ralph Baxter (NYSE:BAX), Charles Moran, and George Neble were reelected as Class I directors, and Deloitte & Touche LLP was ratified as the company's independent registered public accounting firm for the fiscal year ending June 30, 2025. Furthermore, the stockholders approved the advisory vote to approve named executive officer compensation, also known as the "Say-on-Pay" vote.

Oppenheimer maintained its Perform rating for Intapp, highlighting the company's sustained SaaS revenue growth and operational 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 advancing its cloud solutions and AI capabilities.

InvestingPro Insights

To provide additional context to Michele Murgel's recent stock sale, it's worth examining some key financial metrics and insights from InvestingPro for Intapp, Inc. (NASDAQ:INTA).

According to InvestingPro data, Intapp's market capitalization stands at $4.74 billion, reflecting its significant presence in the prepackaged software services sector. The company's revenue for the last twelve months as of Q1 2023 was $447.75 million, with a notable revenue growth of 20.07% over the same period.

One InvestingPro Tip highlights that Intapp holds more cash than debt on its balance sheet, which is a positive indicator of the company's financial health. This strong cash position may provide flexibility for future investments or to weather potential market uncertainties.

Another relevant InvestingPro Tip notes that 8 analysts have revised their earnings upwards for the upcoming period. This positive sentiment from analysts could be a contributing factor to the recent stock performance, with Intapp's share price showing a strong return of 54.99% over the past year.

It's important to note that Intapp is currently trading near its 52-week high, with the stock price at 99.84% of its highest point over the past year. This aligns with the recent insider sale by Michele Murgel, as executives often sell shares when stock prices are elevated.

For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for Intapp, providing a deeper understanding of the company's financial position and market performance.

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