In a report released today, Alexei Gogolev from J.P. Morgan maintained a Buy rating on Intapp (INTA – Research Report), with a price target of $48.00.
Alexei Gogolev has given his Buy rating due to a combination of factors including Intapp’s significant exposure to the rapidly growing private capital segment and its innovative cloud technology. Intapp’s specialization in providing software solutions for professional services firms, such as top legal firms and private equity firms, positions it well to capitalize on industry-specific needs that are not adequately addressed by more generic technologies. The company’s SaaS platform offers a modern alternative to legacy systems and comes at a 25% discount compared to similar SaaS companies, making it an attractive investment. Furthermore, the anticipated acceleration in SaaS revenue growth stands out as a key catalyst for the stock’s future performance.
The resilience of Intapp’s client base, which includes professionals like accountants and lawyers who maintain steady work regardless of economic cycles, supports the company’s strong gross retention rates. Intapp’s use of artificial intelligence and a low code, configurable system provides a competitive edge, evidenced by a win rate of about 50% against horizontal vendors in RFPs. On top of that, the company’s projected 17% three-year compound annual growth rate (CAGR) and significant margin improvement potential underscore the rationale behind the Buy rating. With a path towards a $1 billion long-term revenue target and trading at a discount to its peers, Intapp is positioned for a re-rating closer to its vertical SaaS peer group, which further justifies the optimistic stance on the stock’s future.
In another report released on May 8, Barclays also maintained a Buy rating on the stock with a $42.00 price target.
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Intapp (INTA) Company Description:
Intapp Inc is a provider of industry-specific, cloud-based software solutions for the professional and financial services industry. It empowers private capital, investment banking, legal, accounting, and consulting firms with the technology they need to meet rapidly changing client, investor, and regulatory requirements.
