Stifel has lowered its price target on Intapp, Inc. (NASDAQ: INTA) to $40.00 from $50.00, while leaving its rating on the stock at Buy. The revised target implies about 36% upside relative to the prevailing market price of $29.31. Intapp shares were trading near their 52-week low of $28.78 and have fallen more than 60% over the past year.
The analyst action followed company guidance that, in Stifel's view, implies a slightly lighter second half for full-year revenue and operating income. That outlook, coupled with continued selling pressure across the software sector, was linked by the firm to an estimated roughly 20% drop in Intapp shares in after-hours trading following the update.
Stifel's revision comes despite several favorable operational and financial developments at Intapp. The company reported quarter-over-quarter acceleration in Cloud Annual Recurring Revenue (ARR) and Net Revenue Retention (NRR). Management raised the full-year SaaS outlook above Street expectations and also announced a $200 million share repurchase program.
Financial position notes included InvestingPro data showing Intapp holds more cash than debt on its balance sheet. Analysts surveyed by the market expect the company to return to profitability in the current fiscal year, although Intapp was not profitable over the last twelve months.
On the strategic side, Stifel emphasized management's focus on the defensibility of Intapp's AI-enabled, industry-specific platform amid broader market uncertainty. The firm highlighted the platform's nuanced use cases and the deep regulatory considerations that characterize its end markets. Stifel also pointed to an upcoming analyst day on February 25 in New York City as an opportunity for Intapp to further develop its corporate narrative and demonstrate the resilience of its business model.
In its most recent quarterly report, Intapp posted fiscal second-quarter 2026 results that exceeded consensus forecasts for both earnings per share and revenue. The company earned $0.33 per share, ahead of the $0.26 expected by analysts, and generated $140.2 million in revenue versus a $138.19 million forecast. Despite beating on both EPS and revenue, the stock declined in after-hours trading following the release.
Taken together, the data points reflect a company that is delivering on multiple operational metrics while facing investor skepticism tied to near-term guidance and sector-wide dynamics. Market participants will likely watch the February analyst day and subsequent updates for further evidence that Intapp can solidify its narrative and sustain the improvements in ARR, NRR, and overall profitability.