PALO ALTO, CA—David H. Morton Jr., the Chief Financial Officer of Intapp, Inc. (NASDAQ:INTA), has recently sold a significant portion of his holdings in the company. The timing is notable as Intapp's stock trades near its 52-week high of $67.73, having surged 94% over the past six months. According to a filing with the Securities and Exchange Commission, Morton sold a total of 9,000 shares of Intapp common stock on December 3, 2024. The transactions were executed at prices ranging from $63.87 to $65.1442 per share, resulting in total proceeds of approximately $648,343.
These sales were conducted under a pre-established 10b5-1 trading plan, which Morton put in place on September 3, 2024. Following these transactions, Morton now directly owns 17,331 shares of Intapp common stock.
The sales were executed in three separate transactions, with weighted average prices of $63.87, $64.7034, and $65.1442. Morton has committed to providing detailed information about the number of shares sold at each price upon request.
Investors and analysts will be watching closely to see how these transactions might impact perceptions of Intapp's stock, as insider trading activity can often be seen as an indicator of the company's future performance.
In other recent news, Intapp has reported robust financial growth with a focus on cloud solutions and artificial intelligence. The company's first quarter results revealed a 27% year-over-year increase in cloud Annual Recurring Revenue (ARR) to $309 million, accounting for 74% of the total ARR of $417 million. The company's non-GAAP diluted EPS was reported at $0.21, and the free cash flow stood at $24.1 million. However, there was a 35% year-over-year decrease in net new ARR during the first quarter, attributed to a slowdown in large deal activity.
In the company's Annual Meeting of Stockholders, Ralph Baxter (NYSE:BAX), Charles Moran, and George Neble were all reelected as Class I directors. The stockholders also ratified Deloitte & Touche LLP as the company's independent registered public accounting firm for the fiscal year ending June 30, 2025.
Despite the mixed results, 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.
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