Key Takeaways:
- AI Adoption: Cloud ARR growing 31% annually as firms modernize with AI-powered compliance solutions.
- Price Projection: Based on current execution, INTA stock could reach $28 by June 2028.
- Potential Gains: This target implies a total return of 29% from the current price of $22.
- Annual Return: Investors could see roughly 12% growth over the next 2.4 years.
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Intapp (INTA) delivered strong second-quarter fiscal 2026 results, with Cloud ARR reaching $434 million, up 31% year over year.
CEO John Hall emphasized the company’s vertical AI roadmap, which delivers actionable insights drawn from firms’ proprietary information enriched with Intapp’s industry graph data model. These advanced compliance capabilities set Intapp apart in highly regulated industries.
- The company raised its full-year guidance and now expects SaaS revenue between $415 million and $419 million.
- The company’s recent release of Intapp Time has been a catalyst for cloud migrations, with multiple Am Law 100 firms moving to the cloud.
- Large firms like Seyfarth Shaw and Burr & Forman are buying the solution for the first time.
- Microsoft remains a major growth driver. More than half of Intapp’s largest wins in Q2 were jointly executed with Microsoft, with several deals including Azure investment dollars to accelerate closings.
- Partners were directly involved in 7 of the 10 largest deals this quarter.
Despite strong fundamentals and growing enterprise adoption, Intapp trades at $22, offering upside for investors who recognize the company’s position in AI-powered professional services software.
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What the Model Says for Intapp Stock
We analyzed Intapp through its transformation into a leading vertical SaaS provider for professional and financial services firms. The company benefits from multiple demand drivers across legal, accounting, and financial services verticals.
- Law firms are modernizing intake and conflict checking processes in response to evolving anti-money laundering and know-your-client regulations.
- Firms like Ropes & Gray and Reed Smith chose Intapp’s compliance solutions this quarter.
- In accounting, the influx of private equity investments and mergers is disrupting the industry.
- Firms are modernizing compliance practices and extending that to collaboration and business development, driving demand for Intapp’s solutions.
- Financial services firms continue replacing legacy horizontal CRMs with DealCloud for AI-powered relationship intelligence.
- Enterprise and mid-market investment banks are seeing DealCloud to boost productivity, support regulatory compliance, unlock firm intelligence, and create a competitive edge.
Using a forecast of 13.2% annual revenue growth and 19.6% operating margins, our model projects the stock will rise to $28 within 2.4 years. This assumes a 16x price-to-earnings multiple.
That represents compression from Intapp’s historical P/E averages of 44.3x (one year) and 59x (three years). The lower multiple reflects the stock’s recent correction and transition to profitability-focused growth.
The real value lies in capturing the massive opportunity as highly regulated industries adopt AI and migrate to cloud-based solutions while expanding within the existing client base.
Our Valuation Assumptions
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Our Valuation Assumptions
TIKR’s Valuation Model lets you plug in your own assumptions for a company’s revenue growth, operating margins, and P/E multiple, and calculates the stock’s expected returns.
Here’s what we used for INTA stock:
1. Revenue Growth: 13.2%
Intapp’s growth centers on structural demand for vertical AI solutions in regulated industries.
- The company delivered 28% SaaS revenue growth in Q2, with Cloud ARR up 31% year over year.
- Management sees continued momentum as firms modernize their technology infrastructure.
- The enterprise-focused go-to-market motion is working, with 834 clients now generating at least $100,000 in ARR, up from 728 a year ago.
- Cloud net revenue retention stands at 124%, reflecting strong expansion within existing accounts.
- The Microsoft partnership is accelerating larger enterprise deployments.
- Azure marketplace transactions are increasing, helping shorten sales cycles for firms with existing Microsoft commitments.
2. Operating margins: 19.6%
Intapp delivered EBIT margin improvements in recent quarters relative to historical levels.
Management expects margins to expand as the business scales and the mix shifts toward higher-margin SaaS revenue, which now represents 73% of total revenue.
The company is investing in AI capabilities and go-to-market expansion, but these investments should be offset by operational leverage as Cloud ARR grows.
Partner ecosystem growth is also improving implementation efficiency.
3. Exit P/E Multiple: 16x
The market currently values Intapp at 16.3x next twelve months’ earnings. We assume the P/E will remain relatively stable at 16x over our forecast period.
This represents significant compression from historical multiples, reflecting the stock’s correction from peak levels.
As Intapp demonstrates consistent execution on its AI roadmap and cloud migration strategy, the company should maintain this valuation level while continuing to grow earnings.
The vertical SaaS model with deep domain expertise in regulated industries provides durability.
Enterprise clients deepening their relationships and strong co-sell activity support sustained growth.
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What Happens If Things Go Better or Worse?
Professional services software faces execution risk and competitive dynamics. Here’s how Intapp stock might perform under different scenarios through June 2030:
- Low Case: If revenue growth slows to 11.6% and net income margins compress to 19.3%, investors still see a 25.8% total return (5.4% annually)
- Mid Case: With 12.9% growth and 20.4% margins, we expect a total return of 60.9% (11.5% annually)
- High Case: If AI adoption accelerates, driving 14.2% revenue growth while Intapp maintains 21.5% margins, returns could hit 102.9% total (17.6% annually)
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The range reflects execution on cloud migrations, successful AI monetization, and expansion within the partner ecosystem.
In the low case, competitive pressure limits pricing power, or adoption slows.
In the high case, firms accelerate modernization, and AI deployments exceed expectations across all verticals.
How Much Upside Does Intapp Stock Have From Here?
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All it takes is three simple inputs:
- Revenue Growth
- Operating Margins
- Exit P/E Multiple
If you’re not sure what to enter, TIKR automatically fills in each input using analysts’ consensus estimates, giving you a quick, reliable starting point.
From there, TIKR calculates the potential share price and total returns under Bull, Base, and Bear scenarios so you can quickly see whether a stock looks undervalued or overvalued.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
