Key Stats for Intapp Stock
- 52-Week Range: $19.2 to $59.1
- Current Price: $25
- Street High Target: $58
What Happened?
Intapp (INTA) posted 31% cloud ARR growth to $434M in its fiscal second quarter, a vertical software company serving law firms, private capital investors, and investment banks that trades at $24.63 after falling more than 58% from its 52-week high of $59.10.
On February 3, Intapp reported Q2 total revenue of $140.2M, beating the 10-analyst consensus of $138.18M, while non-GAAP EPS of $0.33 topped estimates by $0.07 and cloud net revenue retention hit a record 124%, meaning existing clients expanded spending by 24 cents for every dollar already committed.
SaaS revenue, the company’s high-margin recurring software business, grew 28% to $102.5M and now represents 73% of total revenue, while partners were directly involved in 7 of its 10 largest deals in the quarter, with Microsoft co-executing more than half of its largest wins and in several cases contributing Azure investment dollars to accelerate closings.
On February 25, the company launched Celeste, its agentic AI platform built to automate compliance, deal origination, and revenue management workflows for professional firms, and announced launch partnerships with Microsoft, Anthropic, and Harvey, a legal AI company; two days later, Intapp expanded the Harvey partnership to allow Celeste to invoke practice-of-law workflows while enforcing ethical walls, MNPI controls, and independence requirements.
John Hall, Chairman and CEO, stated on the Q2 2026 earnings call that “this is the single largest release that we’ve ever done,” then confirmed at the February 25 Investor Day that Celeste targets a newly declared $30B agentic opportunity layered on top of a $20B traditional IT addressable market.
Intapp’s $1B ARR target by 2029 at roughly a 20% CAGR sits entirely outside Celeste’s contribution, the $200M share repurchase program authorized in January now offsets dilution to approximately zero, and a new consumption-based pricing model tied to conflicts checked, matters opened, and deals managed gives the company a revenue mechanism that scales directly with client activity rather than headcount.
Wall Street’s Take on INTA Stock
Celeste’s launch on February 25, which positions Intapp to bill for agentic workflows on a consumption basis rather than per-seat, gives the company’s 31% cloud ARR growth a new monetization ceiling that its current price does not reflect.
Revenue is estimated to reach $570M in 2026, supported by the Microsoft co-sell motion that drove more than half of Q2’s largest wins, while normalized EPS climbs from $0.94 in 2025 to $1.22 in 2026 as cloud mix expansion lifts non-GAAP gross margins toward 80%.
Five of 8 analysts covering INTA carry a buy or outperform rating, with a mean price target of $41.63 and a high of $58.00, implying 166% upside from the April 1 close of $25.04 as consensus positions around Celeste monetization and continued cloud ARR acceleration.
The spread between the $25.00 low target and the $58.00 high captures exactly the binary on Celeste: the low reflects a scenario where consumption pricing takes years to register, while the high tracks faster enterprise adoption of agentic workflows already piloting across the installed base of 2,750 firms.
What Does the Valuation Model Say?
TIKR’s mid-case model prices INTA at $36.30 by June 2031, assuming a 12.5% revenue CAGR driven by the $200M buyback program reducing share count, cloud NRR holding at 124%, and Celeste’s platform fees layering on top of existing subscription ARR.
At roughly 20x forward normalized EPS of $1.22, INTA trades well below the 30x-plus multiple it commanded a year ago when cloud ARR growth was slower and Celeste did not exist, making the stock undervalued against a business that is structurally more valuable today than at those prior highs.
The TIKR model’s $36.30 mid-case target is anchored to a 17% net income margin in 2026, credible given that non-GAAP operating income already jumped 47% in Q2 as SaaS reached 73% of total revenue, reducing the weight of lower-margin professional services.
John Hall, Chairman and CEO, stated on the Q2 2026 earnings call that “this is the single largest release that we’ve ever done,” a signal that management views Celeste not as an incremental feature but as a platform that resets the company’s revenue trajectory.
If cloud NRR slips below 120%, the cross-sell motion that drove $225M in ARR from the $1M+ client cohort stalls, and TIKR’s 2026 EPS estimate of $1.22 becomes difficult to defend.
Q3 2026 earnings will be the first test: SaaS guidance of $105M to $106M must hold, and any early Celeste attach-rate disclosure will confirm whether the consumption model is landing with the enterprise client base.
Should You Invest in Intapp, Inc.?
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