INTA heads into the post-earnings session with a story split cleanly in two: a short base that built aggressively into results, and a set of analyst reactions that span the widest possible range on the Street.
The sharpest angle this week is the short interest rebuild ahead of the Q3 print. Short interest jumped roughly 31% over the past month, climbing from around 3.7% to nearly 5.9% of free float. The acceleration was visible in the data: shorts added heavily between April 23 and April 28, pushing estimated shares short from 3.1 million to almost 4.9 million in a matter of days. That is the kind of step-change that reads as conviction positioning into an event, not routine drift. The stock closed at $24.08 on May 5, up 6.1% on the week — suggesting that whatever the bears were braced for, results came in well enough to force some cover.
The lending market tells a complementary story. Availability remains loose — borrow costs are running at roughly 0.45% annualised, and have actually eased from a brief spike near 1.0% in late March. The lending pool is not under stress; there is no squeeze dynamic in play. Availability still has plenty of room, with utilisation well below the 52-week peak of 6.2% reached earlier this spring. On options, the put/call ratio hit 0.59 on May 5 — the highest reading of the past year and well above its 20-day mean of 0.43. That marks roughly 1.4 standard deviations above the recent average, confirming that traders were paying for downside protection into the print. With results now out, the directional weight of that hedging activity is the question.
The Street is divided on where INTA goes from here. JP Morgan maintained its Overweight rating but cut its price target from $58 to $47 on May 6 — a meaningful reduction, though the firm is still firmly in the bull camp. Barclays moved in the opposite direction, raising its Underweight target from $20 to $25 on the same day. Both moves were post-earnings reactions. UBS trimmed its Buy-rated target to $46 from $54 in late April. The consensus mean target of $34.57 implies roughly 44% upside to last close, though that figure is pulled up by the cluster of bullish targets from firms still well above the current price. The bull case centres on Celeste, Intapp's agentic AI platform: it drove about 15% of net new bookings in the quarter, and the company issued guidance for Q4 non-GAAP EPS of $0.36-$0.38. Bears flag pricing pressure risk as agentic delivery expands, and the limits of growth once the remaining 6% of clients complete their cloud migration.
Ownership provides some structural context. Temasek Holdings holds 21.3% of shares — a long-term anchor that limits free-float availability and partly explains why availability has remained loose even as short interest climbed. FMR (Fidelity) filed a fresh 13G on May 6, and its last reported position showed a substantial 1.1 million-share increase. The ORTEX short score is 46.4, essentially mid-range, and the analyst recommendation divergence ranks at the 99th percentile — meaning the gap between the most bullish and most bearish targets is wider than almost any other stock in the universe.
The peer group had a stronger week. AMPL gained 12.6% and KVYO surged 17%, both outpacing INTA's 6.1% move. DOCU added 5.7% and FRSH rose 10.9%. INTA's relative underperformance against the fastest-moving peers suggests the post-earnings bounce absorbed much of the available short cover without triggering a broader re-rating.
What to watch: whether the residual short base — still near the highest level of the past two months — continues to unwind now that results are known, and how management's early Celeste booking traction translates into full-year revenue guidance as the Q4 print approaches.
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