Sell Intapp (INTA)
We’ve held Intapp (INTA) for about 18 months and are up about 35% – not amazing but also not too bad. Today, we will lock in the gain. The stock has struggled to make any sustained upside moves for months now and while management has made some tweaks to their go-to-market strategy and done some work/consolidation on the product end of things there’s just no excitement around the stock. Also, yesterday Oppenheimer was out with a note on Intapp that touched on some of the concerns I’ve had lurking in the back of my mind – the main one being that the new wave of AI technologies is making some software solutions less attractive, and could eventually displace them. Even if this isn’t the case for INTA, the perception that it COULD happen is enough to slow things down, at least in the short-term. I can see this company being taken private by Vista Equity Partners or the like, and if that happens it would likely be at a decent premium. But that’s all speculation, and given what we know right this minute I believe that taking a 35% gain and moving on to other “fresher” opportunities makes a lot of sense. SELL
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