Intapp (INTA) reported better-than-expected fiscal Q4, but there are concerns over slowing growth and limited margin expansion potential, Oppenheimer said in a note Wednesday.

Software-as-a-service, or SaaS, revenue rose 27% year-over-year to $90.2 million, while adjusted EPS came in at $0.27, beating consensus by $0.04, the note said.

Total revenue reached $135 million, up 18% from a year earlier and $2.9 million above expectations, while adjusted operating income hit $21.3 million with a 15.8% margin, Oppenheimer said.

Meanwhile, guidance for fiscal Q1 2026 was mixed as revenue projections are slightly above consensus, but expected profit and EPS fell short of analyst estimates, the analysts said.

For fiscal 2026, the analysts said they now expect low double-digit revenue growth, slowing from prior periods, driven by decelerating SaaS growth and declining license revenue.

Positives include strong net new cloud annual recurring revenue of $29.7 million, rising large customer growth, a $150 million buyback plan, and higher adoption of AI-powered DealCloud Assist, Oppenheimer said.

Negatives for the company include lower-than-expected operating margin improvement, slowing margin growth in fiscal 2026, weaker cloud net retention, and a historically low Q4 profit beat, according to the note.

Oppenheimer maintained a perform rating for the company.

Shares of the company rose more than 10% in recent trading activity Wednesday.

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