Projected Target Price for FSMD Analysts: $50
ETF Performance Analysis: The Fidelity Small-Mid Multifactor ETF (FSMD) has an implied analyst target price of $50.10, indicating a potential upside of 14.75% from its current trading price of $43.66.
Notable Holdings with Upside: Key underlying holdings of FSMD, such as Q2 Holdings Inc (QTWO), Intapp Inc (INTA), and Tecnoglass Inc (TGLS), show significant upside potential, with target prices suggesting increases of 66.92%, 65.19%, and 56.31% respectively.
Analyst Target Justification: The article raises questions about whether analysts' target prices are justified or overly optimistic, suggesting that high targets could lead to downgrades if they are based on outdated information.
Investor Research Importance: Investors are encouraged to conduct further research to assess the validity of analyst targets in light of recent company and industry developments.
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- Severe Market Drawdown: The iShares Expanded Tech-Software Sector ETF (NYSE:IGV) has fallen for seven consecutive sessions, resulting in a 16% drop, marking the worst performance since the COVID panic in 2020, indicating immense pressure on the software sector.
- Widespread Negative Returns: Year to date, 100 out of 110 constituents in the software sector have posted negative returns, with over 20 stocks down more than 30%, reflecting growing concerns about the sustainability of software business models.
- Deteriorating Technical Indicators: A striking 97 of the IGV ETF's constituents are trading below their 200-day moving average, highlighting a broad breakdown in technical momentum, while the 14-day RSI has plummeted to 16, the lowest since September 2001, indicating extreme market pessimism.
- Pressure from Business Model Shifts: Macro strategists have noted that the rise of AI tools is replacing expensive SaaS platforms, leading to pricing pressures, slower renewals, and declining customer retention, prompting investors to rethink growth and value in the AI era.
- Strong Performance: Intapp's fiscal second quarter non-GAAP EPS surged 57% year-over-year to $0.33, with revenue climbing 16% to $140.2 million, both exceeding market expectations and reflecting the company's robust performance in legal, accounting, and financial services.
- Cloud Revenue Growth: SaaS revenue grew 28% year-over-year to $102.5 million, while cloud annual recurring revenue (ARR) reached $433.6 million, a 31% increase, indicating the company's ongoing expansion in the cloud services market and strong client demand.
- Stock Buyback Program: The company repurchased 3.4 million shares for approximately $150.1 million in the six months ended December 31, 2025, and approved a new stock repurchase program of up to $200 million on January 29, aimed at enhancing shareholder value.
- Outlook: Intapp expects total revenue for the third quarter to be between $143.8 million and $144.8 million, with SaaS revenue projected between $105 million and $106 million, and non-GAAP EPS anticipated in the range of $0.27 to $0.29, demonstrating confidence in future performance despite a lukewarm market reaction.
- Earnings Beat: Super Micro Computer reported Q2 earnings of $0.69 per share, surpassing the analyst consensus of $0.49 by 41.68%, indicating a significant improvement in profitability that boosts investor confidence.
- Significant Revenue Growth: The quarterly revenue reached $12.68 billion, exceeding the market estimate of $10.22 billion and representing a 123.76% increase from $5.68 billion in the same period last year, showcasing the company's strong market performance and growth potential.
- Optimistic Outlook: Super Micro expects Q3 adjusted EPS of $0.60, above the analyst estimate of $0.53, and anticipates revenue in the range of $12.3 billion to $12.6 billion, reflecting confidence in future performance.
- Positive Stock Reaction: In pre-market trading, Super Micro's shares jumped 10.5% to $32.79, indicating a favorable market response to its strong earnings and optimistic outlook.

- Significant Cloud Revenue Growth: Intapp's Cloud ARR reached $434 million, reflecting a 31% year-over-year increase, with cloud now comprising 81% of total ARR, indicating substantial progress in the company's cloud transition and enhancing its competitive position in the market.
- AI Capabilities Driving Product Innovation: The release of Intapp Time with AI features, along with over 70 new AI capabilities, has catalyzed client cloud migrations, demonstrating the company's strategic commitment to increasing AI adoption in highly regulated industries.
- Strategic Partner Expansion: Intapp's collaboration with Microsoft and over 145 curated data technology and services partners continues to deepen, with partners involved in 7 of the 10 largest deals, showcasing the strength and market influence of its partner ecosystem.
- Robust Financial Performance: Q2 SaaS revenue was $102.5 million, up 28% year-over-year, with total revenue at $140.2 million, a 16% increase, and a non-GAAP gross margin of 78.1%, reflecting the company's success in optimizing cloud efficiency and revenue mix.










