ServiceTitan (NASDAQ:TTAN) Issues Quarterly Earnings Results, Beats Expectations By $0.09 EPS

ServiceTitan (NASDAQ:TTAN) posted its earnings results on Thursday. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.09, FiscalAI reports. ServiceTitan had a negative return on equity of 16.87% and a negative net margin of 26.08%.The firm had revenue of $249.16 million for the quarter, compared to analyst estimates of $238.26 million.

ServiceTitan Stock Up 2.4%

NASDAQ:TTAN traded up $2.28 on Thursday, hitting $95.59. 1,859,228 shares of the company’s stock were exchanged, compared to its average volume of 832,044. The firm has a 50-day moving average price of $94.59 and a 200-day moving average price of $104.93. ServiceTitan has a 52 week low of $79.81 and a 52 week high of $131.33. The company has a debt-to-equity ratio of 0.07, a current ratio of 4.49 and a quick ratio of 4.49. The company has a market cap of $8.89 billion and a P/E ratio of -17.70.

Analysts Set New Price Targets

Several equities analysts recently issued reports on TTAN shares. Needham & Company LLC reiterated a “buy” rating and issued a $140.00 price objective on shares of ServiceTitan in a research report on Friday, September 5th. Robert W. Baird raised their price objective on shares of ServiceTitan from $124.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, September 5th. Piper Sandler reaffirmed an “overweight” rating and issued a $155.00 target price on shares of ServiceTitan in a research note on Friday, September 19th. Canaccord Genuity Group increased their target price on ServiceTitan from $130.00 to $140.00 and gave the stock a “buy” rating in a report on Friday, September 19th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of ServiceTitan in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $131.73.

Insider Buying and Selling

In related news, major shareholder Bessemer Venture Partners Viii sold 492 shares of the company’s stock in a transaction dated Friday, October 10th. The stock was sold at an average price of $101.33, for a total transaction of $49,854.36. Following the sale, the insider owned 7,089,795 shares in the company, valued at approximately $718,408,927.35. This represents a 0.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Vahe Kuzoyan sold 16,388 shares of the stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $92.03, for a total value of $1,508,187.64. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,121,690 shares of company stock worth $126,740,332 in the last three months. Insiders own 51.72% of the company’s stock.

Hedge Funds Weigh In On ServiceTitan

Hedge funds and other institutional investors have recently made changes to their positions in the company. Woodline Partners LP increased its position in ServiceTitan by 4.6% during the 1st quarter. Woodline Partners LP now owns 2,141 shares of the company’s stock worth $204,000 after buying an additional 95 shares during the period. Cetera Investment Advisers acquired a new stake in ServiceTitan in the 2nd quarter worth about $345,000. Russell Investments Group Ltd. bought a new stake in ServiceTitan in the 2nd quarter valued at about $500,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of ServiceTitan by 1,005.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company’s stock worth $46,000 after purchasing an additional 392 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new stake in shares of ServiceTitan in the second quarter valued at approximately $393,000.

ServiceTitan Company Profile

ServiceTitan, Inc engages in the collection of field service activities required to install, maintain, and service the infrastructure and systems of residences and commercial buildings. The company was founded by Ara Mahdessian and Vahe Kuzoyan on June 8, 2008 and is headquartered in Glendale, CA.