ServiceTitan (NASDAQ:TTAN) Trading Up 8.1% – Here’s What Happened

ServiceTitan Inc. (NASDAQ:TTAN) shares traded up 8.1% during trading on Thursday . The company traded as high as $99.80 and last traded at $99.68. Approximately 556,867 shares traded hands during trading, a decline of 61% from the average daily volume of 1,421,241 shares. The stock had previously closed at $92.23.

Analysts Set New Price Targets

Several brokerages recently issued reports on TTAN. Needham & Company LLC reaffirmed a “buy” rating and set a $100.00 target price on shares of ServiceTitan in a research report on Wednesday, June 17th. Citigroup reaffirmed a “neutral” rating on shares of ServiceTitan in a report on Monday, June 8th. Morgan Stanley upped their target price on shares of ServiceTitan from $118.00 to $124.00 and gave the stock an “overweight” rating in a research note on Friday, June 5th. Truist Financial reissued a “buy” rating and set a $110.00 price target (up from $100.00) on shares of ServiceTitan in a research report on Friday, June 5th. Finally, BTIG Research restated a “buy” rating and set a $110.00 price target on shares of ServiceTitan in a report on Friday, July 10th. Fourteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $108.93.

ServiceTitan Stock Performance

The stock has a market cap of $9.54 billion, a P/E ratio of -69.11 and a beta of 0.02. The business has a 50 day simple moving average of $79.81 and a 200-day simple moving average of $70.77.

ServiceTitan (NASDAQ:TTAN) last issued its quarterly earnings results on Thursday, June 4th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. ServiceTitan had a negative net margin of 13.44% and a negative return on equity of 5.59%. The company had revenue of $268.82 million for the quarter, compared to the consensus estimate of $257.40 million. During the same period in the previous year, the firm earned $0.18 EPS. The firm’s quarterly revenue was up 24.6% on a year-over-year basis. On average, sell-side analysts predict that ServiceTitan Inc. will post -0.54 earnings per share for the current fiscal year.

Insider Activity

In other news, President Vahe Kuzoyan sold 114,732 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $88.84, for a total transaction of $10,192,790.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director William J.G. Griffith sold 94,415 shares of the stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $63.43, for a total value of $5,988,743.45. Following the transaction, the director directly owned 443,221 shares of the company’s stock, valued at approximately $28,113,508.03. This trade represents a 17.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 524,837 shares of company stock worth $39,894,622. 39.89% of the stock is owned by insiders.

Institutional Investors Weigh In On ServiceTitan

Several large investors have recently added to or reduced their stakes in TTAN. Farther Finance Advisors LLC grew its stake in ServiceTitan by 189.1% in the 4th quarter. Farther Finance Advisors LLC now owns 266 shares of the company’s stock worth $28,000 after buying an additional 174 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of ServiceTitan by 1,005.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company’s stock worth $46,000 after acquiring an additional 392 shares in the last quarter. State of Wyoming purchased a new position in shares of ServiceTitan in the 1st quarter worth about $48,000. Sunbelt Securities Inc. increased its holdings in shares of ServiceTitan by 391.0% in the 4th quarter. Sunbelt Securities Inc. now owns 491 shares of the company’s stock worth $52,000 after purchasing an additional 391 shares in the last quarter. Finally, Parallel Advisors LLC grew its stake in shares of ServiceTitan by 161.7% in the third quarter. Parallel Advisors LLC now owns 526 shares of the company’s stock worth $53,000 after acquiring an additional 325 shares during the period.

ServiceTitan Company Profile

ServiceTitan, Inc (NASDAQ: TTAN) is a cloud-based software provider specializing in end-to-end business management solutions for residential and commercial trade contractors. The company’s platform integrates customer relationship management, scheduling and dispatch, mobile workforce management, invoicing, payments and reporting tools into a single suite. By automating key back-office processes, ServiceTitan helps field service businesses improve operational efficiency, enhance customer experience and drive revenue growth.

At the core of ServiceTitan’s offering is a mobile application that allows technicians to access job details, update work orders, capture signatures and process payments from the field.