TD Cowen Reaffirms Buy Rating for ServiceTitan (NASDAQ:TTAN)

ServiceTitan (NASDAQ:TTAN)‘s stock had its “buy” rating reiterated by equities research analysts at TD Cowen in a note issued to investors on Wednesday, Benzinga reports. They currently have a $100.00 price objective on the stock. TD Cowen’s price target suggests a potential upside of 37.76% from the stock’s previous close.

TTAN has been the topic of several other research reports. Robert W. Baird decreased their price target on shares of ServiceTitan from $101.00 to $85.00 and set an “outperform” rating on the stock in a report on Wednesday, September 9th. UBS Group set a $100.00 target price on ServiceTitan in a research report on Wednesday, September 9th. Stifel Nicolaus decreased their target price on ServiceTitan from $125.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday, September 9th. Wells Fargo & Company cut their price objective on ServiceTitan from $115.00 to $105.00 and set an “overweight” rating for the company in a report on Wednesday, September 9th. Finally, Morgan Stanley cut their price objective on ServiceTitan from $124.00 to $92.00 and set an “overweight” rating for the company in a report on Wednesday, September 9th. Fourteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $96.38.

ServiceTitan Stock Performance

TTAN stock opened at $72.59 on Wednesday. ServiceTitan has a 1-year low of $53.00 and a 1-year high of $111.36. The stock has a market cap of $7.00 billion, a P/E ratio of -53.37 and a beta of 0.33. The stock’s fifty day simple moving average is $77.80 and its two-hundred day simple moving average is $71.11.

ServiceTitan (NASDAQ:TTAN) last issued its earnings results on Tuesday, September 8th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.05. The firm had revenue of $292.76 million for the quarter, compared to analyst estimates of $285.90 million. ServiceTitan had a negative return on equity of 5.65% and a negative net margin of 12.12%. The business’s revenue was up 20.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.33 earnings per share. As a group, analysts forecast that ServiceTitan will post -0.52 earnings per share for the current fiscal year.

Insider Transactions at ServiceTitan

In other ServiceTitan news, CFO David Sherry sold 23,246 shares of ServiceTitan stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $57.07, for a total transaction of $1,326,649.22. Following the transaction, the chief financial officer directly owned 363,511 shares of the company’s stock, valued at approximately $20,745,572.77. This trade represents a 6.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Vahe Kuzoyan sold 3,148 shares of the business’s stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $57.07, for a total transaction of $179,656.36. Following the completion of the sale, the president owned 2 shares of the company’s stock, valued at approximately $114.14. The trade was a 99.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 267,676 shares of company stock worth $22,209,008. 39.89% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ServiceTitan

Institutional investors and hedge funds have recently made changes to their positions in the business. WINTON GROUP Ltd purchased a new position in ServiceTitan in the 2nd quarter worth $5,218,000. Stockbridge Partners LLC purchased a new stake in ServiceTitan during the second quarter valued at about $13,333,000. Whetstone Capital Advisors LLC purchased a new stake in ServiceTitan during the second quarter valued at about $3,275,000. Tidal Investments LLC grew its stake in shares of ServiceTitan by 598.9% during the second quarter. Tidal Investments LLC now owns 27,963 shares of the company’s stock valued at $1,977,000 after buying an additional 23,962 shares during the last quarter. Finally, Shah Wealth Advisors LLC bought a new position in shares of ServiceTitan during the second quarter valued at about $1,186,000.

About ServiceTitan

ServiceTitan, Inc is a cloud-based software company that provides business management solutions for residential and commercial contractors. Its platform is designed for companies in the trades, including heating, ventilation and air conditioning (HVAC), plumbing, electrical, roofing, landscaping and related services.

ServiceTitan’s products support a range of operational and customer-facing functions, including scheduling and dispatching, customer relationship management, estimates, invoicing, payments, marketing, reporting and field-service management.