ServiceTitan’s (TTAN) “Buy” Rating Reaffirmed at BTIG Research

ServiceTitan (NASDAQ:TTAN)‘s stock had its “buy” rating restated by investment analysts at BTIG Research in a note issued to investors on Friday,Benzinga reports. They currently have a $110.00 target price on the stock. BTIG Research’s target price suggests a potential upside of 38.47% from the stock’s previous close.

A number of other brokerages also recently commented on TTAN. KeyCorp restated an “overweight” rating on shares of ServiceTitan in a research report on Tuesday, May 26th. TD Cowen boosted their price objective on shares of ServiceTitan from $110.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Stifel Nicolaus set a $125.00 target price on ServiceTitan in a research note on Wednesday, May 27th. Citigroup restated a “neutral” rating on shares of ServiceTitan in a report on Monday, June 8th. Finally, Morgan Stanley raised their price objective on ServiceTitan from $118.00 to $124.00 and gave the stock an “overweight” rating in a report on Friday, June 5th. Fifteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, ServiceTitan currently has a consensus rating of “Moderate Buy” and an average price target of $110.53.

ServiceTitan Price Performance

Shares of NASDAQ:TTAN opened at $79.44 on Friday. ServiceTitan has a 1-year low of $54.17 and a 1-year high of $119.99. The stock has a market cap of $7.58 billion, a P/E ratio of -54.79 and a beta of 0.13. The firm has a fifty day moving average price of $67.36 and a 200 day moving average price of $73.48.

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

Insider Buying and Selling

In other news, CAO Michele O’connor sold 4,910 shares of the company’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $80.93, for a total value of $397,366.30. Following the completion of the sale, the chief accounting officer owned 71,676 shares of the company’s stock, valued at $5,800,738.68. This represents a 6.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $63.43, for a total transaction of $5,988,743.45. Following the completion of the sale, the insider directly owned 443,221 shares of the company’s stock, valued at $28,113,508.03. This trade represents a 17.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 296,664 shares of company stock valued at $19,958,797. 39.89% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Woodline Partners LP raised its stake in ServiceTitan by 4.6% during the first quarter. Woodline Partners LP now owns 2,141 shares of the company’s stock valued at $204,000 after buying an additional 95 shares in the last quarter. Cetera Investment Advisers bought a new stake in ServiceTitan in the 2nd quarter valued at about $345,000. Russell Investments Group Ltd. acquired a new stake in shares of ServiceTitan in the second quarter valued at approximately $500,000. Northwestern Mutual Wealth Management Co. increased its position in ServiceTitan by 1,005.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company’s stock valued at $46,000 after acquiring an additional 392 shares during the period. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of ServiceTitan during the second quarter valued at $393,000.

About ServiceTitan

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.