ServiceTitan (NASDAQ:TTAN) Stock Price Down 5.9% – Here’s What Happened

ServiceTitan Inc. (NASDAQ:TTAN) shares were down 5.9% during mid-day trading on Tuesday . The stock traded as low as $75.12 and last traded at $74.7950. 569,277 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 1,465,478 shares. The stock had previously closed at $79.46.

Wall Street Analyst Weigh In

TTAN has been the subject of a number of recent analyst reports. Citigroup restated a “neutral” rating on shares of ServiceTitan in a research report on Monday, June 8th. KeyCorp reiterated an “overweight” rating on shares of ServiceTitan in a report on Tuesday, May 26th. BMO Capital Markets raised their price objective on shares of ServiceTitan from $92.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday, June 5th. Piper Sandler boosted their price objective on shares of ServiceTitan from $100.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, June 5th. Finally, Robert W. Baird upped their target price on shares of ServiceTitan from $75.00 to $94.00 and gave the stock an “outperform” rating in a research report on Monday, June 8th. Fifteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $110.53.

ServiceTitan Price Performance

The stock has a 50-day simple moving average of $70.20 and a 200 day simple moving average of $71.50. The company has a market capitalization of $6.67 billion, a PE ratio of -48.21 and a beta of 0.13.

ServiceTitan (NASDAQ:TTAN) last posted its earnings results on Thursday, June 4th. The company reported $0.37 earnings per share 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 company had revenue of $268.82 million for the quarter, compared to analyst estimates of $257.40 million. During the same quarter in the prior year, the company earned $0.18 earnings per share. ServiceTitan’s revenue was up 24.6% compared to the same quarter last year. As a group, research analysts predict that ServiceTitan Inc. will post -0.54 EPS for the current fiscal year.

Insider Transactions at ServiceTitan

In other ServiceTitan news, CAO Michele O’connor sold 4,910 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $80.93, for a total transaction of $397,366.30. Following the completion of the transaction, the chief accounting officer directly owned 71,676 shares in the company, valued at approximately $5,800,738.68. This trade represents a 6.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Byron B. Deeter sold 8,845 shares of ServiceTitan stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $63.35, for a total transaction of $560,330.75. Following the transaction, the director owned 13,782 shares of the company’s stock, valued at approximately $873,089.70. The trade was a 39.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 296,664 shares of company stock worth $19,958,797 in the last 90 days. Insiders own 39.89% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Toth Financial Advisory Corp lifted its stake in ServiceTitan by 150.0% in the 4th quarter. Toth Financial Advisory Corp now owns 250 shares of the company’s stock valued at $27,000 after buying an additional 150 shares in the last quarter. Farther Finance Advisors LLC increased its position in ServiceTitan by 189.1% during the fourth 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. eCIO Inc. acquired a new position in shares of ServiceTitan in the fourth quarter worth $30,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of ServiceTitan by 1,005.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company’s stock worth $46,000 after acquiring an additional 392 shares during the last quarter. Finally, State of Wyoming acquired a new position in shares of ServiceTitan in the first quarter worth $48,000.

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.