ServiceTitan (NASDAQ:TTAN) Posts Earnings Results, Beats Estimates By $0.05 EPS

ServiceTitan (NASDAQ:TTAN) released its earnings results on Tuesday. The company reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.05, FiscalAI reports. The company had revenue of $292.76 million during the quarter, compared to analysts’ expectations of $285.90 million. ServiceTitan had a negative return on equity of 5.59% and a negative net margin of 13.44%.

ServiceTitan Trading Down 7.2%

TTAN traded down $6.34 on Tuesday, hitting $81.58. 3,375,669 shares of the company’s stock traded hands, compared to its average volume of 1,422,822. The firm has a market cap of $7.78 billion, a price-to-earnings ratio of -56.26 and a beta of 0.11. The company’s 50 day simple moving average is $84.45 and its 200-day simple moving average is $72.57. ServiceTitan has a one year low of $54.17 and a one year high of $119.99.

Insider Buying and Selling at ServiceTitan

In other news, CEO Ara Mahdessian sold 51,947 shares of the company’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $80.98, for a total transaction of $4,206,668.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director William Griffith sold 94,415 shares of the firm’s stock in a transaction 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 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 514,837 shares of company stock worth $39,203,222 over the last three months. 39.89% of the stock is owned by company insiders.

Institutional Investors Weigh In On ServiceTitan

Several institutional investors have recently modified their holdings of TTAN. Northwestern Mutual Wealth Management Co. raised its holdings in ServiceTitan by 1,005.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company’s stock valued at $46,000 after buying an additional 392 shares during the period. Sunbelt Securities Inc. boosted its stake in ServiceTitan by 391.0% during the fourth quarter. Sunbelt Securities Inc. now owns 491 shares of the company’s stock worth $52,000 after buying an additional 391 shares during the period. Parallel Advisors LLC boosted its stake in ServiceTitan by 161.7% during the third quarter. Parallel Advisors LLC now owns 526 shares of the company’s stock worth $53,000 after buying an additional 325 shares during the period. Daiwa Securities Group Inc. bought a new position in ServiceTitan during the fourth quarter valued at $68,000. Finally, EverSource Wealth Advisors LLC bought a new position in ServiceTitan during the second quarter valued at $94,000.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Needham & Company LLC restated a “buy” rating and set a $100.00 price objective on shares of ServiceTitan in a research note on Wednesday, June 17th. Piper Sandler increased their price objective on ServiceTitan from $100.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, June 5th. Weiss Ratings upgraded shares of ServiceTitan from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, August 26th. UBS Group reiterated a “buy” rating on shares of ServiceTitan in a research note on Wednesday, July 22nd. Finally, Citigroup restated a “neutral” rating on shares of ServiceTitan in a research note on Monday, June 8th. Fourteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, ServiceTitan currently has a consensus rating of “Moderate Buy” and a consensus price target of $108.93.

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.