TD Cowen Reiterates “Buy” Rating for ServiceTitan (NASDAQ:TTAN)

ServiceTitan (NASDAQ:TTAN)‘s stock had its “buy” rating restated by equities researchers at TD Cowen in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $100.00 price target on the stock. TD Cowen’s price target would indicate a potential upside of 70.65% from the company’s current price.

A number of other research firms have also recently commented on TTAN. Wells Fargo & Company decreased their price objective on ServiceTitan from $115.00 to $105.00 and set an “overweight” rating on the stock in a report on Wednesday, September 9th. KeyCorp decreased their price objective on ServiceTitan from $120.00 to $110.00 and set an “overweight” rating on the stock in a report on Wednesday, September 9th. Needham & Company LLC reiterated a “buy” rating and issued a $100.00 price objective on shares of ServiceTitan in a report on Wednesday, September 9th. Evercore set a $90.00 price objective on ServiceTitan in a report on Wednesday, September 9th. Finally, Citigroup decreased their price objective on ServiceTitan from $83.00 to $76.00 and set a “neutral” rating on the stock in a report on Wednesday, September 9th. Fourteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, ServiceTitan currently has a consensus rating of “Moderate Buy” and an average price target of $96.38.

ServiceTitan Stock Down 2.3%

Shares of ServiceTitan stock traded down $1.38 on Friday, hitting $58.60. 551,946 shares of the company were exchanged, compared to its average volume of 1,735,240. The stock has a market capitalization of $5.65 billion, a price-to-earnings ratio of -43.15 and a beta of 0.11. The company has a 50-day moving average price of $79.77 and a 200 day moving average price of $71.51. ServiceTitan has a 1-year low of $53.00 and a 1-year high of $111.36.

ServiceTitan (NASDAQ:TTAN) last issued its earnings results on Tuesday, September 8th. The company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.05. The business had revenue of $292.76 million for the quarter, compared to analysts’ expectations 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 for the quarter was up 20.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.33 EPS. Research analysts forecast that ServiceTitan will post -0.53 EPS for the current year.

Insider Transactions at ServiceTitan

In other ServiceTitan news, CFO David Sherry sold 23,246 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 value of $1,326,649.22. Following the sale, the chief financial officer owned 363,511 shares of the company’s stock, valued at $20,745,572.77. The trade was a 6.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ara Mahdessian sold 3,148 shares of the business’s stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $57.07, for a total value of $179,656.36. Following the completion of the sale, the chief executive officer directly owned 2 shares in the company, valued at approximately $114.14. The trade was a 99.94% decrease in their position. 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. Insiders sold 324,533 shares of company stock worth $26,813,042 in the last ninety days. 39.89% of the stock is owned by company insiders.

Institutional Trading of ServiceTitan

A number of large investors have recently modified their holdings of the stock. Franklin Resources Inc. increased its position in shares of ServiceTitan by 33.8% during the fourth quarter. Franklin Resources Inc. now owns 2,014,025 shares of the company’s stock worth $214,494,000 after acquiring an additional 508,848 shares during the period. Artisan Partners Limited Partnership increased its position in shares of ServiceTitan by 47.3% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,617,353 shares of the company’s stock worth $172,248,000 after acquiring an additional 519,024 shares during the period. Capital International Investors increased its position in shares of ServiceTitan by 23.9% during the fourth quarter. Capital International Investors now owns 1,224,699 shares of the company’s stock worth $130,430,000 after acquiring an additional 236,287 shares during the period. Bamco Inc. NY increased its position in shares of ServiceTitan by 14.0% during the fourth quarter. Bamco Inc. NY now owns 1,096,931 shares of the company’s stock worth $116,823,000 after acquiring an additional 134,313 shares during the period. Finally, Norges Bank purchased a new stake in shares of ServiceTitan during the fourth quarter worth $112,678,000.

About ServiceTitan

ServiceTitan, Inc develops cloud-based software designed to help residential and commercial contractors manage and grow their businesses. Its platform supports trades such as heating, ventilation and air conditioning, plumbing, electrical, roofing, and other field-service industries.

The company’s products and services cover key business functions, including customer relationship management, lead generation, scheduling and dispatching, estimates, job management, invoicing, payments, financing, payroll, and business analytics.