Insider Selling: ServiceTitan (NASDAQ:TTAN) CEO Sells $200,423.32 in Stock

ServiceTitan Inc. (NASDAQ:TTAN) CEO Ara Mahdessian sold 3,028 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $66.19, for a total value of $200,423.32. Following the sale, the chief executive officer owned 2 shares in the company, valued at $132.38. The trade was a 99.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

ServiceTitan Price Performance

NASDAQ:TTAN opened at $64.23 on Friday. ServiceTitan Inc. has a 12-month low of $54.17 and a 12-month high of $119.99. The firm has a market capitalization of $6.13 billion, a P/E ratio of -44.30 and a beta of 0.13. The business has a 50 day simple moving average of $64.29 and a 200 day simple moving average of $76.65.

ServiceTitan (NASDAQ:TTAN) last issued its quarterly earnings data on Thursday, June 4th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $257.40 million. During the same period in the prior year, the business earned $0.18 EPS. The firm’s revenue was up 24.6% on a year-over-year basis. Research analysts anticipate that ServiceTitan Inc. will post -0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On ServiceTitan

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in ServiceTitan by 538.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,429,930 shares of the company’s stock valued at $446,670,000 after buying an additional 3,735,968 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of ServiceTitan by 118.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,893,959 shares of the company’s stock worth $291,798,000 after acquiring an additional 1,569,136 shares during the period. Norges Bank bought a new position in shares of ServiceTitan in the fourth quarter valued at approximately $112,678,000. CIBC Bancorp USA Inc. bought a new position in shares of ServiceTitan in the third quarter valued at approximately $84,983,000. Finally, Fuller & Thaler Asset Management Inc. acquired a new position in shares of ServiceTitan during the fourth quarter valued at approximately $89,702,000.

Analyst Ratings Changes

TTAN has been the subject of several recent research reports. KeyCorp restated an “overweight” rating on shares of ServiceTitan in a research report on Tuesday, May 26th. William Blair reissued an “outperform” rating on shares of ServiceTitan in a research note on Friday, March 13th. BMO Capital Markets upped their target price on shares of ServiceTitan from $92.00 to $103.00 and gave the stock an “outperform” rating in a research report on Friday, June 5th. Citigroup restated a “neutral” rating on shares of ServiceTitan in a research report on Monday, June 8th. Finally, BTIG Research raised their price target on shares of ServiceTitan from $90.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Fifteen equities research 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $110.53.

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.