ServiceTitan (NASDAQ:TTAN) Price Target Raised to $160.00

ServiceTitan (NASDAQ:TTAN) had its target price raised by analysts at TD Cowen from $150.00 to $160.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s target price would indicate a potential upside of 49.53% from the stock’s previous close.

Other equities research analysts have also issued reports about the company. Needham & Company LLC restated a “buy” rating and issued a $140.00 price target on shares of ServiceTitan in a research report on Friday, September 5th. Weiss Ratings reissued a “sell (e+)” rating on shares of ServiceTitan in a research note on Monday. Raymond James Financial assumed coverage on ServiceTitan in a report on Friday, August 29th. They issued a “market perform” rating for the company. Morgan Stanley raised their target price on ServiceTitan from $118.00 to $125.00 and gave the stock an “equal weight” rating in a research note on Friday. Finally, UBS Group reissued a “buy” rating on shares of ServiceTitan in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $134.53.

ServiceTitan Price Performance

NASDAQ TTAN traded up $11.41 during mid-day trading on Friday, hitting $107.00. The stock had a trading volume of 1,945,949 shares, compared to its average volume of 838,832. The firm’s 50 day moving average is $94.43 and its 200 day moving average is $104.86. The company has a debt-to-equity ratio of 0.07, a current ratio of 4.49 and a quick ratio of 4.49. The stock has a market capitalization of $9.95 billion and a price-to-earnings ratio of -19.81. ServiceTitan has a twelve month low of $79.81 and a twelve month high of $131.33.

ServiceTitan (NASDAQ:TTAN) last posted its quarterly earnings results on Thursday, December 4th. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.09. ServiceTitan had a negative net margin of 26.08% and a negative return on equity of 16.87%. The firm had revenue of $249.16 million for the quarter, compared to the consensus estimate of $238.26 million. During the same period last year, the firm posted $0.75 earnings per share. The company’s revenue for the quarter was up 25.0% on a year-over-year basis. Equities research analysts forecast that ServiceTitan will post -1.98 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Bessemer Venture Partners Viii sold 370,557 shares of the company’s stock in a transaction on Monday, September 8th. The shares were sold at an average price of $117.79, for a total value of $43,647,909.03. Following the completion of the sale, the insider owned 7,595,777 shares in the company, valued at $894,706,572.83. This represents a 4.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ara Mahdessian sold 46,542 shares of the business’s stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $91.40, for a total value of $4,253,938.80. The SEC filing for this sale provides additional information. Insiders sold 1,121,690 shares of company stock valued at $126,740,332 in the last quarter. Company insiders own 51.72% of the company’s stock.

Hedge Funds Weigh In On ServiceTitan

Large investors have recently added to or reduced their stakes in the company. CIBC Bancorp USA Inc. bought a new stake in shares of ServiceTitan in the third quarter valued at about $84,983,000. Dark Forest Capital Management LP acquired a new stake in shares of ServiceTitan in the third quarter valued at approximately $1,677,000. Voleon Capital Management LP acquired a new stake in shares of ServiceTitan in the third quarter valued at approximately $1,945,000. Voloridge Investment Management LLC boosted its holdings in ServiceTitan by 306.3% during the third quarter. Voloridge Investment Management LLC now owns 500,045 shares of the company’s stock worth $50,420,000 after purchasing an additional 376,980 shares during the last quarter. Finally, Verition Fund Management LLC boosted its holdings in ServiceTitan by 113.4% during the third quarter. Verition Fund Management LLC now owns 83,671 shares of the company’s stock worth $8,437,000 after purchasing an additional 44,470 shares during the last quarter.

About ServiceTitan

ServiceTitan, Inc engages in the collection of field service activities required to install, maintain, and service the infrastructure and systems of residences and commercial buildings. The company was founded by Ara Mahdessian and Vahe Kuzoyan on June 8, 2008 and is headquartered in Glendale, CA.