ServiceTitan (NASDAQ:TTAN) Sees Unusually-High Trading Volume on Analyst Upgrade

ServiceTitan Inc. (NASDAQ:TTAN) saw strong trading volume on Monday after Loop Capital raised their price target on the stock from $90.00 to $100.00. Loop Capital currently has a hold rating on the stock. 817,724 shares were traded during mid-day trading, an increase of 77% from the previous session’s volume of 461,348 shares.The stock last traded at $102.69 and had previously closed at $106.60.

A number of other analysts have also recently commented on the company. KeyCorp upped their price objective on ServiceTitan from $120.00 to $140.00 and gave the company an “overweight” rating in a research report on Friday, April 25th. TD Cowen initiated coverage on shares of ServiceTitan in a research note on Tuesday, April 8th. They set a “buy” rating and a $120.00 price target on the stock. Morgan Stanley boosted their target price on ServiceTitan from $107.00 to $109.00 and gave the company an “equal weight” rating in a research report on Friday. Cowen reissued a “buy” rating on shares of ServiceTitan in a research report on Wednesday, May 21st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $140.00 target price on shares of ServiceTitan in a research report on Friday. Four research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, ServiceTitan has an average rating of “Moderate Buy” and a consensus target price of $122.21.

Insider Buying and Selling

In other news, CAO Michele O’connor sold 5,494 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $94.65, for a total value of $520,007.10. Following the completion of the sale, the chief accounting officer now owns 89,302 shares of the company’s stock, valued at $8,452,434.30. This trade represents a 5.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO David Sherry sold 10,175 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $94.65, for a total value of $963,063.75. Following the transaction, the chief financial officer now directly owns 325,409 shares in the company, valued at $30,799,961.85. This represents a 3.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. 51.72% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ServiceTitan

Several hedge funds have recently modified their holdings of TTAN. Vanguard Group Inc. acquired a new stake in ServiceTitan in the 4th quarter worth approximately $57,349,000. Jane Street Group LLC purchased a new position in shares of ServiceTitan in the fourth quarter worth $529,000. Nuveen Asset Management LLC acquired a new stake in shares of ServiceTitan during the fourth quarter worth $7,793,000. D. E. Shaw & Co. Inc. acquired a new stake in shares of ServiceTitan during the fourth quarter worth $1,543,000. Finally, TimesSquare Capital Management LLC purchased a new stake in shares of ServiceTitan during the fourth quarter valued at $87,896,000.

ServiceTitan Stock Down 3.7%

The company’s 50-day simple moving average is $113.89.

ServiceTitan (NASDAQ:TTAN) last announced its quarterly earnings data on Thursday, June 5th. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.06. The firm had revenue of $215.69 million during the quarter, compared to analyst estimates of $208.61 million. ServiceTitan’s revenue was up 26.6% compared to the same quarter last year. As a group, research analysts anticipate that ServiceTitan Inc. will post -1.98 EPS for the current year.

ServiceTitan Company Profile

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.