ServiceTitan (NASDAQ:TTAN) Stock Price Up 5.1% – Here’s What Happened

ServiceTitan Inc. (NASDAQ:TTAN)’s stock price rose 5.1% during mid-day trading on Tuesday. The company traded as high as $63.35 and last traded at $62.9770. Approximately 417,427 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 1,735,463 shares. The stock had previously closed at $59.92.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on TTAN. Morgan Stanley decreased their price target on ServiceTitan from $124.00 to $92.00 and set an “overweight” rating for the company in a research note on Wednesday, September 9th. Weiss Ratings upgraded shares of ServiceTitan from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday. BMO Capital Markets decreased their price objective on shares of ServiceTitan from $103.00 to $90.00 and set an “outperform” rating for the company in a research report on Wednesday, September 9th. KeyCorp dropped their target price on shares of ServiceTitan from $120.00 to $110.00 and set an “overweight” rating on the stock in a report on Wednesday, September 9th. Finally, TD Cowen reiterated a “buy” rating and set a $100.00 price target on shares of ServiceTitan in a report on Friday, September 25th. Fourteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $96.38.

ServiceTitan Stock Up 3.6%

The business has a fifty day moving average price of $78.75 and a 200-day moving average price of $71.05. The company has a market cap of $6.35 billion, a P/E ratio of -48.37 and a beta of 0.11.

ServiceTitan (NASDAQ:TTAN) last released its quarterly 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. ServiceTitan had a negative return on equity of 5.65% and a negative net margin of 12.12%.The business had revenue of $292.76 million during the quarter, compared to analysts’ expectations of $285.89 million. During the same period last year, the firm posted $0.33 EPS. The firm’s revenue for the quarter was up 20.9% compared to the same quarter last year. As a group, research analysts expect that ServiceTitan Inc. will post -0.53 earnings per share for the current year.

Insider Buying and Selling at ServiceTitan

In other ServiceTitan news, CAO Michele O’connor sold 5,581 shares of the business’s stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $57.07, for a total value of $318,507.67. Following the completion of the sale, the chief accounting officer owned 66,095 shares of the company’s stock, valued at $3,772,041.65. The trade was a 7.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ara Mahdessian sold 51,947 shares of the 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 324,533 shares of company stock valued at $26,813,042. 39.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ServiceTitan

Hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of ServiceTitan during the 4th quarter worth approximately $112,678,000. Madison Asset Management LLC acquired a new stake in shares of ServiceTitan in the 2nd quarter valued at $56,118,000. Artisan Partners Limited Partnership raised its holdings in shares of ServiceTitan by 47.3% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,617,353 shares of the company’s stock worth $172,248,000 after buying an additional 519,024 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of ServiceTitan by 33.8% during the 4th quarter. Franklin Resources Inc. now owns 2,014,025 shares of the company’s stock worth $214,494,000 after buying an additional 508,848 shares during the last quarter. Finally, Natixis Advisors LLC acquired a new stake in ServiceTitan in the fourth quarter valued at about $39,174,000.

About ServiceTitan

ServiceTitan, Inc is a cloud-based software company that provides business management solutions for residential and commercial contractors. Its platform is designed for companies in the trades, including heating, ventilation and air conditioning (HVAC), plumbing, electrical, roofing, landscaping and related services.

ServiceTitan’s products support a range of operational and customer-facing functions, including scheduling and dispatching, customer relationship management, estimates, invoicing, payments, marketing, reporting and field-service management.