ServiceTitan (NASDAQ:TTAN) Trading 8.1% Higher – What’s Next?

ServiceTitan Inc. (NASDAQ:TTAN)’s stock price traded up 8.1% during mid-day trading on Thursday . The company traded as high as $99.80 and last traded at $99.68. 556,867 shares were traded during trading, a decline of 61% from the average session volume of 1,421,241 shares. The stock had previously closed at $92.23.

Analyst Ratings Changes

Several research firms have recently issued reports on TTAN. BMO Capital Markets increased their target price on ServiceTitan from $92.00 to $103.00 and gave the stock an “outperform” rating in a report on Friday, June 5th. Weiss Ratings reissued a “sell (e+)” rating on shares of ServiceTitan in a report on Tuesday, July 21st. UBS Group reaffirmed a “buy” rating on shares of ServiceTitan in a report on Wednesday, July 22nd. TD Cowen lifted their price objective on shares of ServiceTitan from $110.00 to $125.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Finally, KeyCorp restated an “overweight” rating on shares of ServiceTitan in a research report on Monday. Fourteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $108.93.

ServiceTitan Stock Performance

The stock has a market capitalization of $9.54 billion, a P/E ratio of -69.11 and a beta of 0.02. The stock’s fifty day simple moving average is $79.81 and its two-hundred day simple moving average is $70.77.

ServiceTitan (NASDAQ:TTAN) last announced its earnings results on Thursday, June 4th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.09. The business had revenue of $268.82 million during the quarter, compared to analyst estimates of $257.40 million. ServiceTitan had a negative return on equity of 5.59% and a negative net margin of 13.44%.ServiceTitan’s revenue for the quarter was up 24.6% compared to the same quarter last year. During the same period last year, the company earned $0.18 EPS. As a group, analysts expect that ServiceTitan Inc. will post -0.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of ServiceTitan stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $63.43, for a total value of $5,988,743.45. Following the completion of the sale, the insider owned 443,221 shares in the company, valued at $28,113,508.03. The trade was a 17.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO David Sherry sold 20,192 shares of ServiceTitan stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $66.19, for a total transaction of $1,336,508.48. Following the completion of the sale, the chief financial officer directly owned 398,033 shares of the company’s stock, valued at approximately $26,345,804.27. This trade represents a 4.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 524,837 shares of company stock valued at $39,894,622 over the last quarter. Company insiders own 39.89% of the company’s stock.

Institutional Investors Weigh In On ServiceTitan

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in ServiceTitan by 9.9% in the 4th quarter. Vanguard Group Inc. now owns 4,869,009 shares of the company’s stock valued at $518,549,000 after purchasing an additional 439,079 shares during the period. California State Teachers Retirement System lifted its stake in shares of ServiceTitan by 7,065.5% in the second quarter. California State Teachers Retirement System now owns 4,537,461 shares of the company’s stock valued at $320,844,000 after buying an additional 4,474,137 shares in the last quarter. Franklin Resources Inc. grew its holdings 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 valued at $214,494,000 after buying an additional 508,848 shares during the last quarter. Artisan Partners Limited Partnership grew its holdings 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 valued at $172,248,000 after buying an additional 519,024 shares during the last quarter. Finally, Greenoaks Capital Partners LLC increased its position in shares of ServiceTitan by 20.6% during the fourth quarter. Greenoaks Capital Partners LLC now owns 1,552,257 shares of the company’s stock worth $165,315,000 after acquiring an additional 264,926 shares in the last quarter.

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.