ServiceTitan (NASDAQ:TTAN) Trading Down 10.8% – Here’s What Happened

ServiceTitan Inc. (NASDAQ:TTAN) dropped 10.8% on Thursday . The stock traded as low as $81.68 and last traded at $81.68. Approximately 624,269 shares traded hands during trading, a decline of 39% from the average daily volume of 1,017,586 shares. The stock had previously closed at $91.57.

Analysts Set New Price Targets

A number of research firms recently weighed in on TTAN. Morgan Stanley increased their price objective on shares of ServiceTitan from $118.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Friday, December 5th. KeyCorp reissued an “overweight” rating on shares of ServiceTitan in a research note on Tuesday, December 16th. The Goldman Sachs Group started coverage on ServiceTitan in a report on Tuesday, January 13th. They set a “neutral” rating and a $117.00 price objective for the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of ServiceTitan in a research note on Monday, December 29th. Finally, TD Cowen reissued a “buy” rating on shares of ServiceTitan in a research note on Friday, December 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $135.31.

ServiceTitan Stock Performance

The company has a debt-to-equity ratio of 0.07, a current ratio of 4.14 and a quick ratio of 4.14. The company has a market cap of $7.59 billion and a PE ratio of -19.86. The business has a fifty day simple moving average of $99.28 and a two-hundred day simple moving average of $102.42.

ServiceTitan (NASDAQ:TTAN) last issued its quarterly earnings data on Thursday, December 4th. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.09. The company had revenue of $249.16 million for the quarter, compared to the consensus estimate of $238.26 million. ServiceTitan had a negative return on equity of 10.96% and a negative net margin of 23.91%.The firm’s revenue for the quarter was up 25.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.75 earnings per share. Research analysts anticipate that ServiceTitan Inc. will post -1.98 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Ara Mahdessian sold 32,000 shares of the company’s stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $98.50, for a total value of $3,152,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Vahe Kuzoyan sold 16,388 shares of the stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $100.62, for a total value of $1,648,960.56. Following the completion of the transaction, the president directly owned 1 shares in the company, valued at $100.62. This represents a 99.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 355,202 shares of company stock valued at $35,405,269. 51.72% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pictet Asset Management Holding SA acquired a new position in shares of ServiceTitan in the 4th quarter valued at about $376,000. UBS Group AG lifted its holdings in ServiceTitan by 6.8% in the fourth quarter. UBS Group AG now owns 114,028 shares of the company’s stock valued at $12,144,000 after acquiring an additional 7,254 shares during the period. Sanctuary Advisors LLC lifted its stake in shares of ServiceTitan by 61.2% in the 4th quarter. Sanctuary Advisors LLC now owns 18,771 shares of the company’s stock valued at $1,999,000 after purchasing an additional 7,126 shares during the period. Quent Capital LLC purchased a new position in ServiceTitan in the fourth quarter valued at $1,172,000. Finally, Vanguard Group Inc. raised its holdings in ServiceTitan by 9.9% in the 4th quarter. Vanguard Group Inc. now owns 4,869,009 shares of the company’s stock worth $518,549,000 after purchasing an additional 439,079 shares during the period.

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.