TD Cowen Reaffirms “Buy” Rating for ServiceTitan (NASDAQ:TTAN)

ServiceTitan (NASDAQ:TTAN)‘s stock had its “buy” rating reiterated by investment analysts at TD Cowen in a report issued on Friday, Benzinga reports. They currently have a $100.00 target price on the stock. TD Cowen’s price objective would indicate a potential upside of 67.45% from the stock’s current price.

Several other research firms have also commented on TTAN. Needham & Company LLC restated a “buy” rating and set a $100.00 price target on shares of ServiceTitan in a research report on Wednesday, September 9th. Weiss Ratings lowered ServiceTitan from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, September 9th. Citigroup decreased their target price on ServiceTitan from $83.00 to $76.00 and set a “neutral” rating for the company in a report on Wednesday, September 9th. BTIG Research reiterated a “buy” rating and issued a $110.00 target price on shares of ServiceTitan in a report on Wednesday, September 9th. Finally, Evercore set a $90.00 target price on ServiceTitan in a report on Wednesday, September 9th. Fourteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $96.38.

ServiceTitan Stock Performance

Shares of TTAN traded down $0.26 during midday trading on Friday, hitting $59.72. 273,644 shares of the stock were exchanged, compared to its average volume of 1,733,667. ServiceTitan has a 52-week low of $53.00 and a 52-week high of $111.36. The stock has a fifty day simple moving average of $79.77 and a 200 day simple moving average of $71.51. The firm has a market cap of $5.76 billion, a P/E ratio of -43.91 and a beta of 0.11.

ServiceTitan (NASDAQ:TTAN) last released its quarterly earnings results on Tuesday, September 8th. The company reported $0.40 EPS 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 analyst estimates of $285.90 million. During the same period last year, the business posted $0.33 earnings per share. The company’s quarterly revenue was up 20.9% on a year-over-year basis. As a group, equities research analysts forecast that ServiceTitan will post -0.53 EPS for the current fiscal year.

Insider Transactions at ServiceTitan

In related news, President Vahe Kuzoyan sold 3,148 shares of the business’s stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $57.07, for a total value of $179,656.36. Following the transaction, the president owned 2 shares in the company, valued at $114.14. The trade was a 99.94% decrease in their position. The sale was disclosed in a legal filing 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, CFO David Sherry sold 23,246 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 $1,326,649.22. Following the completion of the transaction, the chief financial officer owned 363,511 shares in the company, valued at $20,745,572.77. This trade represents a 6.01% decrease in their position. 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 a total of 324,533 shares of company stock worth $26,813,042 over the last three months. 39.89% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ServiceTitan

Several institutional investors have recently added to or reduced their stakes in TTAN. State of Wyoming purchased a new stake in ServiceTitan in the 1st quarter valued at approximately $48,000. Elevation Wealth Partners LLC grew its holdings in shares of ServiceTitan by 20.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 863 shares of the company’s stock worth $61,000 after acquiring an additional 144 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of ServiceTitan by 30.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 906 shares of the company’s stock worth $96,000 after acquiring an additional 209 shares during the period. Parallel Advisors LLC lifted its stake in ServiceTitan by 226.4% in the 1st quarter. Parallel Advisors LLC now owns 1,717 shares of the company’s stock valued at $109,000 after buying an additional 1,191 shares in the last quarter. Finally, KBC Group NV lifted its stake in ServiceTitan by 101.6% in the 1st quarter. KBC Group NV now owns 1,730 shares of the company’s stock valued at $110,000 after buying an additional 872 shares in the last quarter.

About ServiceTitan

ServiceTitan, Inc develops cloud-based software designed to help residential and commercial contractors manage and grow their businesses. Its platform supports trades such as heating, ventilation and air conditioning, plumbing, electrical, roofing, and other field-service industries.

The company’s products and services cover key business functions, including customer relationship management, lead generation, scheduling and dispatching, estimates, job management, invoicing, payments, financing, payroll, and business analytics.