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

ServiceTitan (NASDAQ:TTAN)‘s stock had its “buy” rating restated by equities research analysts at TD Cowen in a report released on Wednesday, Benzinga reports. They currently have a $100.00 target price on the stock. TD Cowen’s price objective would indicate a potential upside of 37.76% from the stock’s current price.

Several other analysts have also weighed in on the stock. Citigroup lowered their price objective on shares of ServiceTitan from $83.00 to $76.00 and set a “neutral” rating for the company in a research note on Wednesday, September 9th. Robert W. Baird dropped their price objective on shares of ServiceTitan from $101.00 to $85.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 9th. BTIG Research reissued a “buy” rating and set a $110.00 target price on shares of ServiceTitan in a research report on Friday, October 2nd. KeyCorp dropped their price target on shares of ServiceTitan from $120.00 to $110.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 9th. Finally, UBS Group set a $100.00 price target on ServiceTitan in a research note on Wednesday, September 9th. Fourteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $96.38.

ServiceTitan Price Performance

Shares of ServiceTitan stock traded down $0.34 during trading on Wednesday, hitting $72.59. The company’s stock had a trading volume of 1,669,665 shares, compared to its average volume of 1,760,812. The stock has a market cap of $7.00 billion, a price-to-earnings ratio of -53.37 and a beta of 0.33. The stock has a 50-day moving average price of $78.01 and a two-hundred day moving average price of $71.07. ServiceTitan has a 52 week low of $53.00 and a 52 week high of $111.36.

ServiceTitan (NASDAQ:TTAN) last issued its quarterly earnings data on Tuesday, September 8th. The company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $292.76 million during the quarter, compared to the consensus estimate of $285.90 million. During the same period last year, the company earned $0.33 earnings per share. The firm’s revenue was up 20.9% compared to the same quarter last year. On average, equities analysts predict that ServiceTitan will post -0.52 EPS for the current fiscal year.

Insider Activity

In other ServiceTitan news, CFO David Sherry sold 23,246 shares of the company’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 sale, the chief financial officer directly owned 363,511 shares of the company’s stock, valued at approximately $20,745,572.77. This represents a 6.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Michele O’connor sold 4,380 shares of the company’s stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $61.35, for a total value of $268,713.00. Following the completion of the transaction, the chief accounting officer directly owned 61,715 shares of the company’s stock, valued at approximately $3,786,215.25. This represents a 6.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 267,676 shares of company stock valued at $22,209,008. 39.89% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ServiceTitan

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Madison Asset Management LLC purchased a new stake in shares of ServiceTitan in the 2nd quarter valued at $56,118,000. Artisan Partners Limited Partnership raised its position in ServiceTitan by 47.3% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,617,353 shares of the company’s stock worth $172,248,000 after purchasing an additional 519,024 shares during the period. Franklin Resources Inc. lifted its stake in ServiceTitan by 33.8% in the fourth quarter. Franklin Resources Inc. now owns 2,014,025 shares of the company’s stock worth $214,494,000 after purchasing an additional 508,848 shares during the last quarter. Jennison Associates LLC lifted its stake in ServiceTitan by 235.3% in the first quarter. Jennison Associates LLC now owns 380,468 shares of the company’s stock worth $24,145,000 after purchasing an additional 267,002 shares during the last quarter. Finally, Index Venture Growth Associates V Ltd purchased a new stake in ServiceTitan during the fourth quarter valued at about $27,276,000.

ServiceTitan Company Profile

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.