ServiceTitan (NASDAQ:TTAN) Stock Price Up 7.8% – Still a Buy?

ServiceTitan Inc. (NASDAQ:TTAN) shares rose 7.8% on Monday . The stock traded as high as $58.94 and last traded at $58.9210. Approximately 3,737,592 shares were traded during trading, an increase of 130% from the average daily volume of 1,624,622 shares. The stock had previously closed at $54.68.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on TTAN shares. Weiss Ratings lowered shares of ServiceTitan from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $100.00 price objective on shares of ServiceTitan in a report on Wednesday, September 9th. BTIG Research reissued a “buy” rating and issued a $110.00 price objective on shares of ServiceTitan in a report on Wednesday, September 9th. Stifel Nicolaus lowered their price objective on ServiceTitan from $125.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday, September 9th. Finally, Truist Financial reissued a “buy” rating and issued a $100.00 price target (down from $110.00) on shares of ServiceTitan in a research report on Wednesday, September 9th. Fourteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $96.38.

ServiceTitan Stock Performance

The stock has a market cap of $5.62 billion, a P/E ratio of -43.27 and a beta of 0.11. The stock has a 50-day moving average price of $83.41 and a 200-day moving average price of $72.49.

ServiceTitan (NASDAQ:TTAN) last issued its quarterly earnings results on Tuesday, September 8th. The company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.05. The firm had revenue of $292.76 million for the quarter, compared to analyst estimates of $285.89 million. ServiceTitan had a negative net margin of 12.12% and a negative return on equity of 5.65%. The business’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.33 EPS. Sell-side analysts forecast that ServiceTitan Inc. will post -0.56 earnings per share for the current fiscal year.

Insider Buying and Selling at ServiceTitan

In other ServiceTitan news, President Vahe Kuzoyan sold 114,732 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $88.84, for a total transaction of $10,192,790.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $63.43, for a total transaction of $5,988,743.45. Following the transaction, the insider directly owned 443,221 shares in the company, valued at approximately $28,113,508.03. This represents a 17.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 514,837 shares of company stock valued at $39,203,222. 39.89% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ServiceTitan

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TTAN. California State Teachers Retirement System lifted its holdings in ServiceTitan by 7,065.5% in the 2nd quarter. California State Teachers Retirement System now owns 4,537,461 shares of the company’s stock worth $320,844,000 after buying an additional 4,474,137 shares during the period. Norges Bank bought a new stake in shares of ServiceTitan in the 4th quarter worth approximately $112,678,000. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of ServiceTitan in the fourth quarter worth $89,702,000. Madison Asset Management LLC purchased a new stake in ServiceTitan during the 2nd quarter valued at about $56,118,000. Finally, Atreides Management LP purchased a new stake in shares of ServiceTitan during the second quarter valued at approximately $68,679,000.

ServiceTitan Company Profile

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.