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

ServiceTitan (NASDAQ:TTAN)‘s stock had its “buy” rating reiterated by TD Cowen in a report issued on Friday, Benzinga reports. They currently have a $100.00 price target on the stock. TD Cowen’s price objective indicates a potential upside of 69.88% from the stock’s current price.

TTAN has been the subject of several other research reports. Truist Financial reiterated a “buy” rating and set a $100.00 price objective (down from $110.00) on shares of ServiceTitan in a report on Wednesday, September 9th. Stifel Nicolaus decreased their price objective on ServiceTitan from $125.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, September 9th. Morgan Stanley decreased their target price on shares of ServiceTitan from $124.00 to $92.00 and set an “overweight” rating for the company in a research note on Wednesday, September 9th. Weiss Ratings lowered shares of ServiceTitan from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, September 9th. Finally, BTIG Research reaffirmed a “buy” rating and set a $110.00 price target on shares of ServiceTitan in a research note on Wednesday, September 9th. Fourteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $96.38.

ServiceTitan Price Performance

Shares of TTAN stock traded down $1.08 during trading hours on Friday, reaching $58.90. The company had a trading volume of 418,566 shares, compared to its average volume of 1,734,217. ServiceTitan has a 12 month low of $53.00 and a 12 month high of $111.36. The business has a fifty day simple moving average of $79.77 and a 200-day simple moving average of $71.51. The company has a market cap of $5.68 billion, a price-to-earnings ratio of -43.20 and a beta of 0.11.

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

Insider Activity

In related news, CFO David Sherry sold 23,246 shares of the business’s stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $57.07, for a total transaction of $1,326,649.22. Following the transaction, the chief financial officer directly owned 363,511 shares in the company, valued at approximately $20,745,572.77. The trade was a 6.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ara Mahdessian sold 3,148 shares of the business’s stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $57.07, for a total transaction of $179,656.36. Following the transaction, the chief executive officer owned 2 shares in the company, valued at approximately $114.14. The trade was a 99.94% 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. Over the last 90 days, insiders have sold 324,533 shares of company stock worth $26,813,042. Company insiders own 39.89% of the company’s stock.

Hedge Funds Weigh In On ServiceTitan

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TTAN. Elevation Wealth Partners LLC raised its stake in shares of ServiceTitan by 20.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 863 shares of the company’s stock worth $61,000 after purchasing an additional 144 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of ServiceTitan by 30.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 906 shares of the company’s stock valued at $96,000 after buying an additional 209 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its position in ServiceTitan by 18.9% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 2,973 shares of the company’s stock worth $317,000 after purchasing an additional 472 shares during the last quarter. State of Wyoming purchased a new position in ServiceTitan in the first quarter worth about $48,000. Finally, First Bank & Trust boosted its position in ServiceTitan by 24.2% in the second quarter. First Bank & Trust now owns 4,426 shares of the company’s stock worth $313,000 after purchasing an additional 862 shares during 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.