ServiceTitan (NASDAQ:TTAN) Shares Climb 5.1% – Here’s Why

Shares of ServiceTitan Inc. (NASDAQ:TTAN) traded up 5.1% during trading on Tuesday. The company traded as high as $63.35 and last traded at $62.9770. Approximately 417,427 shares traded hands during trading, a decline of 76% from the average session volume of 1,735,463 shares. The stock had previously closed at $59.92.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Truist Financial reissued a “buy” rating and issued a $100.00 price objective (down from $110.00) on shares of ServiceTitan in a research report on Wednesday, September 9th. Piper Sandler cut their target price on shares of ServiceTitan from $115.00 to $110.00 and set an “overweight” rating for the company in a research note on Wednesday, September 9th. UBS Group set a $100.00 price target on shares of ServiceTitan in a report on Wednesday, September 9th. Stifel Nicolaus cut their price objective on shares of ServiceTitan from $125.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday, September 9th. Finally, Wells Fargo & Company reduced their target price on shares of ServiceTitan from $115.00 to $105.00 and set an “overweight” rating for the company in a research note on Wednesday, September 9th. Fourteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $96.38.

ServiceTitan Stock Up 7.1%

The stock has a market cap of $6.19 billion, a price-to-earnings ratio of -47.21 and a beta of 0.11. The company’s 50-day moving average is $79.02 and its 200-day moving average is $71.22.

ServiceTitan (NASDAQ:TTAN) last released its quarterly earnings data on Tuesday, September 8th. The company reported $0.40 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $285.89 million. During the same period in the previous year, the business earned $0.33 earnings per share. The company’s quarterly revenue was up 20.9% on a year-over-year basis. On average, research analysts forecast that ServiceTitan Inc. will post -0.53 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Michele O’connor sold 5,581 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 $318,507.67. Following the sale, the chief accounting officer owned 66,095 shares of the company’s stock, valued at approximately $3,772,041.65. This represents a 7.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ara Mahdessian sold 51,947 shares of the stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $80.98, for a total transaction of $4,206,668.06. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 324,533 shares of company stock valued at $26,813,042. 39.89% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of TTAN. Norges Bank acquired a new position in shares of ServiceTitan during the fourth quarter worth approximately $112,678,000. Madison Asset Management LLC bought a new stake in ServiceTitan during the 2nd quarter worth about $56,118,000. Artisan Partners Limited Partnership lifted its holdings in ServiceTitan by 47.3% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,617,353 shares of the company’s stock valued at $172,248,000 after buying an additional 519,024 shares during the period. Franklin Resources Inc. lifted its stake in shares of ServiceTitan by 33.8% in the 4th quarter. Franklin Resources Inc. now owns 2,014,025 shares of the company’s stock valued at $214,494,000 after purchasing an additional 508,848 shares during the period. Finally, Natixis Advisors LLC bought a new position in shares of ServiceTitan in the 4th quarter worth $39,174,000.

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.