ServiceTitan (NASDAQ:TTAN) Reaches New 1-Year Low – Here’s What Happened

ServiceTitan Inc. (NASDAQ:TTAN) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $53.00 and last traded at $54.05, with a volume of 311389 shares traded. The stock had previously closed at $54.25.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Evercore set a $90.00 price objective on shares of ServiceTitan in a research report on Wednesday, September 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $100.00 price target on shares of ServiceTitan in a research report on Wednesday, September 9th. BMO Capital Markets lowered their price objective on ServiceTitan from $103.00 to $90.00 and set an “outperform” rating for the company in a research report on Wednesday, September 9th. Canaccord Genuity Group cut their target price on ServiceTitan from $105.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, September 9th. Finally, Truist Financial reaffirmed a “buy” rating and set a $100.00 target price (down from $110.00) on shares of ServiceTitan in a research note on Wednesday, September 9th. Fourteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, ServiceTitan presently has an average rating of “Moderate Buy” and an average target price of $96.38.

ServiceTitan Stock Performance

The business has a 50 day moving average of $81.72 and a two-hundred day moving average of $72.17. The firm has a market capitalization of $5.21 billion, a price-to-earnings ratio of -40.17 and a beta of 0.11.

ServiceTitan (NASDAQ:TTAN) last announced its quarterly earnings data on Tuesday, September 8th. The company reported $0.40 EPS 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 firm had revenue of $292.76 million during the quarter, compared to analysts’ expectations of $285.89 million. During the same quarter last year, the firm posted $0.33 earnings per share. The company’s revenue for the quarter was up 20.9% compared to the same quarter last year. On average, equities analysts predict that ServiceTitan Inc. will post -0.53 EPS for the current fiscal year.

Insider Buying and Selling at ServiceTitan

In other news, CEO Ara Mahdessian sold 38,287 shares of ServiceTitan stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $84.89, for a total transaction of $3,250,183.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michele O’connor sold 4,910 shares of the business’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $80.93, for a total transaction of $397,366.30. Following the sale, the chief accounting officer directly owned 71,676 shares of the company’s stock, valued at approximately $5,800,738.68. The trade was a 6.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 483,105 shares of company stock worth $37,102,881 in the last ninety days. 39.89% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ServiceTitan

Institutional investors and hedge funds have recently made changes to their positions in the business. Elevation Wealth Partners LLC boosted 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 buying an additional 144 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in ServiceTitan by 30.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 906 shares of the company’s stock worth $96,000 after buying an additional 209 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in ServiceTitan by 18.9% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 2,973 shares of the company’s stock worth $317,000 after buying an additional 472 shares during the last quarter. State of Wyoming bought a new stake in ServiceTitan in the first quarter worth about $48,000. Finally, First Bank & Trust raised 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 acquiring an additional 862 shares during the period.

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.