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

ServiceTitan (NASDAQ:TTAN)‘s stock had its “buy” rating reissued by investment analysts at TD Cowen in a note issued to investors on Friday, Benzinga reports. They currently have a $100.00 target price on the stock. TD Cowen’s price objective would suggest a potential upside of 72.27% from the company’s previous close.

Several other equities analysts have also recently issued reports on TTAN. Needham & Company LLC reissued a “buy” rating and issued a $100.00 price objective on shares of ServiceTitan in a report on Wednesday, September 9th. Piper Sandler decreased their price objective on ServiceTitan from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Wednesday, September 9th. UBS Group set a $100.00 price objective on ServiceTitan in a report on Wednesday, September 9th. Evercore set a $90.00 price objective on ServiceTitan in a report on Wednesday, September 9th. Finally, Robert W. Baird decreased their price objective on ServiceTitan from $101.00 to $85.00 and set an “outperform” rating for the company in a report on Wednesday, September 9th. Fourteen research 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $96.38.

ServiceTitan Price Performance

ServiceTitan stock traded down $1.93 during trading hours on Friday, hitting $58.05. 1,767,999 shares of the stock traded hands, compared to its average volume of 1,742,021. The firm’s 50 day moving average price is $79.77 and its 200-day moving average price is $71.51. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of -42.68 and a beta of 0.11. ServiceTitan has a 1 year low of $53.00 and a 1 year high of $111.36.

ServiceTitan (NASDAQ:TTAN) last posted its quarterly earnings results on Tuesday, September 8th. The company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.05. The business had revenue of $292.76 million for the quarter, compared to the consensus estimate of $285.90 million. ServiceTitan had a negative return on equity of 5.65% and a negative net margin of 12.12%.The company’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.33 EPS. Research analysts forecast that ServiceTitan will post -0.53 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Michele O’connor sold 5,581 shares of the company’s stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $57.07, for a total value of $318,507.67. Following the completion of the transaction, 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 SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Vahe Kuzoyan sold 114,732 shares of the company’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $88.84, for a total value of $10,192,790.88. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 324,533 shares of company stock worth $26,813,042. 39.89% of the stock is owned by company insiders.

Hedge Funds Weigh In On ServiceTitan

A number of large investors have recently bought and sold shares of TTAN. Tidal Investments LLC raised its holdings in ServiceTitan by 598.9% in the 2nd quarter. Tidal Investments LLC now owns 27,963 shares of the company’s stock worth $1,977,000 after purchasing an additional 23,962 shares during the period. Whetstone Capital Advisors LLC acquired a new position in ServiceTitan in the 2nd quarter worth about $3,275,000. WINTON GROUP Ltd acquired a new position in ServiceTitan in the 2nd quarter worth about $5,218,000. Integrated Wealth Concepts LLC acquired a new position in shares of ServiceTitan during the second quarter valued at approximately $115,000. Finally, NewEdge Advisors LLC raised its holdings in shares of ServiceTitan by 7,677.2% during the second quarter. NewEdge Advisors LLC now owns 8,866 shares of the company’s stock valued at $627,000 after acquiring an additional 8,752 shares during the last quarter.

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.