ServiceTitan (NASDAQ:TTAN) Sees Strong Trading Volume Following Better-Than-Expected Earnings

ServiceTitan Inc. (NASDAQ:TTAN) shares saw strong trading volume on Friday after the company announced better than expected quarterly earnings. 707,982 shares changed hands during mid-day trading, a decline of 15% from the previous session’s volume of 833,644 shares.The stock last traded at $99.56 and had previously closed at $95.59.

The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.09. ServiceTitan had a negative net margin of 26.08% and a negative return on equity of 16.87%. The firm had revenue of $249.16 million during the quarter, compared to analysts’ expectations of $238.26 million. During the same quarter in the prior year, the company earned $0.75 EPS. The company’s revenue was up 25.0% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several research firms have recently commented on TTAN. KeyCorp reissued an “overweight” rating on shares of ServiceTitan in a research report on Friday, November 21st. Robert W. Baird boosted their price objective on shares of ServiceTitan from $124.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, September 5th. Wells Fargo & Company raised their target price on shares of ServiceTitan from $130.00 to $140.00 and gave the company an “overweight” rating in a research note on Friday, September 19th. Truist Financial set a $130.00 price objective on ServiceTitan in a report on Tuesday, October 21st. Finally, Citigroup raised their price objective on ServiceTitan from $111.00 to $123.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $131.87.

Insider Transactions at ServiceTitan

In other ServiceTitan news, CEO Ara Mahdessian sold 46,542 shares of ServiceTitan stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $91.40, for a total transaction of $4,253,938.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Bessemer Venture Partners Viii sold 370,557 shares of the company’s stock in a transaction on Monday, September 8th. The shares were sold at an average price of $117.79, for a total transaction of $43,647,909.03. Following the completion of the sale, the insider directly owned 7,595,777 shares in the company, valued at $894,706,572.83. This trade represents a 4.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,121,690 shares of company stock worth $126,740,332 over the last three months. 51.72% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Cloud Capital Management LLC acquired a new stake in shares of ServiceTitan during the 3rd quarter worth approximately $25,000. Northwestern Mutual Wealth Management Co. boosted its holdings in ServiceTitan by 1,005.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company’s stock worth $46,000 after buying an additional 392 shares in the last quarter. Whittier Trust Co. acquired a new stake in ServiceTitan during the third quarter valued at $52,000. Parallel Advisors LLC grew its position in ServiceTitan by 161.7% during the third quarter. Parallel Advisors LLC now owns 526 shares of the company’s stock valued at $53,000 after buying an additional 325 shares during the period. Finally, PNC Financial Services Group Inc. purchased a new position in ServiceTitan in the second quarter valued at $79,000.

ServiceTitan Stock Performance

The business’s 50-day simple moving average is $94.43 and its two-hundred day simple moving average is $104.86. The firm has a market cap of $9.25 billion and a price-to-earnings ratio of -18.44. The company has a quick ratio of 4.49, a current ratio of 4.49 and a debt-to-equity ratio of 0.07.

About ServiceTitan

ServiceTitan, Inc engages in the collection of field service activities required to install, maintain, and service the infrastructure and systems of residences and commercial buildings. The company was founded by Ara Mahdessian and Vahe Kuzoyan on June 8, 2008 and is headquartered in Glendale, CA.