ServiceTitan (NASDAQ:TTAN) Sets New 52-Week Low – Here’s What Happened

ServiceTitan Inc. (NASDAQ:TTAN) shares hit a new 52-week low during trading on Friday . The company traded as low as $79.10 and last traded at $81.03, with a volume of 1982673 shares. The stock had previously closed at $91.57.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on TTAN. The Goldman Sachs Group began coverage on ServiceTitan in a research report on Tuesday, January 13th. They set a “neutral” rating and a $117.00 price target for the company. Truist Financial set a $130.00 target price on shares of ServiceTitan in a report on Tuesday, October 21st. Piper Sandler lowered their price target on shares of ServiceTitan from $155.00 to $140.00 and set an “overweight” rating on the stock in a report on Friday, December 5th. Morgan Stanley raised their price target on shares of ServiceTitan from $118.00 to $125.00 and gave the company an “equal weight” rating in a research report on Friday, December 5th. Finally, UBS Group reiterated a “buy” rating on shares of ServiceTitan in a research report on Monday, December 1st. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $135.31.

ServiceTitan Stock Down 11.5%

The business’s 50 day moving average is $99.20 and its 200-day moving average is $102.27. The stock has a market cap of $7.59 billion and a price-to-earnings ratio of -19.86. The company has a debt-to-equity ratio of 0.07, a quick ratio of 4.14 and a current ratio of 4.14.

ServiceTitan (NASDAQ:TTAN) last posted its quarterly earnings data on Thursday, December 4th. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.09. ServiceTitan had a negative net margin of 23.91% and a negative return on equity of 10.96%. The company had revenue of $249.16 million during the quarter, compared to analysts’ expectations of $238.26 million. During the same period in the prior year, the business posted $0.75 earnings per share. The firm’s revenue for the quarter was up 25.0% on a year-over-year basis. On average, sell-side analysts predict that ServiceTitan Inc. will post -1.98 EPS for the current fiscal year.

Insider Transactions at ServiceTitan

In related news, CEO Ara Mahdessian sold 88,525 shares of ServiceTitan stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $107.56, for a total value of $9,521,749.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Vahe Kuzoyan sold 16,388 shares of the stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $102.82, for a total value of $1,685,014.16. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 355,202 shares of company stock worth $35,405,269 over the last ninety days. 51.72% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of ServiceTitan by 538.4% during the third quarter. Vanguard Group Inc. now owns 4,429,930 shares of the company’s stock worth $446,670,000 after buying an additional 3,735,968 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of ServiceTitan by 118.4% in the third quarter. JPMorgan Chase & Co. now owns 2,893,959 shares of the company’s stock worth $291,798,000 after buying an additional 1,569,136 shares in the last quarter. Invesco Ltd. boosted its position in ServiceTitan by 1,388.2% during the second quarter. Invesco Ltd. now owns 1,477,369 shares of the company’s stock worth $158,344,000 after acquiring an additional 1,378,100 shares during the last quarter. Franklin Resources Inc. grew its stake in ServiceTitan by 148.4% during the 2nd quarter. Franklin Resources Inc. now owns 1,893,237 shares of the company’s stock valued at $202,917,000 after acquiring an additional 1,131,062 shares in the last quarter. Finally, CIBC Bancorp USA Inc. acquired a new stake in ServiceTitan in the 3rd quarter valued at about $84,983,000.

About ServiceTitan

ServiceTitan, Inc (NASDAQ: TTAN) is a cloud-based software provider specializing in end-to-end business management solutions for residential and commercial trade contractors. The company’s platform integrates customer relationship management, scheduling and dispatch, mobile workforce management, invoicing, payments and reporting tools into a single suite. By automating key back-office processes, ServiceTitan helps field service businesses improve operational efficiency, enhance customer experience and drive revenue growth.

At the core of ServiceTitan’s offering is a mobile application that allows technicians to access job details, update work orders, capture signatures and process payments from the field.