ServiceTitan (NASDAQ:TTAN) Stock Price Up 8.4% – Here’s Why

ServiceTitan Inc. (NASDAQ:TTAN) shares rose 8.4% during mid-day trading on Tuesday . The stock traded as high as $81.04 and last traded at $81.2260. 197,905 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 1,452,746 shares. The stock had previously closed at $74.92.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Piper Sandler raised their price objective on shares of ServiceTitan from $100.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, June 5th. KeyCorp restated an “overweight” rating on shares of ServiceTitan in a research note on Tuesday, May 26th. Truist Financial reaffirmed a “buy” rating and set a $110.00 price target (up from $100.00) on shares of ServiceTitan in a research report on Friday, June 5th. BMO Capital Markets lifted their price target on ServiceTitan from $92.00 to $103.00 and gave the stock an “outperform” rating in a research note on Friday, June 5th. Finally, Robert W. Baird boosted their price objective on ServiceTitan from $75.00 to $94.00 and gave the company an “outperform” rating in a report on Monday, June 8th. Fifteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $110.53.

ServiceTitan Stock Down 4.8%

The stock has a market cap of $7.65 billion, a P/E ratio of -55.26 and a beta of 0.13. The firm’s 50 day simple moving average is $71.67 and its two-hundred day simple moving average is $70.54.

ServiceTitan (NASDAQ:TTAN) last posted its quarterly earnings results on Thursday, June 4th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. ServiceTitan had a negative net margin of 13.44% and a negative return on equity of 5.59%. The company had revenue of $268.82 million for the quarter, compared to the consensus estimate of $257.40 million. During the same period last year, the firm posted $0.18 EPS. The company’s revenue for the quarter was up 24.6% on a year-over-year basis. As a group, equities analysts predict that ServiceTitan Inc. will post -0.54 EPS for the current year.

Insider Transactions at ServiceTitan

In other news, CFO David Sherry sold 20,192 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $66.19, for a total transaction of $1,336,508.48. Following the completion of the transaction, the chief financial officer directly owned 398,033 shares of the company’s stock, valued at approximately $26,345,804.27. This represents a 4.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Michele O’connor sold 10,000 shares of the stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $69.14, for a total value of $691,400.00. Following the sale, the chief accounting officer owned 81,890 shares in the company, valued at $5,661,874.60. The trade was a 10.88% 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 296,664 shares of company stock valued at $19,958,797 over the last ninety days. Insiders own 39.89% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TTAN. Vanguard Group Inc. grew its position in shares of ServiceTitan by 9.9% during the fourth quarter. Vanguard Group Inc. now owns 4,869,009 shares of the company’s stock worth $518,549,000 after acquiring an additional 439,079 shares during the last quarter. Renaissance Capital LLC increased its holdings in shares of ServiceTitan by 222.8% in the 4th quarter. Renaissance Capital LLC now owns 41,223 shares of the company’s stock worth $4,390,000 after acquiring an additional 28,454 shares during the period. Comerica Bank lifted its position in ServiceTitan by 372.3% in the 4th quarter. Comerica Bank now owns 26,513 shares of the company’s stock valued at $2,824,000 after purchasing an additional 20,899 shares during the last quarter. Robeco Schweiz AG lifted its position in ServiceTitan by 35.3% in the 4th quarter. Robeco Schweiz AG now owns 83,200 shares of the company’s stock valued at $8,861,000 after purchasing an additional 21,700 shares during the last quarter. Finally, Littlejohn & Co. LLC acquired a new position in ServiceTitan during the 4th quarter valued at about $19,686,000.

ServiceTitan Company Profile

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.