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

Shares of ServiceTitan Inc. (NASDAQ:TTAN) hit a new 52-week low on Friday . The stock 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.

Analysts Set New Price Targets

A number of research analysts have issued reports on TTAN shares. Citigroup decreased their target price on ServiceTitan from $83.00 to $76.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 9th. TD Cowen dropped their target price on shares of ServiceTitan from $125.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday, September 9th. BTIG Research restated a “buy” rating and issued a $110.00 price target on shares of ServiceTitan in a research note on Wednesday, September 9th. Wells Fargo & Company decreased their price target on shares of ServiceTitan from $115.00 to $105.00 and set an “overweight” rating on the stock in a report on Wednesday, September 9th. Finally, Evercore set a $90.00 price objective on shares of ServiceTitan in a research report on Wednesday, September 9th. Fourteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $96.38.

ServiceTitan Stock Up 0.7%

The stock has a 50 day moving average price of $81.72 and a 200 day moving average price of $72.17. The stock 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 released its quarterly earnings data on Tuesday, September 8th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.05. The company had revenue of $292.76 million during the quarter, compared to the consensus estimate of $285.89 million. ServiceTitan had a negative return on equity of 5.65% and a negative net margin of 12.12%.The firm’s revenue was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.33 earnings per share. Sell-side analysts forecast that ServiceTitan Inc. will post -0.53 earnings per share for the current fiscal year.

Insider Transactions at ServiceTitan

In other news, President Vahe Kuzoyan sold 114,732 shares of ServiceTitan stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $88.84, for a total transaction of $10,192,790.88. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the business’s stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $63.43, for a total transaction of $5,988,743.45. Following the completion of the sale, the insider directly owned 443,221 shares in the company, valued at approximately $28,113,508.03. This represents a 17.56% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 483,105 shares of company stock worth $37,102,881. 39.89% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

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

About ServiceTitan

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.