Stifel Nicolaus Cuts ServiceTitan (NASDAQ:TTAN) Price Target to $100.00

ServiceTitan (NASDAQ:TTAN) had its target price cut by Stifel Nicolaus from $125.00 to $100.00 in a research note issued to investors on Wednesday morning, Marketbeat reports. They currently have a buy rating on the stock.

TTAN has been the topic of several other research reports. BMO Capital Markets cut their target price on ServiceTitan from $103.00 to $90.00 and set an “outperform” rating on the stock in a research report on Wednesday. Citigroup reaffirmed a “neutral” rating on shares of ServiceTitan in a report on Monday, June 8th. UBS Group set a $100.00 price target on shares of ServiceTitan in a research note on Wednesday. Weiss Ratings raised shares of ServiceTitan from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, August 26th. Finally, Wells Fargo & Company reduced their price objective on shares of ServiceTitan from $115.00 to $105.00 and set an “overweight” rating for the company in a research report on Wednesday. Fourteen 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 has an average rating of “Moderate Buy” and a consensus price target of $96.38.

ServiceTitan Price Performance

NASDAQ:TTAN opened at $54.68 on Wednesday. ServiceTitan has a 12 month low of $53.80 and a 12 month high of $119.60. The firm has a market capitalization of $5.22 billion, a PE ratio of -40.21 and a beta of 0.11. The business’s fifty day moving average price is $83.41 and its 200 day moving average price is $72.42.

ServiceTitan (NASDAQ:TTAN) last announced its quarterly earnings results on Tuesday, September 8th. The company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%.ServiceTitan’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.33 EPS. As a group, equities analysts anticipate that ServiceTitan will post -0.54 EPS for the current year.

Insiders Place Their Bets

In related news, President Vahe Kuzoyan sold 16,388 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $88.95, for a total transaction of $1,457,712.60. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Sherry sold 9,000 shares of ServiceTitan stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $90.83, for a total value of $817,470.00. Following the transaction, the chief financial officer directly owned 386,757 shares in the company, valued at approximately $35,129,138.31. This trade represents a 2.27% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 514,837 shares of company stock worth $39,203,222. Corporate insiders own 39.89% of the company’s stock.

Hedge Funds Weigh In On ServiceTitan

A number of hedge funds have recently modified their holdings of the business. Woodline Partners LP increased its holdings in shares of ServiceTitan by 4.6% in the 1st quarter. Woodline Partners LP now owns 2,141 shares of the company’s stock valued at $204,000 after acquiring an additional 95 shares during the period. Elevation Wealth Partners LLC boosted its stake in ServiceTitan by 20.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 863 shares of the company’s stock worth $61,000 after purchasing an additional 144 shares during the period. PNC Financial Services Group Inc. grew its position in ServiceTitan by 21.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,042 shares of the company’s stock worth $111,000 after purchasing an additional 184 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in ServiceTitan by 30.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 906 shares of the company’s stock worth $96,000 after purchasing an additional 209 shares during the last quarter. Finally, Parallel Advisors LLC grew its position in ServiceTitan by 161.7% during the 3rd quarter. Parallel Advisors LLC now owns 526 shares of the company’s stock worth $53,000 after purchasing an additional 325 shares during the last quarter.

Key ServiceTitan News

Here are the key news stories impacting ServiceTitan this week:

• Positive Sentiment: ServiceTitan reported fiscal Q2 revenue of approximately $292.8 million, up 21% year over year, exceeding analyst expectations. Non-GAAP free cash flow reached a record $50.5 million, while the non-GAAP operating margin improved to 15.2%. ServiceTitan Bets on Max Despite Near-Term Headwinds
• Positive Sentiment: BTIG Research reaffirmed its “Buy” rating, indicating that at least one analyst believes the recent selloff has created an attractive long-term entry point. BTIG Reaffirms Buy Rating
• Neutral Sentiment: Analyst coverage remains mixed. Citigroup, Stifel Nicolaus, TD Cowen and Piper Sandler all reduced their price targets to $76, $100, $100 and $110, respectively, while still maintaining targets well above the recent trading level. Citigroup Lowers Price Target
• Negative Sentiment: The primary catalyst for the selloff was disclosure of unexpected revenue-recognition timing differences and slower year-over-year growth in fiscal Q2. Investors appear concerned that reported results may not fully reflect the underlying pace of demand, even though revenue and adjusted profitability exceeded estimates. ServiceTitan Scrutinized Over Revenue Timing
• Negative Sentiment: Robert W. Baird, KeyCorp and BMO Capital Markets issued more pessimistic forecasts, adding to concerns about valuation, near-term execution and the company’s continued net losses. Baird Issues Pessimistic Forecast
• Negative Sentiment: Commentary following the earnings call concluded that the quarter was not disastrous but was insufficient to support an analyst upgrade, reinforcing the market’s cautious view of ServiceTitan’s near-term outlook. ServiceTitan Q2 Analysis

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.