ServiceTitan (NASDAQ:TTAN) Stock Price Up 5.8% – Still a Buy?

ServiceTitan Inc. (NASDAQ:TTAN)’s share price was up 5.8% during mid-day trading on Wednesday. The company traded as high as $71.74 and last traded at $72.6240. Approximately 675,702 shares were traded during trading, a decline of 61% from the average session volume of 1,743,710 shares. The stock had previously closed at $68.67.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. UBS Group set a $100.00 price objective on shares of ServiceTitan in a research report on Wednesday, September 9th. BMO Capital Markets decreased their price objective on ServiceTitan from $103.00 to $90.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 9th. Morgan Stanley reduced their target price on ServiceTitan from $124.00 to $92.00 and set an “overweight” rating for the company in a report on Wednesday, September 9th. Robert W. Baird lowered their price objective on ServiceTitan from $101.00 to $85.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 9th. Finally, BTIG Research restated a “buy” rating and issued a $110.00 target price on shares of ServiceTitan in a research note on Friday, October 2nd. Fourteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $96.38.

ServiceTitan Stock Performance

The company has a market cap of $6.97 billion, a P/E ratio of -53.05 and a beta of 0.33. The stock has a 50-day moving average of $78.40 and a two-hundred day moving average of $71.01.

ServiceTitan (NASDAQ:TTAN) last issued its quarterly earnings results on Tuesday, September 8th. The company reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.05. The business had revenue of $292.76 million for the quarter, compared to analysts’ expectations of $285.89 million. ServiceTitan had a negative net margin of 12.12% and a negative return on equity of 5.65%. The business’s quarterly revenue was up 20.9% on a year-over-year basis. During the same period last year, the business earned $0.33 earnings per share. As a group, sell-side analysts forecast that ServiceTitan Inc. will post -0.53 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Michele O’connor sold 5,581 shares of the company’s stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $57.07, for a total transaction of $318,507.67. Following the completion of the transaction, the chief accounting officer owned 66,095 shares in the company, valued at $3,772,041.65. This represents a 7.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO David Sherry sold 23,246 shares of the firm’s stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $57.07, for a total value of $1,326,649.22. Following the completion of the sale, the chief financial officer directly owned 363,511 shares of the company’s stock, valued at $20,745,572.77. The trade was a 6.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 267,676 shares of company stock worth $22,209,008. 39.89% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ServiceTitan

Several institutional investors and hedge funds have recently modified their holdings of the stock. Madison Asset Management LLC bought a new stake in ServiceTitan during the 2nd quarter valued at approximately $56,118,000. Artisan Partners Limited Partnership increased its holdings in shares of ServiceTitan by 47.3% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,617,353 shares of the company’s stock valued at $172,248,000 after acquiring an additional 519,024 shares in the last quarter. Franklin Resources Inc. raised its holdings in ServiceTitan by 33.8% in the fourth quarter. Franklin Resources Inc. now owns 2,014,025 shares of the company’s stock worth $214,494,000 after buying an additional 508,848 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of ServiceTitan by 235.3% during the first quarter. Jennison Associates LLC now owns 380,468 shares of the company’s stock valued at $24,145,000 after purchasing an additional 267,002 shares in the last quarter. Finally, Index Venture Growth Associates V Ltd purchased a new stake in shares of ServiceTitan during the fourth quarter worth about $27,276,000.

ServiceTitan Company Profile

ServiceTitan, Inc is a cloud-based software company that provides business management solutions for residential and commercial contractors. Its platform is designed for companies in the trades, including heating, ventilation and air conditioning (HVAC), plumbing, electrical, roofing, landscaping and related services.

ServiceTitan’s products support a range of operational and customer-facing functions, including scheduling and dispatching, customer relationship management, estimates, invoicing, payments, marketing, reporting and field-service management.