ServiceTitan's (TTAN) "Buy" Rating Reaffirmed at TD Cowen

Key Points

• TD Cowen reaffirmed its “Buy” rating on ServiceTitan and maintained a $100 price target, implying approximately 43% upside from the stock’s $69.92 price. Analysts overall have a “Moderate Buy” consensus with an average target of $96.38.
• ServiceTitan’s latest quarterly results exceeded expectations, with earnings of $0.40 per share versus the $0.35 consensus and revenue of $292.76 million. Revenue increased 20.9% year over year, though the company reported a negative net margin.
• Insiders sold 267,676 shares worth approximately $22.2 million over the past three months, primarily to cover tax obligations from vested equity awards, while several institutional investors initiated or expanded positions in the stock.

ServiceTitan (NASDAQ:TTAN - Get Free Report)'s stock had its "buy" rating reiterated by analysts at TD Cowen in a report released on Wednesday, Benzinga reports. They presently have a $100.00 target price on the stock. TD Cowen's target price would suggest a potential upside of 43.03% from the stock's current price.

TTAN has been the topic of a number of other research reports. Robert W. Baird decreased their target price on shares of ServiceTitan from $101.00 to $85.00 and set an "outperform" rating on the stock in a research note on Wednesday, September 9th. Piper Sandler decreased their target price on shares of ServiceTitan from $115.00 to $110.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 9th. BMO Capital Markets decreased their target price on shares of ServiceTitan from $103.00 to $90.00 and set an "outperform" rating on the stock in a research note on Wednesday, September 9th. BTIG Research reaffirmed a "buy" rating and set a $110.00 target price on shares of ServiceTitan in a research note on Friday, October 2nd. Finally, Needham & Company LLC reaffirmed a "buy" rating on shares of ServiceTitan in a research note on Wednesday. Fourteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, ServiceTitan has a consensus rating of "Moderate Buy" and an average target price of $96.38.

ServiceTitan Price Performance

NASDAQ:TTAN traded up $1.25 during mid-day trading on Wednesday, reaching $69.92. The stock had a trading volume of 199,317 shares, compared to its average volume of 1,741,750. The stock has a 50-day simple moving average of $78.40 and a two-hundred day simple moving average of $71.01. The stock has a market capitalization of $6.74 billion, a PE ratio of -51.54 and a beta of 0.33. ServiceTitan has a 12 month low of $53.00 and a 12 month high of $111.36.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last posted its earnings results on Tuesday, September 8th. The company reported $0.40 earnings per share for the quarter, topping analysts' consensus estimates of $0.35 by $0.05. The firm had revenue of $292.76 million for the quarter, compared to analysts' expectations of $285.90 million. ServiceTitan had a negative net margin of 12.12% and a negative return on equity of 5.65%. The company's revenue was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.33 earnings per share. Equities analysts expect that ServiceTitan will post -0.53 EPS for the current year.

Insider Activity at ServiceTitan

In other news, CAO Michele O'connor sold 5,581 shares of the company's stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $57.07, for a total transaction of $318,507.67. Following the transaction, the chief accounting officer owned 66,095 shares in the company, valued at approximately $3,772,041.65. This represents a 7.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 company's stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $57.07, for a total transaction of $1,326,649.22. Following the completion of the sale, the chief financial officer owned 363,511 shares in the company, valued at $20,745,572.77. This represents a 6.01% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 267,676 shares of company stock worth $22,209,008 over the last three months. 39.89% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ServiceTitan

A number of institutional investors have recently added to or reduced their stakes in TTAN. WINTON GROUP Ltd bought a new position in shares of ServiceTitan during the 2nd quarter valued at approximately $5,218,000. Stockbridge Partners LLC bought a new position in shares of ServiceTitan during the 2nd quarter valued at approximately $13,333,000. Whetstone Capital Advisors LLC bought a new position in shares of ServiceTitan during the 2nd quarter valued at approximately $3,275,000. Shah Wealth Advisors LLC bought a new position in shares of ServiceTitan during the 2nd quarter valued at approximately $1,186,000. Finally, Tidal Investments LLC grew its position in shares of ServiceTitan by 598.9% during the 2nd quarter. Tidal Investments LLC now owns 27,963 shares of the company's stock valued at $1,977,000 after acquiring an additional 23,962 shares during the period.

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.