ServiceTitan (NASDAQ:TTAN) CEO Sells $179,656.36 in Stock

Key Points

• CEO Ara Mahdessian sold 3,148 ServiceTitan shares at an average price of $57.07, generating $179,656.36. The sale was made to cover tax withholding on vested equity awards, leaving him with two directly owned shares.
• ServiceTitan shares traded at $56.53, near their 52-week low of $53.00 and well below the 52-week high of $115.92. The stock’s 50-day and 200-day moving averages were $80.79 and $71.90, respectively.
• The company beat quarterly expectations with $0.40 in adjusted EPS versus a $0.35 estimate and revenue of $292.76 million, up 20.9% year over year. Analysts maintained a “Moderate Buy” consensus, with an average price target of $96.38 despite recent target reductions.

ServiceTitan Inc. (NASDAQ:TTAN - Get Free Report) CEO Ara Mahdessian sold 3,148 shares of ServiceTitan stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $57.07, for a total transaction of $179,656.36. Following the transaction, the chief executive officer directly owned 2 shares in the company, valued at $114.14. This represents a 99.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Ara Mahdessian also recently made the following trade(s):

• On Tuesday, August 4th, Ara Mahdessian sold 38,287 shares of ServiceTitan stock. The stock was sold at an average price of $84.89, for a total transaction of $3,250,183.43.
• On Monday, August 3rd, Ara Mahdessian sold 49,766 shares of ServiceTitan stock. The shares were sold at an average price of $84.75, for a total transaction of $4,217,668.50.
• On Tuesday, July 7th, Ara Mahdessian sold 51,947 shares of ServiceTitan stock. The shares were sold at an average price of $80.98, for a total transaction of $4,206,668.06.

ServiceTitan Trading Up 2.7%

Shares of TTAN traded up $1.49 during trading hours on Monday, reaching $56.53. 5,388,843 shares of the stock traded hands, compared to its average volume of 3,702,489. The company has a market cap of $5.45 billion, a P/E ratio of -41.57 and a beta of 0.11. The company's 50-day moving average price is $80.79 and its two-hundred day moving average price is $71.90. ServiceTitan Inc. has a 52-week low of $53.00 and a 52-week high of $115.92.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last issued 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 business had revenue of $292.76 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.33 EPS. On average, research analysts forecast that ServiceTitan Inc. will post -0.53 EPS for the current year.

Hedge Funds Weigh In On ServiceTitan

Several institutional investors have recently added to or reduced their stakes in TTAN. State of Wyoming bought a new stake in ServiceTitan in the 1st quarter worth approximately $48,000. Elevation Wealth Partners LLC boosted its position in shares of ServiceTitan by 20.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 863 shares of the company's stock valued at $61,000 after acquiring an additional 144 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of ServiceTitan by 30.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 906 shares of the company's stock valued at $96,000 after purchasing an additional 209 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of ServiceTitan by 226.4% in the first quarter. Parallel Advisors LLC now owns 1,717 shares of the company's stock valued at $109,000 after purchasing an additional 1,191 shares in the last quarter. Finally, KBC Group NV increased its position in ServiceTitan by 101.6% in the first quarter. KBC Group NV now owns 1,730 shares of the company's stock worth $110,000 after purchasing an additional 872 shares during the last quarter.

Analyst Ratings Changes

Several analysts recently issued reports on TTAN shares. Robert W. Baird cut their target price on ServiceTitan from $101.00 to $85.00 and set an "outperform" rating for the company in a research report on Wednesday, September 9th. KeyCorp lowered their price target on ServiceTitan from $120.00 to $110.00 and set an "overweight" rating on the stock in a report on Wednesday, September 9th. TD Cowen dropped their price target on ServiceTitan from $125.00 to $100.00 and set a "buy" rating for the company in a research note on Wednesday, September 9th. Morgan Stanley cut their price objective on shares of ServiceTitan from $124.00 to $92.00 and set an "overweight" rating for the company 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 research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $96.38.

ServiceTitan Company Profile

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.

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