ServiceTitan (NASDAQ:TTAN) Shares Down 5.9% - What's Next?

Key Points

• ServiceTitan shares fell 5.9% on Tuesday, closing at $74.80 after trading as low as $75.12, with volume well below its daily average.
• Analysts remain mostly bullish on the stock: 15 Buy ratings, 3 Holds, and 1 Sell, with a consensus Moderate Buy and average target price of $110.53.
• The company recently reported better-than-expected quarterly results, with EPS of $0.37 vs. $0.28 expected and revenue up 24.6% year over year, though it still posted negative margins and insiders have been selling shares.

ServiceTitan Inc. (NASDAQ:TTAN - Get Free Report)'s share price fell 5.9% on Tuesday . The stock traded as low as $75.12 and last traded at $74.7950. Approximately 569,277 shares traded hands during trading, a decline of 61% from the average daily volume of 1,465,478 shares. The stock had previously closed at $79.46.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TTAN. Robert W. Baird upped their target price on shares of ServiceTitan from $75.00 to $94.00 and gave the company an "outperform" rating in a research note on Monday, June 8th. BTIG Research reissued a "buy" rating and issued a $110.00 price target on shares of ServiceTitan in a report on Friday, July 10th. TD Cowen upped their price objective on shares of ServiceTitan from $110.00 to $125.00 and gave the company a "buy" rating in a research report on Friday, June 5th. Needham & Company LLC reaffirmed a "buy" rating and set a $100.00 price objective on shares of ServiceTitan in a research note on Wednesday, June 17th. Finally, KeyCorp reiterated an "overweight" rating on shares of ServiceTitan in a report on Tuesday, May 26th. Fifteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, ServiceTitan currently has a consensus rating of "Moderate Buy" and an average target price of $110.53.

ServiceTitan Price Performance

The company's 50-day moving average price is $69.61 and its 200-day moving average price is $71.99. The company has a market cap of $7.08 billion, a P/E ratio of -51.15 and a beta of 0.13.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last posted its quarterly earnings data on Thursday, June 4th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.28 by $0.09. The business had revenue of $268.82 million for the quarter, compared to analysts' expectations of $257.40 million. ServiceTitan had a negative net margin of 13.44% and a negative return on equity of 5.59%. The firm's revenue was up 24.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.18 EPS. On average, equities research analysts predict that ServiceTitan Inc. will post -0.54 EPS for the current year.

Insider Buying and Selling

In related news, Director Byron B. Deeter sold 8,845 shares of ServiceTitan stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $63.35, for a total value of $560,330.75. Following the sale, the director owned 13,782 shares of the company's stock, valued at approximately $873,089.70. This trade represents a 39.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the business's stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $63.43, for a total value of $5,988,743.45. Following the completion of the sale, the insider owned 443,221 shares in the company, valued at $28,113,508.03. The trade was a 17.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 296,664 shares of company stock valued at $19,958,797. Corporate insiders own 39.89% of the company's stock.

Institutional Trading of ServiceTitan

Institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of ServiceTitan in the fourth quarter valued at about $112,678,000. Fuller & Thaler Asset Management Inc. acquired a new position in ServiceTitan during the fourth quarter valued at approximately $89,702,000. Atreides Management LP bought a new position in ServiceTitan in the second quarter valued at approximately $68,679,000. Madison Asset Management LLC bought a new position in ServiceTitan in the fourth quarter valued at approximately $67,955,000. Finally, Two Sigma Investments LP bought a new position in shares of ServiceTitan in the third quarter valued at $58,836,000.

About ServiceTitan

ServiceTitan, Inc NASDAQ: TTAN is a cloud-based software provider specializing in end-to-end business management solutions for residential and commercial trade contractors. The company's platform integrates customer relationship management, scheduling and dispatch, mobile workforce management, invoicing, payments and reporting tools into a single suite. By automating key back-office processes, ServiceTitan helps field service businesses improve operational efficiency, enhance customer experience and drive revenue growth.

At the core of ServiceTitan's offering is a mobile application that allows technicians to access job details, update work orders, capture signatures and process payments from the field.

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