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

ServiceTitan Inc. (NASDAQ:TTAN - Get Free Report)'s share price gapped down prior to trading on Tuesday . The stock had previously closed at $106.55, but opened at $102.79. ServiceTitan shares last traded at $104.00, with a volume of 92,438 shares.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TTAN. Canaccord Genuity Group boosted their target price on ServiceTitan from $120.00 to $130.00 and gave the company a "buy" rating in a research report on Thursday, April 17th. Cowen restated a "buy" rating on shares of ServiceTitan in a report on Wednesday, May 21st. TD Cowen started coverage on ServiceTitan in a research note on Tuesday, April 8th. They set a "buy" rating and a $120.00 price target on the stock. Robert W. Baird lifted their price objective on shares of ServiceTitan from $106.00 to $124.00 and gave the company an "outperform" rating in a research note on Wednesday, June 4th. Finally, TD Securities raised their price objective on ServiceTitan from $120.00 to $140.00 and gave the company a "buy" rating in a report on Wednesday, May 21st. Four equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $122.21.

ServiceTitan Price Performance

The firm's 50 day simple moving average is $115.51.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last released its earnings results on Thursday, June 5th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.06. The firm had revenue of $215.69 million during the quarter, compared to analyst estimates of $208.61 million. The firm's quarterly revenue was up 26.6% on a year-over-year basis. Research analysts predict that ServiceTitan Inc. will post -1.98 earnings per share for the current year.

Insider Buying and Selling

In other ServiceTitan news, CFO David Sherry sold 10,175 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $94.65, for a total transaction of $963,063.75. Following the transaction, the chief financial officer now owns 325,409 shares in the company, valued at approximately $30,799,961.85. The trade was a 3.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Bessemer Venture Partners Viii sold 500,000 shares of the company's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $102.00, for a total value of $51,000,000.00. Following the transaction, the insider now directly owns 8,503,571 shares in the company, valued at $867,364,242. This represents a 5.55% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 515,669 shares of company stock worth $52,483,071. Company insiders own 51.72% of the company's stock.

Institutional Investors Weigh In On ServiceTitan

Large investors have recently added to or reduced their stakes in the business. Woodline Partners LP grew its position in shares of ServiceTitan by 4.6% in the first quarter. Woodline Partners LP now owns 2,141 shares of the company's stock valued at $204,000 after purchasing an additional 95 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in ServiceTitan in the 4th quarter valued at approximately $26,000. Assetmark Inc. grew its holdings in ServiceTitan by 47.2% during the 1st quarter. Assetmark Inc. now owns 960 shares of the company's stock valued at $91,000 after buying an additional 308 shares during the last quarter. Harbor Investment Advisory LLC purchased a new position in ServiceTitan during the first quarter worth $31,000. Finally, LRI Investments LLC acquired a new position in shares of ServiceTitan in the first quarter worth $58,000.

About ServiceTitan

ServiceTitan, Inc engages in the collection of field service activities required to install, maintain, and service the infrastructure and systems of residences and commercial buildings. The company was founded by Ara Mahdessian and Vahe Kuzoyan on June 8, 2008 and is headquartered in Glendale, CA.

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