ServiceTitan (NASDAQ:TTAN) Shares Up 7.4% - Here's What Happened

Key Points

• Shares rose 7.4% — ServiceTitan stock traded up to $61.57 on Wednesday (as high as $61.25) on about 268,077 shares, roughly an 81% drop from its average daily volume.
• Earnings beat analysts' estimates — the company reported EPS of $0.27 vs. $0.18 expected and revenue of $253.99 million (up 21.4% year-over-year) versus $245.47 million consensus.
• Analysts have trimmed price targets (examples: Piper Sandler to $100, Goldman to $84) but the consensus remains a Moderate Buy with an average target of $112.31, while insiders sold about 34,418 shares this quarter and still own 51.72% of the stock.

Shares of ServiceTitan Inc. (NASDAQ:TTAN - Get Free Report) rose 7.4% during trading on Wednesday . The company traded as high as $61.25 and last traded at $61.57. Approximately 268,077 shares traded hands during trading, a decline of 81% from the average daily volume of 1,388,427 shares. The stock had previously closed at $57.34.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Piper Sandler decreased their price target on ServiceTitan from $120.00 to $100.00 and set an "overweight" rating for the company in a report on Tuesday. The Goldman Sachs Group dropped their price objective on ServiceTitan from $117.00 to $84.00 and set a "neutral" rating on the stock in a report on Monday, March 16th. Weiss Ratings restated a "sell (e+)" rating on shares of ServiceTitan in a research note on Monday, December 29th. Truist Financial dropped their price target on shares of ServiceTitan from $130.00 to $100.00 and set a "buy" rating on the stock in a research note on Friday, March 13th. Finally, Needham & Company LLC reduced their price objective on shares of ServiceTitan from $140.00 to $100.00 and set a "buy" rating for the company in a research report on Friday, March 13th. Sixteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $112.31.

ServiceTitan Trading Up 7.6%

The firm has a market capitalization of $5.78 billion, a PE ratio of -35.94 and a beta of -0.14. The company has a fifty day moving average price of $66.55 and a two-hundred day moving average price of $86.09.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last released its quarterly earnings results on Thursday, March 12th. The company reported $0.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.18 by $0.09. ServiceTitan had a negative return on equity of 6.86% and a negative net margin of 16.64%.The firm had revenue of $253.99 million for the quarter, compared to the consensus estimate of $245.47 million. During the same quarter last year, the business posted $0.12 EPS. The firm's quarterly revenue was up 21.4% compared to the same quarter last year. As a group, equities research analysts predict that ServiceTitan Inc. will post -1.98 earnings per share for the current year.

Insider Buying and Selling at ServiceTitan

In other ServiceTitan news, CFO David Sherry sold 17,778 shares of ServiceTitan stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $69.86, for a total value of $1,241,971.08. Following the transaction, the chief financial officer directly owned 313,025 shares in the company, valued at approximately $21,867,926.50. The trade was a 5.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Vahe Kuzoyan sold 3,220 shares of the stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $69.86, for a total transaction of $224,949.20. Following the sale, the president owned 1 shares of the company's stock, valued at $69.86. This trade represents a 99.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 34,418 shares of company stock valued at $2,370,319. Insiders own 51.72% of the company's stock.

Institutional Investors Weigh In On ServiceTitan

Several large investors have recently modified their holdings of the stock. Woodline Partners LP increased its stake in ServiceTitan by 4.6% in the 1st quarter. Woodline Partners LP now owns 2,141 shares of the company's stock valued at $204,000 after buying an additional 95 shares during the period. Cetera Investment Advisers purchased a new stake in shares of ServiceTitan in the second quarter valued at about $345,000. Russell Investments Group Ltd. acquired a new position in shares of ServiceTitan during the second quarter worth about $500,000. Northwestern Mutual Wealth Management Co. raised its holdings in ServiceTitan by 1,005.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company's stock worth $46,000 after purchasing an additional 392 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in ServiceTitan in the second quarter valued at about $393,000.

ServiceTitan Company Profile

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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