Investors Buy Large Volume of ServiceTitan Put Options (NASDAQ:TTAN)

ServiceTitan Inc. (NASDAQ:TTAN - Get Free Report) was the target of unusually large options trading on Tuesday. Stock traders acquired 4,661 put options on the company. This is an increase of 389% compared to the typical daily volume of 954 put options.

Analysts Set New Price Targets

TTAN has been the topic of a number of recent research reports. Piper Sandler reaffirmed an "overweight" rating and set a $125.00 price objective on shares of ServiceTitan in a report on Friday, March 14th. Canaccord Genuity Group lifted their price objective on ServiceTitan from $120.00 to $130.00 and gave the company a "buy" rating in a report on Thursday, April 17th. Robert W. Baird lifted their price objective on ServiceTitan from $106.00 to $124.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. TD Securities lifted 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. Finally, TD Cowen initiated coverage on ServiceTitan in a report on Tuesday, April 8th. They set a "buy" rating and a $120.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $122.21.

ServiceTitan Price Performance

Shares of TTAN traded down $2.68 on Friday, hitting $100.19. The company's stock had a trading volume of 1,417,003 shares, compared to its average volume of 603,559. ServiceTitan has a fifty-two week low of $79.81 and a fifty-two week high of $131.33. The business has a 50 day moving average price of $115.16.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last announced its earnings results on Thursday, June 5th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.12 by $0.06. The business had revenue of $215.69 million during the quarter, compared to analyst estimates of $208.61 million. ServiceTitan's quarterly revenue was up 26.6% on a year-over-year basis. On average, sell-side analysts anticipate that ServiceTitan will post -1.98 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Bessemer Venture Partners Viii sold 500,000 shares of ServiceTitan stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $102.00, for a total transaction of $51,000,000.00. Following the sale, the insider now directly owns 8,503,571 shares of the company's stock, valued at $867,364,242. This trade represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO David Sherry sold 10,175 shares of ServiceTitan stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $94.65, for a total value of $963,063.75. Following the sale, the chief financial officer now directly owns 325,409 shares in the company, valued at $30,799,961.85. The trade was a 3.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 515,669 shares of company stock valued at $52,483,071 over the last three months. 51.72% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. acquired a new position in ServiceTitan during the 4th quarter worth $57,349,000. Jane Street Group LLC acquired a new position in ServiceTitan during the 4th quarter worth $529,000. Nuveen Asset Management LLC acquired a new position in ServiceTitan during the 4th quarter worth $7,793,000. Bank of America Corp DE acquired a new position in ServiceTitan during the 4th quarter worth $540,000. Finally, D. E. Shaw & Co. Inc. acquired a new position in ServiceTitan during the 4th quarter worth $1,543,000.

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.