ServiceTitan (NASDAQ:TTAN) Trading Down 5.9% – Here’s Why

ServiceTitan Inc. (NASDAQ:TTAN) shares traded down 5.9% during trading on Tuesday . The company traded as low as $75.12 and last traded at $74.7950. Approximately 569,277 shares were traded during mid-day trading, a decline of 61% from the average session volume of 1,465,478 shares. The stock had previously closed at $79.46.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on TTAN shares. Robert W. Baird boosted their price objective on shares of ServiceTitan from $75.00 to $94.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. TD Cowen lifted their price target on ServiceTitan from $110.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, June 5th. Piper Sandler boosted their price target on ServiceTitan from $100.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, June 5th. Morgan Stanley upped their price objective on ServiceTitan from $118.00 to $124.00 and gave the company an “overweight” rating in a research note on Friday, June 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 price objective on shares of ServiceTitan in a research report on Wednesday, June 17th. Fifteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $110.53.

ServiceTitan Price Performance

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

ServiceTitan (NASDAQ:TTAN) last posted its earnings results on Thursday, June 4th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. ServiceTitan had a negative net margin of 13.44% and a negative return on equity of 5.59%. The company had revenue of $268.82 million during the quarter, compared to analysts’ expectations of $257.40 million. During the same quarter last year, the company posted $0.18 EPS. ServiceTitan’s quarterly revenue was up 24.6% compared to the same quarter last year. On average, analysts anticipate that ServiceTitan Inc. will post -0.54 earnings per share for the current fiscal year.

Insider Activity

In other news, Director William J.G. Griffith sold 94,415 shares of the business’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $63.43, for a total transaction of $5,988,743.45. Following the completion of the sale, the director owned 443,221 shares in the company, valued at $28,113,508.03. The trade was a 17.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Byron B. Deeter sold 8,845 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $63.35, for a total value of $560,330.75. Following the completion of the transaction, the director directly owned 13,782 shares in the company, valued at $873,089.70. The trade was a 39.09% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 296,664 shares of company stock valued at $19,958,797. Company insiders own 39.89% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Woodline Partners LP lifted its holdings in shares of ServiceTitan by 4.6% during the first quarter. Woodline Partners LP now owns 2,141 shares of the company’s stock worth $204,000 after buying an additional 95 shares in the last quarter. Cetera Investment Advisers acquired a new position 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 in the second quarter valued at about $500,000. Northwestern Mutual Wealth Management Co. increased its position 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 acquiring an additional 392 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new position in ServiceTitan during the second quarter worth 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.