ServiceTitan (NASDAQ:TTAN) Shares Gap Down Following Analyst Downgrade

ServiceTitan Inc. (NASDAQ:TTAN) gapped down prior to trading on Wednesday after Robert W. Baird lowered their price target on the stock from $101.00 to $85.00. The stock had previously closed at $81.58, but opened at $67.13. Robert W. Baird currently has an outperform rating on the stock. ServiceTitan shares last traded at $56.9280, with a volume of 4,570,134 shares changing hands.

A number of other brokerages have also recently commented on TTAN. Stifel Nicolaus set a $125.00 price target on ServiceTitan in a research note on Wednesday, May 27th. KeyCorp dropped their price objective on ServiceTitan from $120.00 to $110.00 and set an “overweight” rating for the company in a research note on Wednesday. Evercore set a $90.00 target price on shares of ServiceTitan in a report on Wednesday. Truist Financial reiterated a “buy” rating and set a $110.00 price target (up from $100.00) on shares of ServiceTitan in a report on Friday, June 5th. Finally, Weiss Ratings raised shares of ServiceTitan from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, August 26th. Fourteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $102.25.

Insider Transactions at ServiceTitan

In other news, CAO Michele O’connor sold 4,910 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $80.93, for a total transaction of $397,366.30. Following the transaction, the chief accounting officer directly owned 71,676 shares of the company’s stock, valued at approximately $5,800,738.68. The trade was a 6.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO David Sherry sold 9,000 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $90.83, for a total value of $817,470.00. Following the transaction, the chief financial officer directly owned 386,757 shares in the company, valued at $35,129,138.31. This trade represents a 2.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 514,837 shares of company stock worth $39,203,222. Corporate insiders own 39.89% of the company’s stock.

Key Headlines Impacting ServiceTitan

Here are the key news stories impacting ServiceTitan this week:

• Positive Sentiment: ServiceTitan reported quarterly EPS of $0.40, above the $0.35 consensus estimate, while revenue rose 20.9% year over year to $292.76 million, exceeding expectations of approximately $285.9 million. ServiceTitan fiscal second-quarter results
• Positive Sentiment: BTIG Research reaffirmed its “buy” rating and set a $110 price target, implying substantial upside from the stock’s current level. ServiceTitan analyst expectations

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TTAN. Woodline Partners LP lifted its position in shares of ServiceTitan by 4.6% in the 1st quarter. Woodline Partners LP now owns 2,141 shares of the company’s stock worth $204,000 after purchasing an additional 95 shares during the period. Cetera Investment Advisers bought a new position in ServiceTitan in the second quarter worth about $345,000. Russell Investments Group Ltd. bought a new position in ServiceTitan in the second quarter worth about $500,000. Northwestern Mutual Wealth Management Co. lifted its holdings in ServiceTitan by 1,005.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company’s stock worth $46,000 after buying an additional 392 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in ServiceTitan in the second quarter worth about $393,000.

ServiceTitan Stock Performance

The company has a 50-day simple moving average of $84.66 and a two-hundred day simple moving average of $72.69. The firm has a market capitalization of $5.36 billion, a P/E ratio of -39.10 and a beta of 0.11.

ServiceTitan (NASDAQ:TTAN) last announced its earnings results on Tuesday, September 8th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.05. ServiceTitan had a negative return on equity of 5.59% and a negative net margin of 13.44%.The firm had revenue of $292.76 million during the quarter, compared to analyst estimates of $285.89 million. During the same quarter in the prior year, the company earned $0.33 EPS. The business’s revenue was up 20.9% compared to the same quarter last year. As a group, research analysts forecast that ServiceTitan Inc. will post -0.54 earnings per share for the current fiscal year.

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.