ServiceTitan (NASDAQ:TTAN) Sees Strong Trading Volume – What’s Next?

ServiceTitan Inc. (NASDAQ:TTAN) saw unusually-high trading volume on Monday . 3,670,172 shares were traded during mid-day trading, an increase of 115% from the previous session’s volume of 1,709,698 shares.The stock last traded at $57.6030 and had previously closed at $55.04.

Wall Street Analysts Forecast Growth

TTAN has been the topic of a number of recent research reports. Robert W. Baird reduced their target price on shares of ServiceTitan from $101.00 to $85.00 and set an “outperform” rating on the stock in a report on Wednesday, September 9th. Weiss Ratings cut shares of ServiceTitan from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, September 9th. BTIG Research reiterated a “buy” rating and set a $110.00 target price on shares of ServiceTitan in a research note on Wednesday, September 9th. Wells Fargo & Company dropped their target price on ServiceTitan from $115.00 to $105.00 and set an “overweight” rating on the stock in a report on Wednesday, September 9th. Finally, Needham & Company LLC restated a “buy” rating and issued a $100.00 price target on shares of ServiceTitan in a research note on Wednesday, September 9th. Fourteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.38.

ServiceTitan Stock Up 3.3%

The company has a market cap of $5.43 billion, a price-to-earnings ratio of -42.06 and a beta of 0.11. The business’s fifty day simple moving average is $81.27 and its two-hundred day simple moving average is $72.03.

ServiceTitan (NASDAQ:TTAN) last issued its earnings results on Tuesday, September 8th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.05. The business had revenue of $292.76 million during the quarter, compared to analysts’ expectations of $285.89 million. ServiceTitan had a negative net margin of 12.12% and a negative return on equity of 5.65%. The company’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.33 EPS. Sell-side analysts predict that ServiceTitan Inc. will post -0.53 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $63.43, for a total value of $5,988,743.45. Following the completion of the sale, the insider directly owned 443,221 shares of the company’s stock, valued at $28,113,508.03. This represents a 17.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David Sherry sold 9,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $90.83, for a total value of $817,470.00. Following the transaction, the chief financial officer owned 386,757 shares in the company, valued at $35,129,138.31. This represents a 2.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 482,705 shares of company stock valued at $37,077,677 over the last ninety days. Company insiders own 39.89% of the company’s stock.

Hedge Funds Weigh In On ServiceTitan

A number of institutional investors have recently modified their holdings of TTAN. Norges Bank purchased a new position in shares of ServiceTitan during the fourth quarter worth about $112,678,000. Madison Asset Management LLC acquired a new position in shares of ServiceTitan in the second quarter valued at approximately $56,118,000. Artisan Partners Limited Partnership raised its stake in shares of ServiceTitan by 47.3% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,617,353 shares of the company’s stock worth $172,248,000 after purchasing an additional 519,024 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of ServiceTitan by 33.8% during the fourth quarter. Franklin Resources Inc. now owns 2,014,025 shares of the company’s stock worth $214,494,000 after purchasing an additional 508,848 shares during the period. Finally, Natixis Advisors LLC acquired a new position in ServiceTitan in the 4th quarter valued at $39,174,000.

About ServiceTitan

ServiceTitan, Inc develops cloud-based software designed to help residential and commercial contractors manage and grow their businesses. Its platform supports trades such as heating, ventilation and air conditioning, plumbing, electrical, roofing, and other field-service industries.

The company’s products and services cover key business functions, including customer relationship management, lead generation, scheduling and dispatching, estimates, job management, invoicing, payments, financing, payroll, and business analytics.