Robert W. Baird Cuts ServiceTitan (NASDAQ:TTAN) Price Target to $85.00

ServiceTitan (NASDAQ:TTAN) had its target price decreased by Robert W. Baird from $101.00 to $85.00 in a report issued on Wednesday morning, Marketbeat Ratings reports. Robert W. Baird currently has an outperform rating on the stock.

A number of other analysts have also recently commented on the stock. BTIG Research reaffirmed a “buy” rating and set a $110.00 price target on shares of ServiceTitan in a research report on Wednesday. Truist Financial reissued a “buy” rating and issued a $110.00 price objective (up from $100.00) on shares of ServiceTitan in a research note on Friday, June 5th. Weiss Ratings upgraded ServiceTitan from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, August 26th. Citigroup reaffirmed a “neutral” rating on shares of ServiceTitan in a research note on Monday, June 8th. Finally, BMO Capital Markets lowered their target price on ServiceTitan from $103.00 to $90.00 and set an “outperform” rating for the company in a report on Wednesday. Fourteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $96.38.

ServiceTitan Stock Performance

NASDAQ:TTAN opened at $54.68 on Wednesday. The firm’s fifty day moving average is $83.41 and its 200-day moving average is $72.42. ServiceTitan has a 52 week low of $53.80 and a 52 week high of $119.60. The firm has a market cap of $5.22 billion, a P/E ratio of -40.21 and a beta of 0.11.

ServiceTitan (NASDAQ:TTAN) last posted its quarterly earnings data on Tuesday, September 8th. The company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.05. ServiceTitan had a negative net margin of 12.12% and a negative return on equity of 5.65%. The company had revenue of $292.76 million during the quarter, compared to analysts’ expectations of $285.89 million. During the same period in the prior year, the company posted $0.33 earnings per share. ServiceTitan’s revenue for the quarter was up 20.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that ServiceTitan will post -0.54 earnings per share for the current year.

Insider Transactions at ServiceTitan

In other news, CFO David Sherry sold 9,000 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $90.83, for a total transaction of $817,470.00. Following the transaction, the chief financial officer owned 386,757 shares in the company, valued at approximately $35,129,138.31. This represents a 2.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Vahe Kuzoyan sold 16,388 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $88.95, for a total transaction of $1,457,712.60. The SEC filing for this sale provides additional information. 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 valued at $39,203,222. 39.89% of the stock is owned by insiders.

Institutional Inflows and Outflows

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

Key ServiceTitan News

Here are the key news stories impacting ServiceTitan this week:

• Positive Sentiment: ServiceTitan reported fiscal Q2 revenue of approximately $292.8 million, up 21% year over year, exceeding analyst expectations. Non-GAAP free cash flow reached a record $50.5 million, while the non-GAAP operating margin improved to 15.2%. ServiceTitan Bets on Max Despite Near-Term Headwinds
• Positive Sentiment: BTIG Research reaffirmed its “Buy” rating, indicating that at least one analyst believes the recent selloff has created an attractive long-term entry point. BTIG Reaffirms Buy Rating
• Neutral Sentiment: Analyst coverage remains mixed. Citigroup, Stifel Nicolaus, TD Cowen and Piper Sandler all reduced their price targets to $76, $100, $100 and $110, respectively, while still maintaining targets well above the recent trading level. Citigroup Lowers Price Target
• Negative Sentiment: The primary catalyst for the selloff was disclosure of unexpected revenue-recognition timing differences and slower year-over-year growth in fiscal Q2. Investors appear concerned that reported results may not fully reflect the underlying pace of demand, even though revenue and adjusted profitability exceeded estimates. ServiceTitan Scrutinized Over Revenue Timing
• Negative Sentiment: Robert W. Baird, KeyCorp and BMO Capital Markets issued more pessimistic forecasts, adding to concerns about valuation, near-term execution and the company’s continued net losses. Baird Issues Pessimistic Forecast
• Negative Sentiment: Commentary following the earnings call concluded that the quarter was not disastrous but was insufficient to support an analyst upgrade, reinforcing the market’s cautious view of ServiceTitan’s near-term outlook. ServiceTitan Q2 Analysis

ServiceTitan Company Profile

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.