ServiceTitan (NASDAQ:TTAN – Get Free Report) issued its earnings results on Thursday. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.09, FiscalAI reports. The business had revenue of $268.82 million during the quarter, compared to analyst estimates of $256.66 million. ServiceTitan had a negative return on equity of 6.86% and a negative net margin of 16.64%.
ServiceTitan Stock Up 2.3%
Shares of NASDAQ:TTAN traded up $1.70 on Thursday, hitting $74.33. The company had a trading volume of 2,792,946 shares, compared to its average volume of 1,347,408. The firm’s 50-day simple moving average is $62.76 and its two-hundred day simple moving average is $78.15. ServiceTitan has a 1 year low of $54.17 and a 1 year high of $119.99. The firm has a market capitalization of $7.08 billion, a price-to-earnings ratio of -43.21 and a beta of 0.13.
Wall Street Analysts Forecast Growth
TTAN has been the subject of several research reports. Needham & Company LLC cut their target price on ServiceTitan from $140.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, March 13th. Citigroup cut their target price on ServiceTitan from $117.00 to $88.00 and set a “neutral” rating for the company in a research note on Friday, March 13th. Piper Sandler reaffirmed an “overweight” rating on shares of ServiceTitan in a research note on Thursday, May 28th. The Goldman Sachs Group dropped their price objective on ServiceTitan from $117.00 to $84.00 and set a “neutral” rating for the company in a research note on Monday, March 16th. Finally, Truist Financial dropped their price objective on ServiceTitan from $130.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, March 13th. Fifteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $107.80.
Insider Activity at ServiceTitan
In other news, President Vahe Kuzoyan sold 3,220 shares of the firm’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $69.86, for a total value of $224,949.20. Following the completion of the sale, the president directly owned 1 shares of the company’s stock, valued at approximately $69.86. This trade represents a 99.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ara Mahdessian sold 2,288 shares of the stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $69.86, for a total value of $159,839.68. Following the completion of the transaction, the chief executive officer owned 1 shares of the company’s stock, valued at approximately $69.86. This trade represents a 99.96% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 33,440 shares of company stock valued at $2,281,468. 39.89% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On ServiceTitan
Institutional investors have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. raised 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 purchasing an additional 392 shares in the last quarter. Sunbelt Securities Inc. raised its holdings in ServiceTitan by 391.0% in the fourth quarter. Sunbelt Securities Inc. now owns 491 shares of the company’s stock worth $52,000 after purchasing an additional 391 shares in the last quarter. Parallel Advisors LLC raised its holdings in ServiceTitan by 161.7% in the third quarter. Parallel Advisors LLC now owns 526 shares of the company’s stock worth $53,000 after purchasing an additional 325 shares in the last quarter. Daiwa Securities Group Inc. bought a new position in ServiceTitan in the fourth quarter worth $68,000. Finally, EverSource Wealth Advisors LLC bought a new position in ServiceTitan in the second quarter worth $94,000.
About ServiceTitan
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.
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