ServiceTitan (NASDAQ:TTAN – Free Report) had its price target trimmed by KeyCorp from $120.00 to $110.00 in a report released on Wednesday, Marketbeat Ratings reports. The brokerage currently has an overweight rating on the stock.
A number of other equities analysts also recently commented on TTAN. Robert W. Baird boosted their price objective on shares of ServiceTitan from $94.00 to $101.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 12th. Citigroup reaffirmed a “neutral” rating on shares of ServiceTitan in a research report on Monday, June 8th. Evercore set a $90.00 price target on ServiceTitan in a report on Wednesday. Needham & Company LLC reissued a “buy” rating and issued a $100.00 price target on shares of ServiceTitan in a research report on Wednesday. Finally, BTIG Research restated a “buy” rating and set a $110.00 price objective on shares of ServiceTitan in a research note on Wednesday. Fourteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $96.38.
ServiceTitan Stock Performance
ServiceTitan (NASDAQ:TTAN – Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $292.76 million during the quarter, compared to analysts’ expectations of $285.89 million. During the same quarter in the prior year, the company earned $0.33 EPS. The company’s revenue was up 20.9% compared to the same quarter last year. Equities analysts expect that ServiceTitan will post -0.54 earnings per share for the current fiscal year.
Insider Activity
In related news, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $63.43, for a total transaction of $5,988,743.45. Following the completion of the sale, the insider owned 443,221 shares of the company’s stock, valued at $28,113,508.03. This represents a 17.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ara Mahdessian sold 51,947 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $80.98, for a total transaction of $4,206,668.06. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 514,837 shares of company stock worth $39,203,222 over the last 90 days. 39.89% of the stock is currently owned by insiders.
Institutional Trading of ServiceTitan
Institutional investors have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. grew its stake in ServiceTitan by 1,005.1% during the 2nd 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 last quarter. Sunbelt Securities Inc. increased its position in ServiceTitan by 391.0% during the 4th quarter. Sunbelt Securities Inc. now owns 491 shares of the company’s stock valued at $52,000 after buying an additional 391 shares in the last quarter. Parallel Advisors LLC raised its stake in ServiceTitan by 161.7% in the third quarter. Parallel Advisors LLC now owns 526 shares of the company’s stock valued at $53,000 after buying an additional 325 shares during the last quarter. Daiwa Securities Group Inc. purchased a new stake in ServiceTitan in the fourth quarter valued at about $68,000. Finally, State of Wyoming purchased a new stake in ServiceTitan in the first quarter valued at about $48,000.
ServiceTitan News Summary
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.
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