ServiceTitan (NASDAQ:TTAN) Shares Gap Up on Analyst Upgrade

ServiceTitan Inc. (NASDAQ:TTAN)’s share price gapped up prior to trading on Friday after Truist Financial raised their price target on the stock from $120.00 to $130.00. The stock had previously closed at $100.31, but opened at $112.17. Truist Financial currently has a buy rating on the stock. ServiceTitan shares last traded at $112.76, with a volume of 507,191 shares.

Several other research analysts also recently commented on TTAN. Raymond James Financial started coverage on shares of ServiceTitan in a report on Friday, August 29th. They set a “market perform” rating for the company. Piper Sandler increased their price target on shares of ServiceTitan from $150.00 to $155.00 and gave the company an “overweight” rating in a report on Friday. Needham & Company LLC reaffirmed a “buy” rating and issued a $140.00 price target on shares of ServiceTitan in a report on Friday. Stifel Nicolaus increased their price target on shares of ServiceTitan from $125.00 to $135.00 and gave the company a “buy” rating in a report on Friday. Finally, KeyCorp set a $140.00 price target on shares of ServiceTitan and gave the company an “overweight” rating in a report on Wednesday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $130.00.

Insider Buying and Selling at ServiceTitan

In other news, Director William J.G. Griffith sold 90,917 shares of the stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $109.99, for a total transaction of $9,999,960.83. Following the transaction, the director directly owned 483,635 shares in the company, valued at approximately $53,195,013.65. This trade represents a 15.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Iconiq Strategic Partners V, L sold 52,082 shares of the stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $109.99, for a total transaction of $5,728,499.18. Following the transaction, the insider owned 648,606 shares in the company, valued at approximately $71,340,173.94. This represents a 7.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,546,850 shares of company stock valued at $164,753,189 in the last ninety days. Company insiders own 51.72% of the company’s stock.

Institutional Investors Weigh In On ServiceTitan

Institutional investors have recently bought and sold shares of the company. Harbor Investment Advisory LLC acquired a new stake in ServiceTitan in the first quarter valued at approximately $31,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of ServiceTitan by 1,005.1% during 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. LRI Investments LLC acquired a new stake in shares of ServiceTitan during the first quarter worth $58,000. PNC Financial Services Group Inc. acquired a new stake in shares of ServiceTitan during the second quarter worth $79,000. Finally, Tower Research Capital LLC TRC purchased a new position in shares of ServiceTitan during the fourth quarter worth $91,000.

ServiceTitan Trading Up 13.6%

The company has a debt-to-equity ratio of 0.07, a current ratio of 4.82 and a quick ratio of 4.82. The company’s fifty day moving average is $108.96 and its 200-day moving average is $106.94. The stock has a market cap of $10.34 billion and a PE ratio of -21.11.

ServiceTitan (NASDAQ:TTAN) last issued its earnings results on Thursday, June 5th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.06. ServiceTitan had a negative net margin of 26.08% and a negative return on equity of 20.73%. The firm had revenue of $215.69 million during the quarter, compared to analysts’ expectations of $208.61 million. The business’s revenue for the quarter was up 26.6% on a year-over-year basis. On average, analysts predict that ServiceTitan Inc. will post -1.98 earnings per share for the current fiscal year.

About ServiceTitan

ServiceTitan, Inc engages in the collection of field service activities required to install, maintain, and service the infrastructure and systems of residences and commercial buildings. The company was founded by Ara Mahdessian and Vahe Kuzoyan on June 8, 2008 and is headquartered in Glendale, CA.