Needham & Company LLC Reaffirms “Buy” Rating for ServiceTitan (NASDAQ:TTAN)

ServiceTitan (NASDAQ:TTAN)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a report issued on Friday,Benzinga reports. They currently have a $140.00 target price on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 22.82% from the company’s current price.

TTAN has been the topic of several other reports. Raymond James Financial initiated coverage on shares of ServiceTitan in a research report on Friday, August 29th. They issued a “market perform” rating on the stock. Stifel Nicolaus boosted their price objective on shares of ServiceTitan from $110.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, May 30th. Cowen reaffirmed a “buy” rating on shares of ServiceTitan in a research report on Wednesday, May 21st. Robert W. Baird boosted their price objective on shares of ServiceTitan from $106.00 to $124.00 and gave the company an “outperform” rating in a research report on Wednesday, June 4th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 price objective (up from $125.00) on shares of ServiceTitan in a research report on Tuesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $130.00.

ServiceTitan Trading Up 13.6%

Shares of NASDAQ TTAN opened at $113.99 on Friday. The company’s fifty day moving average is $108.96 and its 200-day moving average is $107.00. The stock has a market cap of $10.34 billion and a price-to-earnings ratio of -21.11. ServiceTitan has a twelve month low of $79.81 and a twelve month high of $131.33. The company has a quick ratio of 4.82, a current ratio of 4.82 and a debt-to-equity ratio of 0.07.

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

Insider Transactions at ServiceTitan

In other ServiceTitan news, Director Byron B. Deeter sold 31,187 shares of ServiceTitan stock in a transaction on Thursday, July 17th. The shares were sold at an average price of $112.60, for a total value of $3,511,656.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Bessemer Venture Partners Viii sold 8,706 shares of ServiceTitan stock in a transaction on Friday, July 11th. The shares were sold at an average price of $110.24, for a total transaction of $959,749.44. Following the completion of the sale, the insider owned 7,966,334 shares in the company, valued at $878,208,660.16. The trade was a 0.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,546,850 shares of company stock worth $164,753,189. 51.72% of the stock is owned by insiders.

Institutional Investors Weigh In On ServiceTitan

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Woodline Partners LP increased its stake in shares of ServiceTitan by 4.6% during the 1st quarter. Woodline Partners LP now owns 2,141 shares of the company’s stock worth $204,000 after purchasing an additional 95 shares during the last quarter. Assetmark Inc. increased its stake in shares of ServiceTitan by 47.2% during the 1st quarter. Assetmark Inc. now owns 960 shares of the company’s stock worth $91,000 after purchasing an additional 308 shares during the last quarter. Harbor Investment Advisory LLC acquired a new position in shares of ServiceTitan during the 1st quarter worth about $31,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of 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 purchasing an additional 392 shares during the last quarter. Finally, LRI Investments LLC acquired a new position in shares of ServiceTitan during the 1st quarter worth about $58,000.

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.