ServiceTitan (NASDAQ:TTAN) Stock Price Expected to Rise, Morgan Stanley Analyst Says

ServiceTitan (NASDAQ:TTAN) had its target price raised by investment analysts at Morgan Stanley from $109.00 to $118.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 3.52% from the company’s previous close.

A number of other research analysts have also weighed in on the stock. Piper Sandler raised their price objective on shares of ServiceTitan from $150.00 to $155.00 and gave the company an “overweight” rating in a research note on Friday. TD Securities raised their price objective on shares of ServiceTitan from $120.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, May 21st. KeyCorp set a $140.00 price objective on shares of ServiceTitan and gave the company an “overweight” rating in a research note on Wednesday, July 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $140.00 price objective on shares of ServiceTitan in a research note on Friday. Finally, Robert W. Baird raised their price objective on shares of ServiceTitan from $106.00 to $124.00 and gave the company an “outperform” rating in a research note on Wednesday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $130.00.

ServiceTitan Stock Up 13.6%

Shares of NASDAQ TTAN opened at $113.99 on Friday. The firm has a market cap of $10.34 billion and a PE ratio of -21.11. ServiceTitan has a 12-month low of $79.81 and a 12-month high of $131.33. The company’s fifty day simple moving average is $108.96 and its 200 day simple moving average is $107.00. 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 released its quarterly earnings data on Thursday, June 5th. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $208.61 million. ServiceTitan’s revenue for the quarter was up 26.6% compared to the same quarter last year. As a group, sell-side analysts forecast that ServiceTitan will post -1.98 earnings per share for the current fiscal year.

Insider Activity

In other ServiceTitan news, CEO Ara Mahdessian sold 45,185 shares of ServiceTitan stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $103.71, for a total value of $4,686,136.35. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director William J.G. Griffith sold 90,917 shares of ServiceTitan stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $109.99, for a total transaction of $9,999,960.83. Following the completion of the sale, the director directly owned 483,635 shares in the company, valued at approximately $53,195,013.65. This represents a 15.82% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,546,850 shares of company stock valued at $164,753,189 over the last ninety days. Company insiders own 51.72% of the company’s stock.

Institutional Trading of ServiceTitan

Several hedge funds have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. raised its position in ServiceTitan by 251.5% in the second quarter. Osaic Holdings Inc. now owns 1,195 shares of the company’s stock worth $128,000 after acquiring an additional 855 shares during the period. Daventry Group LP purchased a new position in shares of ServiceTitan in the second quarter worth about $6,216,000. Squarepoint Ops LLC increased its stake in shares of ServiceTitan by 1,015.4% in the second quarter. Squarepoint Ops LLC now owns 36,451 shares of the company’s stock worth $3,907,000 after purchasing an additional 33,183 shares in the last quarter. Liontrust Investment Partners LLP purchased a new position in shares of ServiceTitan in the second quarter worth about $2,935,000. Finally, Hudson Bay Capital Management LP purchased a new position in shares of ServiceTitan in the second quarter worth about $2,144,000.

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.