ServiceTitan (NASDAQ:TTAN) Sets New 12-Month Low on Analyst Downgrade

ServiceTitan Inc. (NASDAQ:TTAN)’s stock price reached a new 52-week low during mid-day trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $140.00 to $125.00. Wells Fargo & Company currently has an overweight rating on the stock. ServiceTitan traded as low as $61.78 and last traded at $64.25, with a volume of 3249669 shares trading hands. The stock had previously closed at $67.51.

A number of other research firms have also weighed in on TTAN. Weiss Ratings reiterated a “sell (e+)” rating on shares of ServiceTitan in a research report on Monday, December 29th. KeyCorp restated an “overweight” rating on shares of ServiceTitan in a research note on Tuesday, December 16th. Truist Financial set a $130.00 price target on shares of ServiceTitan in a research note on Tuesday, October 21st. BTIG Research started coverage on shares of ServiceTitan in a report on Tuesday, December 16th. They set a “buy” rating and a $130.00 price target for the company. Finally, Morgan Stanley raised their price objective on shares of ServiceTitan from $118.00 to $125.00 and gave the company an “equal weight” rating in a research report on Friday, December 5th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, ServiceTitan currently has a consensus rating of “Moderate Buy” and an average target price of $133.13.

Insider Activity at ServiceTitan

In related news, CEO Ara Mahdessian sold 32,000 shares of the business’s stock in a transaction dated Wednesday, January 14th. The shares were sold at an average price of $98.50, for a total transaction of $3,152,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO David Sherry sold 833 shares of the stock in a transaction dated Tuesday, January 20th. The shares were sold at an average price of $91.30, for a total transaction of $76,052.90. Following the completion of the transaction, the chief financial officer directly owned 330,948 shares of the company’s stock, valued at approximately $30,215,552.40. This trade represents a 0.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 233,592 shares of company stock worth $24,280,986 over the last three months. 51.72% of the stock is currently owned by company insiders.

Institutional Trading of ServiceTitan

Institutional investors have recently bought and sold shares of the company. Rakuten Investment Management Inc. purchased a new position in shares of ServiceTitan during the 3rd quarter worth about $5,376,000. Robeco Institutional Asset Management B.V. purchased a new stake in ServiceTitan in the third quarter valued at approximately $941,000. Quantbot Technologies LP acquired a new position in ServiceTitan during the second quarter worth approximately $19,146,000. Allspring Global Investments Holdings LLC purchased a new position in ServiceTitan during the third quarter worth approximately $27,101,000. Finally, Bank of New York Mellon Corp raised its stake in ServiceTitan by 1,247.1% during the second quarter. Bank of New York Mellon Corp now owns 84,704 shares of the company’s stock worth $9,079,000 after purchasing an additional 78,416 shares during the period.

ServiceTitan Stock Performance

The stock’s fifty day simple moving average is $97.81 and its two-hundred day simple moving average is $101.08. The company has a market cap of $6.02 billion, a price-to-earnings ratio of -15.75 and a beta of -0.86. The company has a debt-to-equity ratio of 0.07, a quick ratio of 4.14 and a current ratio of 4.14.

ServiceTitan (NASDAQ:TTAN) last issued its earnings results on Thursday, December 4th. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.09. ServiceTitan had a negative return on equity of 10.96% and a negative net margin of 23.91%.The business had revenue of $249.16 million for the quarter, compared to analyst estimates of $238.26 million. During the same period last year, the company posted $0.75 EPS. The business’s quarterly revenue was up 25.0% on a year-over-year basis. Equities research analysts anticipate that ServiceTitan Inc. will post -1.98 EPS for the current year.

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.