Wells Fargo & Company Issues Pessimistic Forecast for ServiceTitan (NASDAQ:TTAN) Stock Price

ServiceTitan (NASDAQ:TTAN) had its price target cut by equities researchers at Wells Fargo & Company from $140.00 to $125.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 103.95% from the stock’s previous close.

Several other research firms have also recently issued reports on TTAN. BMO Capital Markets raised their target price on shares of ServiceTitan from $115.00 to $125.00 and gave the stock an “outperform” rating in a research report on Friday, December 5th. BTIG Research began coverage on shares of ServiceTitan in a research note on Tuesday, December 16th. They set a “buy” rating and a $130.00 price target on the stock. UBS Group reissued a “buy” rating on shares of ServiceTitan in a research note on Monday, December 1st. The Goldman Sachs Group initiated coverage on ServiceTitan in a report on Tuesday, January 13th. They set a “neutral” rating and a $117.00 price objective for the company. Finally, Morgan Stanley increased their target price on ServiceTitan from $118.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Friday, December 5th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $133.13.

ServiceTitan Price Performance

Shares of NASDAQ:TTAN opened at $61.29 on Wednesday. The company has a market cap of $5.74 billion, a P/E ratio of -15.02 and a beta of -0.86. The business has a fifty day simple moving average of $97.26 and a 200-day simple moving average of $100.80. ServiceTitan has a 52 week low of $60.57 and a 52 week high of $131.33. The company has a quick ratio of 4.14, a current ratio of 4.14 and a debt-to-equity ratio of 0.07.

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

Insider Buying and Selling at ServiceTitan

In related news, CAO Michele O’connor sold 1,678 shares of the company’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $105.30, for a total transaction of $176,693.40. Following the completion of the sale, the chief accounting officer directly owned 89,571 shares of the company’s stock, valued at approximately $9,431,826.30. This represents a 1.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Vahe Kuzoyan sold 16,388 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $102.82, for a total value of $1,685,014.16. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 233,592 shares of company stock worth $24,280,986. Insiders own 51.72% of the company’s stock.

Hedge Funds Weigh In On ServiceTitan

A number of institutional investors and hedge funds have recently bought and sold shares of TTAN. Vanguard Group Inc. raised its stake in shares of ServiceTitan by 538.4% during the third quarter. Vanguard Group Inc. now owns 4,429,930 shares of the company’s stock valued at $446,670,000 after purchasing an additional 3,735,968 shares during the period. JPMorgan Chase & Co. grew its holdings in ServiceTitan by 118.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,893,959 shares of the company’s stock valued at $291,798,000 after purchasing an additional 1,569,136 shares in the last quarter. Invesco Ltd. increased its stake in ServiceTitan by 1,388.2% during the 2nd quarter. Invesco Ltd. now owns 1,477,369 shares of the company’s stock worth $158,344,000 after buying an additional 1,378,100 shares during the period. Franklin Resources Inc. increased its stake in ServiceTitan by 148.4% during the 2nd quarter. Franklin Resources Inc. now owns 1,893,237 shares of the company’s stock worth $202,917,000 after buying an additional 1,131,062 shares during the period. Finally, CIBC Bancorp USA Inc. acquired a new position in ServiceTitan in the 3rd quarter worth $84,983,000.

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.