ServiceTitan (NASDAQ:TTAN) Releases Quarterly Earnings Results, Beats Expectations By $0.09 EPS

ServiceTitan (NASDAQ:TTAN) announced its earnings results on Thursday. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.28 by $0.09, FiscalAI reports. The business had revenue of $268.82 million for the quarter, compared to the consensus estimate of $256.66 million. ServiceTitan had a negative return on equity of 6.86% and a negative net margin of 16.64%.

ServiceTitan Stock Up 2.3%

Shares of TTAN traded up $1.70 during trading on Thursday, reaching $74.33. The company’s stock had a trading volume of 2,925,925 shares, compared to its average volume of 1,356,907. The company has a fifty day moving average of $62.76 and a two-hundred day moving average of $78.15. ServiceTitan has a twelve month low of $54.17 and a twelve month high of $119.99. The company has a market cap of $7.08 billion, a price-to-earnings ratio of -43.21 and a beta of 0.13.

Analyst Ratings Changes

Several brokerages recently commented on TTAN. Piper Sandler reiterated an “overweight” rating on shares of ServiceTitan in a report on Thursday, May 28th. Morgan Stanley dropped their target price on ServiceTitan from $131.00 to $118.00 and set an “overweight” rating on the stock in a report on Friday, March 13th. Needham & Company LLC dropped their target price on ServiceTitan from $140.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, March 13th. Truist Financial cut their target price on ServiceTitan from $130.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, March 13th. Finally, The Goldman Sachs Group cut their target price on ServiceTitan from $117.00 to $84.00 and set a “neutral” rating on the stock in a research report on Monday, March 16th. Fifteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $107.80.

Insiders Place Their Bets

In other ServiceTitan news, President Vahe Kuzoyan sold 3,220 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $69.86, for a total value of $224,949.20. Following the transaction, the president directly owned 1 shares of the company’s stock, valued at $69.86. This represents a 99.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO David Sherry sold 17,778 shares of the business’s stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $69.86, for a total value of $1,241,971.08. Following the completion of the sale, the chief financial officer owned 313,025 shares of the company’s stock, valued at $21,867,926.50. This trade represents a 5.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 33,440 shares of company stock valued at $2,281,468. Company insiders own 39.89% of the company’s stock.

Institutional Investors Weigh In On ServiceTitan

A number of institutional investors have recently made changes to their positions in TTAN. Woodline Partners LP increased its holdings in shares of ServiceTitan by 4.6% in the 1st quarter. Woodline Partners LP now owns 2,141 shares of the company’s stock valued at $204,000 after acquiring an additional 95 shares during the last quarter. Cetera Investment Advisers bought a new stake in shares of ServiceTitan in the 2nd quarter valued at approximately $345,000. Russell Investments Group Ltd. bought a new stake in shares of ServiceTitan in the 2nd quarter valued at approximately $500,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of ServiceTitan by 1,005.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company’s stock valued at $46,000 after acquiring an additional 392 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in shares of ServiceTitan in the 2nd quarter valued at approximately $393,000.

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.