Ara Mahdessian Sells 3,028 Shares of ServiceTitan (NASDAQ:TTAN) Stock

ServiceTitan Inc. (NASDAQ:TTAN) CEO Ara Mahdessian sold 3,028 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $66.19, for a total transaction of $200,423.32. Following the sale, the chief executive officer directly owned 2 shares of the company’s stock, valued at approximately $132.38. The trade was a 99.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

ServiceTitan Price Performance

Shares of TTAN stock traded down $4.12 during mid-day trading on Wednesday, hitting $62.45. 1,682,041 shares of the stock traded hands, compared to its average volume of 1,630,462. The stock has a market cap of $5.96 billion, a P/E ratio of -43.07 and a beta of 0.13. The stock’s fifty day moving average is $64.22 and its two-hundred day moving average is $76.92. ServiceTitan Inc. has a 52-week low of $54.17 and a 52-week high of $119.99.

ServiceTitan (NASDAQ:TTAN) last released its quarterly earnings results on Thursday, June 4th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.28 by $0.09. The business had revenue of $268.82 million during the quarter, compared to analyst estimates of $257.40 million. ServiceTitan had a negative net margin of 13.44% and a negative return on equity of 5.59%. The company’s quarterly revenue was up 24.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.18 earnings per share. As a group, equities analysts forecast that ServiceTitan Inc. will post -0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On ServiceTitan

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in ServiceTitan by 538.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,429,930 shares of the company’s stock worth $446,670,000 after buying an additional 3,735,968 shares during the period. Thornburg Investment Management Inc. acquired a new position in ServiceTitan in the 3rd quarter worth approximately $8,338,000. Sandhill Capital Partners LLC acquired a new position in ServiceTitan in the 3rd quarter worth approximately $27,062,000. Renaissance Capital LLC increased its holdings in ServiceTitan by 222.8% in the 4th quarter. Renaissance Capital LLC now owns 41,223 shares of the company’s stock worth $4,390,000 after buying an additional 28,454 shares during the period. Finally, CIBC Bancorp USA Inc. acquired a new position in ServiceTitan in the 3rd quarter worth approximately $84,983,000.

Analysts Set New Price Targets

Several research firms have recently issued reports on TTAN. Needham & Company LLC restated a “buy” rating and set a $100.00 price objective on shares of ServiceTitan in a report on Wednesday. BTIG Research upped their price objective on shares of ServiceTitan from $90.00 to $110.00 and gave the company a “buy” rating in a report on Friday, June 5th. Citigroup restated a “neutral” rating on shares of ServiceTitan in a report on Monday, June 8th. Truist Financial restated a “buy” rating and set a $110.00 price objective (up from $100.00) on shares of ServiceTitan in a report on Friday, June 5th. Finally, TD Cowen upped their price objective on shares of ServiceTitan from $110.00 to $125.00 and gave the company a “buy” rating in a report on Friday, June 5th. Fifteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $110.53.

ServiceTitan Company Profile

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.