ServiceTitan (NASDAQ:TTAN) Shares Gap Down After Insider Selling

ServiceTitan Inc. (NASDAQ:TTAN) shares gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $65.03, but opened at $61.61. ServiceTitan shares last traded at $63.3690, with a volume of 76,684 shares.

Specifically, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $63.43, for a total transaction of $5,988,743.45. Following the completion of the sale, the insider directly owned 443,221 shares in the company, valued at $28,113,508.03. This represents a 17.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director William J.G. Griffith sold 94,415 shares of the firm’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $63.43, for a total value of $5,988,743.45. Following the completion of the transaction, the director owned 443,221 shares in the company, valued at approximately $28,113,508.03. This trade represents a 17.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure.

Analyst Upgrades and Downgrades

TTAN has been the subject of a number of research reports. William Blair reiterated an “outperform” rating on shares of ServiceTitan in a report on Friday, March 13th. TD Cowen raised their price target on shares of ServiceTitan from $110.00 to $125.00 and gave the company a “buy” rating in a report on Friday, June 5th. Needham & Company LLC reaffirmed a “buy” rating and set a $100.00 price target on shares of ServiceTitan in a research report on Wednesday, June 17th. The Goldman Sachs Group decreased their price objective on shares of ServiceTitan from $117.00 to $84.00 and set a “neutral” rating for the company in a research note on Monday, March 16th. Finally, BMO Capital Markets increased their price objective on shares of ServiceTitan from $92.00 to $103.00 and gave the stock an “outperform” rating in a research report on Friday, June 5th. Fifteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $110.53.

ServiceTitan Price Performance

The company has a 50-day moving average price of $64.70 and a two-hundred day moving average price of $75.96. The company has a market cap of $6.04 billion, a PE ratio of -43.70 and a beta of 0.13.

ServiceTitan (NASDAQ:TTAN) last posted its earnings results on Thursday, June 4th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 5.59% and a negative net margin of 13.44%.The company’s revenue for the quarter was up 24.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.18 earnings per share. On average, equities research analysts anticipate that ServiceTitan Inc. will post -0.54 earnings per share for the current year.

Institutional Trading of ServiceTitan

Several large investors have recently bought and sold shares of the company. Toth Financial Advisory Corp raised its stake in shares of ServiceTitan by 150.0% during the fourth quarter. Toth Financial Advisory Corp now owns 250 shares of the company’s stock valued at $27,000 after purchasing an additional 150 shares during the period. Farther Finance Advisors LLC grew its holdings in ServiceTitan by 189.1% during the 4th quarter. Farther Finance Advisors LLC now owns 266 shares of the company’s stock valued at $28,000 after purchasing an additional 174 shares in the last quarter. eCIO Inc. acquired a new stake in ServiceTitan during the 4th quarter valued at $30,000. Elevation Wealth Partners LLC purchased a new stake in ServiceTitan during the 4th quarter worth $36,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in ServiceTitan by 1,005.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company’s stock worth $46,000 after buying an additional 392 shares during the period.

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.