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 that occurred on Wednesday, June 17th. The stock was sold at an average price of $66.19, for a total transaction of $200,423.32. Following the sale, the chief executive officer owned 2 shares in the company, valued at $132.38. This represents a 99.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

ServiceTitan Price Performance

Shares of NASDAQ:TTAN opened at $64.23 on Friday. ServiceTitan Inc. has a 1 year low of $54.17 and a 1 year high of $119.99. The stock has a market capitalization of $6.13 billion, a price-to-earnings ratio of -44.30 and a beta of 0.13. The company’s 50 day simple moving average is $64.25 and its 200 day simple moving average is $76.74.

ServiceTitan (NASDAQ:TTAN) last released its earnings results on Thursday, June 4th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.09. The firm had revenue of $268.82 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 24.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.18 earnings per share. As a group, analysts anticipate that ServiceTitan Inc. will post -0.54 EPS for the current fiscal year.

Analyst Ratings Changes

TTAN has been the subject of several recent analyst reports. BTIG Research upped their price objective on ServiceTitan from $90.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Piper Sandler lifted their target price on ServiceTitan from $100.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, June 5th. Wells Fargo & Company lowered their target price on ServiceTitan from $125.00 to $115.00 and set an “overweight” rating for the company in a research note on Friday, March 13th. William Blair restated an “outperform” rating on shares of ServiceTitan in a research note on Friday, March 13th. Finally, Morgan Stanley lifted their price target on shares of ServiceTitan from $118.00 to $124.00 and gave the company an “overweight” rating in a report on Friday, June 5th. Fifteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $110.53.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of ServiceTitan by 9.9% during the 4th quarter. Vanguard Group Inc. now owns 4,869,009 shares of the company’s stock valued at $518,549,000 after acquiring an additional 439,079 shares in the last quarter. JPMorgan Chase & Co. raised its position in ServiceTitan by 118.4% in the third 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 during the last quarter. Franklin Resources Inc. boosted its stake in shares of ServiceTitan by 33.8% during the fourth quarter. Franklin Resources Inc. now owns 2,014,025 shares of the company’s stock valued at $214,494,000 after purchasing an additional 508,848 shares in the last quarter. Artisan Partners Limited Partnership boosted its stake in shares of ServiceTitan by 47.3% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,617,353 shares of the company’s stock valued at $172,248,000 after purchasing an additional 519,024 shares in the last quarter. Finally, Greenoaks Capital Partners LLC grew its holdings in shares of ServiceTitan by 20.6% during the fourth quarter. Greenoaks Capital Partners LLC now owns 1,552,257 shares of the company’s stock worth $165,315,000 after purchasing an additional 264,926 shares during the last quarter.

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.