ServiceTitan (NASDAQ:TTAN) Sees Strong Trading Volume After Better-Than-Expected Earnings

ServiceTitan Inc. (NASDAQ:TTAN) saw strong trading volume on Friday after the company announced better than expected quarterly earnings. 707,982 shares traded hands during trading, a decline of 15% from the previous session’s volume of 833,644 shares.The stock last traded at $99.56 and had previously closed at $95.59.

The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.15 by $0.09. The business had revenue of $249.16 million for the quarter, compared to the consensus estimate of $238.26 million. ServiceTitan had a negative return on equity of 11.03% and a negative net margin of 23.91%.The business’s revenue was up 25.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.75 earnings per share.

Wall Street Analyst Weigh In

Several research analysts have weighed in on TTAN shares. Needham & Company LLC restated a “buy” rating and issued a $140.00 price target on shares of ServiceTitan in a research note on Friday, September 5th. Stifel Nicolaus boosted their target price on shares of ServiceTitan from $135.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, September 19th. Morgan Stanley upped their target price on shares of ServiceTitan from $118.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Friday. BMO Capital Markets raised their target price on shares of ServiceTitan from $115.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Wells Fargo & Company boosted their price target on shares of ServiceTitan from $130.00 to $140.00 and gave the stock an “overweight” rating in a research note on Friday, September 19th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $134.53.

Insider Buying and Selling at ServiceTitan

In other ServiceTitan news, major shareholder Bessemer Venture Partners Viii sold 370,557 shares of ServiceTitan stock in a transaction on Monday, September 8th. The shares were sold at an average price of $117.79, for a total value of $43,647,909.03. Following the completion of the transaction, the insider directly owned 7,595,777 shares of the company’s stock, valued at $894,706,572.83. This trade represents a 4.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ara Mahdessian sold 46,542 shares of the business’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $91.40, for a total transaction of $4,253,938.80. The disclosure for this sale is available in the SEC filing. Insiders sold 1,121,690 shares of company stock worth $126,740,332 over the last 90 days. 51.72% of the stock is owned by insiders.

Institutional Investors Weigh In On ServiceTitan

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cloud Capital Management LLC bought a new stake in shares of ServiceTitan in the 3rd quarter valued at approximately $25,000. Northwestern Mutual Wealth Management Co. raised its holdings in ServiceTitan by 1,005.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company’s stock valued at $46,000 after buying an additional 392 shares during the period. Whittier Trust Co. bought a new stake in ServiceTitan in the third quarter worth $52,000. Parallel Advisors LLC lifted its position in ServiceTitan by 161.7% in the third quarter. Parallel Advisors LLC now owns 526 shares of the company’s stock worth $53,000 after buying an additional 325 shares during the last quarter. Finally, PNC Financial Services Group Inc. purchased a new position in ServiceTitan during the second quarter worth $79,000.

ServiceTitan Price Performance

The firm has a market cap of $9.82 billion and a P/E ratio of -25.88. The company has a debt-to-equity ratio of 0.07, a current ratio of 4.49 and a quick ratio of 4.49. The stock’s 50-day simple moving average is $94.44 and its two-hundred day simple moving average is $104.55.

About ServiceTitan

ServiceTitan, Inc engages in the collection of field service activities required to install, maintain, and service the infrastructure and systems of residences and commercial buildings. The company was founded by Ara Mahdessian and Vahe Kuzoyan on June 8, 2008 and is headquartered in Glendale, CA.