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

ServiceTitan Inc. (NASDAQ:TTAN) CEO Ara Mahdessian sold 3,028 shares of ServiceTitan stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $66.19, for a total value of $200,423.32. Following the transaction, the chief executive officer owned 2 shares in the company, valued at approximately $132.38. This represents a 99.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

ServiceTitan Trading Down 6.2%

Shares of TTAN opened at $62.45 on Thursday. ServiceTitan Inc. has a 12-month low of $54.17 and a 12-month high of $119.99. The firm has a market capitalization of $5.96 billion, a P/E ratio of -43.07 and a beta of 0.13. The firm has a 50-day moving average price of $64.22 and a 200 day moving average price of $76.92.

ServiceTitan (NASDAQ:TTAN) last issued its earnings results on Thursday, June 4th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. The company had revenue of $268.82 million for the quarter, compared to the consensus estimate of $257.40 million. ServiceTitan had a negative net margin of 13.44% and a negative return on equity of 5.59%. ServiceTitan’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.18 earnings per share. Equities research analysts predict that ServiceTitan Inc. will post -0.54 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TTAN. The Goldman Sachs Group lowered their price objective on ServiceTitan from $117.00 to $84.00 and set a “neutral” rating for the company in a research report on Monday, March 16th. KeyCorp reissued an “overweight” rating on shares of ServiceTitan in a research report on Tuesday, May 26th. Robert W. Baird boosted their price objective on shares of ServiceTitan from $75.00 to $94.00 and gave the company an “outperform” rating in a report on Monday, June 8th. Wells Fargo & Company lowered their target price on shares of ServiceTitan from $125.00 to $115.00 and set an “overweight” rating for the company in a research note on Friday, March 13th. Finally, TD Cowen increased their price objective on shares of ServiceTitan from $110.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Fifteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $110.53.

Institutional Investors Weigh In On ServiceTitan

Several large investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC lifted its holdings in ServiceTitan by 1.5% during the 1st quarter. Janus Henderson Group PLC now owns 783,560 shares of the company’s stock worth $49,724,000 after buying an additional 11,362 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of ServiceTitan by 75.1% during the first quarter. EverSource Wealth Advisors LLC now owns 1,586 shares of the company’s stock worth $101,000 after acquiring an additional 680 shares during the period. California State Teachers Retirement System increased its position in shares of ServiceTitan by 196.7% during the first quarter. California State Teachers Retirement System now owns 63,324 shares of the company’s stock worth $4,019,000 after acquiring an additional 41,983 shares during the period. Royal Bank of Canada raised its stake in shares of ServiceTitan by 36.1% in the first quarter. Royal Bank of Canada now owns 433,122 shares of the company’s stock valued at $27,485,000 after acquiring an additional 114,859 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in ServiceTitan by 13.4% in the first quarter. The Manufacturers Life Insurance Company now owns 17,452 shares of the company’s stock valued at $1,108,000 after purchasing an additional 2,061 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.