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

ServiceTitan Inc. (NASDAQ:TTAN) shares gapped down before the market opened 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 changing hands.

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

Analysts Set New Price Targets

TTAN has been the topic of a number of analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of ServiceTitan in a report on Friday, April 24th. Citigroup reissued a “neutral” rating on shares of ServiceTitan in a report on Monday, June 8th. Canaccord Genuity Group decreased their price objective on ServiceTitan from $140.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, March 13th. BTIG Research lifted 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. Finally, The Goldman Sachs Group dropped 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. Fifteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $110.53.

ServiceTitan Price Performance

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

ServiceTitan (NASDAQ:TTAN) last announced its quarterly earnings data 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. ServiceTitan had a negative net margin of 13.44% and a negative return on equity of 5.59%. The business had revenue of $268.82 million for the quarter, compared to analyst estimates of $257.40 million. During the same period in the prior year, the firm posted $0.18 EPS. The company’s revenue was up 24.6% on a year-over-year basis. On average, research analysts forecast that ServiceTitan Inc. will post -0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On ServiceTitan

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of ServiceTitan by 538.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,429,930 shares of the company’s stock valued at $446,670,000 after purchasing an additional 3,735,968 shares during the last quarter. Norges Bank acquired a new stake in shares of ServiceTitan during the 4th quarter worth $112,678,000. CIBC Bancorp USA Inc. purchased a new position in shares of ServiceTitan in the 3rd quarter worth $84,983,000. Fuller & Thaler Asset Management Inc. purchased a new position in shares of ServiceTitan in the 4th quarter worth $89,702,000. Finally, First Trust Advisors LP boosted its holdings in ServiceTitan by 2,401.9% in the third quarter. First Trust Advisors LP now owns 670,883 shares of the company’s stock valued at $67,645,000 after acquiring an additional 644,068 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.