ServiceTitan (NASDAQ:TTAN) Issues Quarterly Earnings Results, Beats Expectations By $0.05 EPS

ServiceTitan (NASDAQ:TTAN) posted its earnings results on Tuesday. The company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.05, FiscalAI reports. ServiceTitan had a negative return on equity of 5.59% and a negative net margin of 13.44%.The company had revenue of $292.76 million during the quarter, compared to the consensus estimate of $285.90 million.

ServiceTitan Stock Down 7.2%

ServiceTitan stock traded down $6.34 during mid-day trading on Tuesday, hitting $81.58. 4,211,743 shares of the stock were exchanged, compared to its average volume of 1,426,404. ServiceTitan has a 12 month low of $54.17 and a 12 month high of $119.99. The firm’s fifty day simple moving average is $84.45 and its two-hundred day simple moving average is $72.57. The stock has a market capitalization of $7.78 billion, a price-to-earnings ratio of -56.26 and a beta of 0.11.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on TTAN. Morgan Stanley upped their price objective on shares of ServiceTitan from $118.00 to $124.00 and gave the stock an “overweight” rating in a research report on Friday, June 5th. Stifel Nicolaus set a $125.00 target price on ServiceTitan in a report on Wednesday, May 27th. TD Cowen lifted their price target on ServiceTitan from $110.00 to $125.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Citigroup reaffirmed a “neutral” rating on shares of ServiceTitan in a research note on Monday, June 8th. Finally, BMO Capital Markets boosted their target price on ServiceTitan from $92.00 to $103.00 and gave the stock an “outperform” rating in a research note on Friday, June 5th. Fourteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $108.93.

Insider Buying and Selling

In other news, CEO Ara Mahdessian sold 38,287 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $84.89, for a total transaction of $3,250,183.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michele O’connor sold 4,910 shares of the stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $80.93, for a total transaction of $397,366.30. Following the sale, the chief accounting officer owned 71,676 shares of the company’s stock, valued at approximately $5,800,738.68. This trade represents a 6.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 514,837 shares of company stock worth $39,203,222. Corporate insiders own 39.89% of the company’s stock.

Institutional Investors Weigh In On ServiceTitan

Several hedge funds and other institutional investors have recently modified their holdings of TTAN. Woodline Partners LP boosted its stake in ServiceTitan by 4.6% during the 1st quarter. Woodline Partners LP now owns 2,141 shares of the company’s stock valued at $204,000 after purchasing an additional 95 shares during the last quarter. Cetera Investment Advisers purchased a new stake in shares of ServiceTitan in the second quarter worth approximately $345,000. Russell Investments Group Ltd. purchased a new stake in shares of ServiceTitan in the second quarter worth approximately $500,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of ServiceTitan by 1,005.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company’s stock valued at $46,000 after purchasing an additional 392 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of ServiceTitan in the second quarter valued at approximately $393,000.

ServiceTitan Company Profile

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.