Insider Selling: ServiceTitan (NASDAQ:TTAN) CEO Sells 3,028 Shares of Stock

ServiceTitan Inc. (NASDAQ:TTAN) CEO Ara Mahdessian sold 3,028 shares of the business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $66.19, for a total transaction of $200,423.32. Following the sale, the chief executive officer directly owned 2 shares of the company’s stock, valued at $132.38. This represents a 99.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

ServiceTitan Trading Down 6.2%

Shares of TTAN traded down $4.12 during trading hours on Wednesday, reaching $62.45. 1,682,041 shares of the company traded hands, compared to its average volume of 1,630,462. The firm has a market cap of $5.96 billion, a price-to-earnings ratio of -43.07 and a beta of 0.13. ServiceTitan Inc. has a 12-month low of $54.17 and a 12-month high of $119.99. The stock’s fifty day moving average price is $64.22 and its 200 day moving average price is $76.92.

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

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on TTAN shares. Citigroup restated a “neutral” rating on shares of ServiceTitan in a report on Monday, June 8th. Needham & Company LLC restated a “buy” rating and issued a $100.00 price target on shares of ServiceTitan in a report on Wednesday. The Goldman Sachs Group lowered their price target on shares of ServiceTitan from $117.00 to $84.00 and set a “neutral” rating for the company in a research report on Monday, March 16th. BMO Capital Markets lifted their price objective on shares of ServiceTitan from $92.00 to $103.00 and gave the company an “outperform” rating in a report on Friday, June 5th. Finally, Canaccord Genuity Group reduced their price objective on shares of ServiceTitan from $140.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, March 13th. Fifteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $110.53.

Institutional Trading of ServiceTitan

Several hedge funds have recently modified their holdings of TTAN. Vanguard Group Inc. lifted its position in shares of ServiceTitan by 538.4% during the third quarter. Vanguard Group Inc. now owns 4,429,930 shares of the company’s stock valued at $446,670,000 after buying an additional 3,735,968 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of ServiceTitan by 118.4% during the third quarter. JPMorgan Chase & Co. now owns 2,893,959 shares of the company’s stock valued at $291,798,000 after buying an additional 1,569,136 shares during the last quarter. Norges Bank purchased a new stake in shares of ServiceTitan during the fourth quarter valued at about $112,678,000. CIBC Bancorp USA Inc. purchased a new stake in shares of ServiceTitan during the third quarter valued at about $84,983,000. Finally, Fuller & Thaler Asset Management Inc. purchased a new stake in shares of ServiceTitan during the fourth quarter valued at about $89,702,000.

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.