ServiceTitan (NASDAQ:TTAN) Releases Quarterly Earnings Results, Beats Estimates By $0.09 EPS
by Danessa Lincoln · The Markets DailyServiceTitan (NASDAQ:TTAN – Get Free Report) issued its quarterly earnings results on Thursday. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.09, FiscalAI reports. ServiceTitan had a negative return on equity of 6.86% and a negative net margin of 16.64%.The firm had revenue of $268.82 million during the quarter, compared to the consensus estimate of $256.66 million.
ServiceTitan Price Performance
NASDAQ TTAN traded up $1.70 during trading hours on Thursday, hitting $74.33. The company’s stock had a trading volume of 2,792,946 shares, compared to its average volume of 1,347,408. ServiceTitan has a 12 month low of $54.17 and a 12 month high of $119.99. The company’s 50 day simple moving average is $62.76 and its two-hundred day simple moving average is $78.15. The company has a market cap of $7.08 billion, a P/E ratio of -43.21 and a beta of 0.13.
Insiders Place Their Bets
In other ServiceTitan news, President Vahe Kuzoyan sold 3,220 shares of the firm’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $69.86, for a total value of $224,949.20. Following the transaction, the president directly owned 1 shares of the company’s stock, valued at approximately $69.86. This trade represents a 99.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Michele O’connor sold 5,000 shares of the firm’s stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $58.93, for a total value of $294,650.00. Following the completion of the transaction, the chief accounting officer directly owned 79,416 shares in the company, valued at $4,679,984.88. The trade was a 5.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 33,440 shares of company stock valued at $2,281,468 over the last quarter. Corporate insiders own 39.89% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently bought and sold shares of TTAN. Fuller & Thaler Asset Management Inc. purchased a new position in ServiceTitan in the fourth quarter worth about $89,702,000. Atreides Management LP bought a new stake in shares of ServiceTitan during the 2nd quarter valued at $68,679,000. Two Sigma Investments LP bought a new stake in shares of ServiceTitan during the 3rd quarter valued at $58,836,000. Balyasny Asset Management L.P. grew its position in shares of ServiceTitan by 869.9% during the 2nd quarter. Balyasny Asset Management L.P. now owns 568,530 shares of the company’s stock valued at $60,935,000 after acquiring an additional 509,912 shares during the period. Finally, Marshall Wace LLP lifted its position in ServiceTitan by 112.4% during the third quarter. Marshall Wace LLP now owns 885,643 shares of the company’s stock valued at $89,299,000 after purchasing an additional 468,588 shares in the last quarter.
Analyst Ratings Changes
TTAN has been the subject of several analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of ServiceTitan in a report on Friday, April 24th. The Goldman Sachs Group reduced their price target on ServiceTitan from $117.00 to $84.00 and set a “neutral” rating for the company in a report on Monday, March 16th. TD Cowen reduced their price target on ServiceTitan from $135.00 to $110.00 and set a “buy” rating for the company in a report on Tuesday, May 26th. Canaccord Genuity Group reduced their price objective on ServiceTitan from $140.00 to $105.00 and set a “buy” rating for the company in a report on Friday, March 13th. Finally, Morgan Stanley reduced their price objective on ServiceTitan from $131.00 to $118.00 and set an “overweight” rating for the company in a report on Friday, March 13th. Fifteen 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 stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $107.80.
View Our Latest Analysis on ServiceTitan
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.
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