ServiceTitan (NASDAQ:TTAN) Sees Large Volume Increase Following Analyst Upgrade

ServiceTitan Inc. (NASDAQ:TTAN) saw strong trading volume on Monday after Loop Capital raised their price target on the stock from $90.00 to $100.00. Loop Capital currently has a hold rating on the stock. 817,724 shares traded hands during trading, an increase of 77% from the previous session’s volume of 461,348 shares.The stock last traded at $102.69 and had previously closed at $106.60.

A number of other research firms have also recently weighed in on TTAN. TD Securities upped their price objective on shares of ServiceTitan from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, May 21st. Morgan Stanley upped their price objective on shares of ServiceTitan from $107.00 to $109.00 and gave the company an “equal weight” rating in a research report on Friday, June 6th. Needham & Company LLC reissued a “buy” rating and issued a $140.00 price objective on shares of ServiceTitan in a research report on Friday, June 6th. KeyCorp upped their target price on shares of ServiceTitan from $120.00 to $140.00 and gave the company an “overweight” rating in a research note on Friday, April 25th. Finally, TD Cowen initiated coverage on shares of ServiceTitan in a research note on Tuesday, April 8th. They issued a “buy” rating and a $120.00 target price on the stock. Four research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.21.

Insiders Place Their Bets

In other ServiceTitan news, CFO David Sherry sold 10,175 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $94.65, for a total value of $963,063.75. Following the sale, the chief financial officer now owns 325,409 shares in the company, valued at approximately $30,799,961.85. This trade represents a 3.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Michele O’connor sold 5,494 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $94.65, for a total transaction of $520,007.10. Following the completion of the sale, the chief accounting officer now owns 89,302 shares in the company, valued at $8,452,434.30. The trade was a 5.80% decrease in their position. The disclosure for this sale can be found here. 51.72% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ServiceTitan

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. acquired a new position in ServiceTitan during the 4th quarter valued at about $57,349,000. Jane Street Group LLC bought a new position in shares of ServiceTitan in the fourth quarter valued at approximately $529,000. Nuveen Asset Management LLC bought a new position in shares of ServiceTitan in the fourth quarter valued at approximately $7,793,000. D. E. Shaw & Co. Inc. bought a new position in shares of ServiceTitan in the fourth quarter valued at approximately $1,543,000. Finally, TimesSquare Capital Management LLC bought a new position in shares of ServiceTitan in the fourth quarter valued at approximately $87,896,000.

ServiceTitan Stock Performance

The company’s fifty day moving average is $114.26.

ServiceTitan (NASDAQ:TTAN) last posted its quarterly earnings data on Thursday, June 5th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.06. The company had revenue of $215.69 million during the quarter, compared to the consensus estimate of $208.61 million. The company’s revenue was up 26.6% compared to the same quarter last year. Sell-side analysts expect that ServiceTitan Inc. will post -1.98 EPS for the current fiscal year.

About ServiceTitan

ServiceTitan, Inc engages in the collection of field service activities required to install, maintain, and service the infrastructure and systems of residences and commercial buildings. The company was founded by Ara Mahdessian and Vahe Kuzoyan on June 8, 2008 and is headquartered in Glendale, CA.