ServiceTitan (NASDAQ:TTAN) Major Shareholder Bessemer Venture Partners Viii Sells 340,633 Shares

Key Points

• Bessemer Venture Partners Viii sold 340,633 shares of ServiceTitan (NASDAQ: TTAN) at an average price of $118.89, totaling approximately $40.5 million, resulting in a 4.48% decrease in their holdings.
• Following this sale, Bessemer Venture Partners Viii retains about 7.25 million shares of ServiceTitan, valued at approximately $862.56 million.
• ServiceTitan's stock has traded down to $114.46, with a market cap of $10.38 billion, amidst recent analyst upgrades suggesting a target price range between $130 and $155.

ServiceTitan Inc. (NASDAQ:TTAN - Get Free Report) major shareholder Bessemer Venture Partners Viii sold 340,633 shares of the stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $118.89, for a total value of $40,497,857.37. Following the completion of the sale, the insider owned 7,255,144 shares of the company's stock, valued at $862,564,070.16. The trade was a 4.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Major shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

Bessemer Venture Partners Viii also recently made the following trade(s):

• On Thursday, September 11th, Bessemer Venture Partners Viii sold 7,048 shares of ServiceTitan stock. The shares were sold at an average price of $117.10, for a total value of $825,320.80.
• On Wednesday, September 10th, Bessemer Venture Partners Viii sold 14,579 shares of ServiceTitan stock. The shares were sold at an average price of $117.53, for a total value of $1,713,469.87.
• On Monday, September 8th, Bessemer Venture Partners Viii sold 370,557 shares of ServiceTitan stock. The shares were sold at an average price of $117.79, for a total value of $43,647,909.03.
• On Friday, July 11th, Bessemer Venture Partners Viii sold 8,706 shares of ServiceTitan stock. The shares were sold at an average price of $110.24, for a total value of $959,749.44.
• On Thursday, July 10th, Bessemer Venture Partners Viii sold 84,942 shares of ServiceTitan stock. The shares were sold at an average price of $111.41, for a total value of $9,463,388.22.
• On Wednesday, July 9th, Bessemer Venture Partners Viii sold 11,346 shares of ServiceTitan stock. The shares were sold at an average price of $110.65, for a total value of $1,255,434.90.
• On Tuesday, July 8th, Bessemer Venture Partners Viii sold 879 shares of ServiceTitan stock. The shares were sold at an average price of $110.54, for a total transaction of $97,164.66.
• On Thursday, July 3rd, Bessemer Venture Partners Viii sold 58,133 shares of ServiceTitan stock. The shares were sold at an average price of $111.00, for a total transaction of $6,452,763.00.
• On Wednesday, July 2nd, Bessemer Venture Partners Viii sold 10,411 shares of ServiceTitan stock. The shares were sold at an average price of $110.60, for a total transaction of $1,151,456.60.
• On Monday, June 30th, Bessemer Venture Partners Viii sold 107,152 shares of ServiceTitan stock. The shares were sold at an average price of $108.59, for a total transaction of $11,635,635.68.

ServiceTitan Trading Up 2.1%

TTAN traded up $2.38 during trading on Monday, reaching $115.75. 773,113 shares of the stock traded hands, compared to its average volume of 1,167,526. The company has a quick ratio of 4.49, a current ratio of 4.49 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $10.50 billion and a PE ratio of -21.44. The stock's 50-day moving average is $109.86 and its 200 day moving average is $107.98. ServiceTitan Inc. has a 12 month low of $79.81 and a 12 month high of $131.33.

Hedge Funds Weigh In On ServiceTitan

Institutional investors and hedge funds have recently made changes to their positions in the stock. Harbor Investment Advisory LLC acquired a new stake in shares of ServiceTitan in the 1st quarter worth about $31,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of ServiceTitan by 1,005.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company's stock worth $46,000 after acquiring an additional 392 shares during the last quarter. LRI Investments LLC acquired a new stake in shares of ServiceTitan in the 1st quarter worth about $58,000. PNC Financial Services Group Inc. acquired a new stake in shares of ServiceTitan in the 2nd quarter worth about $79,000. Finally, EverSource Wealth Advisors LLC acquired a new stake in shares of ServiceTitan in the 2nd quarter worth about $94,000.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Cowen reaffirmed a "buy" rating on shares of ServiceTitan in a research report on Wednesday, May 21st. TD Securities upped their price target 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. KeyCorp set a $140.00 price target on shares of ServiceTitan and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Piper Sandler increased their price objective on shares of ServiceTitan from $150.00 to $155.00 and gave the stock an "overweight" rating in a research report on Friday, September 5th. Finally, Stifel Nicolaus increased their price objective on shares of ServiceTitan from $125.00 to $135.00 and gave the stock a "buy" rating in a research report on Friday, September 5th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $130.67.

ServiceTitan Company Profile

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.