Bessemer Venture Partners Viii Sells 340,633 Shares of ServiceTitan (NASDAQ:TTAN) Stock

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 ServiceTitan stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $118.89, for a total transaction of $40,497,857.37. Following the completion of the sale, the insider directly owned 7,255,144 shares of the company's stock, valued at approximately $862,564,070.16. The trade was a 4.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Large shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.

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

• 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 transaction of $43,647,909.03.
• On Friday, July 11th, Bessemer Venture Partners Viii sold 8,706 shares of ServiceTitan stock. The stock was sold at an average price of $110.24, for a total transaction of $959,749.44.
• On Thursday, July 10th, Bessemer Venture Partners Viii sold 84,942 shares of ServiceTitan stock. The stock was sold at an average price of $111.41, for a total transaction of $9,463,388.22.
• On Wednesday, July 9th, Bessemer Venture Partners Viii sold 11,346 shares of ServiceTitan stock. The stock was sold at an average price of $110.65, for a total transaction of $1,255,434.90.
• On Tuesday, July 8th, Bessemer Venture Partners Viii sold 879 shares of ServiceTitan stock. The stock was 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 stock was 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 stock was 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 stock was sold at an average price of $108.59, for a total transaction of $11,635,635.68.
• On Friday, June 27th, Bessemer Venture Partners Viii sold 118,125 shares of ServiceTitan stock. The stock was sold at an average price of $107.45, for a total transaction of $12,692,531.25.
• On Thursday, June 26th, Bessemer Venture Partners Viii sold 125,000 shares of ServiceTitan stock. The stock was sold at an average price of $105.87, for a total transaction of $13,233,750.00.

ServiceTitan Stock Performance

ServiceTitan stock traded down $5.16 on Wednesday, reaching $114.46. 1,157,806 shares of the stock were exchanged, compared to its average volume of 776,081. The stock has a market cap of $10.38 billion and a PE ratio of -21.20. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 0.07. ServiceTitan Inc. has a twelve month low of $79.81 and a twelve month high of $131.33. The firm has a fifty day moving average price of $109.41 and a two-hundred day moving average price of $107.31.

Institutional Trading of ServiceTitan

Several hedge funds have recently modified their holdings of TTAN. Jane Street Group LLC bought a new stake in shares of ServiceTitan during the fourth quarter valued at approximately $529,000. Bank of America Corp DE bought a new stake in shares of ServiceTitan during the fourth quarter valued at approximately $540,000. Nuveen Asset Management LLC bought a new stake in shares of ServiceTitan during the fourth quarter valued at approximately $7,793,000. D. E. Shaw & Co. Inc. bought a new stake in shares of ServiceTitan during the fourth quarter valued at approximately $1,543,000. Finally, Seven Grand Managers LLC bought a new stake in shares of ServiceTitan during the fourth quarter valued at approximately $4,115,000.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TTAN. Needham & Company LLC reissued a "buy" rating and set a $140.00 target price on shares of ServiceTitan in a research report on Friday, September 5th. Piper Sandler boosted their price target on ServiceTitan from $150.00 to $155.00 and gave the company an "overweight" rating in a research note on Friday, September 5th. Raymond James Financial assumed coverage on ServiceTitan in a research note on Friday, August 29th. They set a "market perform" rating on the stock. KeyCorp set a $140.00 price target on ServiceTitan and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Finally, Wells Fargo & Company boosted their price target on ServiceTitan from $125.00 to $130.00 and gave the company an "overweight" rating in a research note on Friday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average 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.

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