Cadian Capital Management LP Makes New Investment in ServiceTitan Inc. (NASDAQ:TTAN)

Cadian Capital Management LP purchased a new position in shares of ServiceTitan Inc. (NASDAQ:TTAN - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 125,000 shares of the company's stock, valued at approximately $12,859,000. ServiceTitan accounts for approximately 0.7% of Cadian Capital Management LP's holdings, making the stock its 25th largest holding. Cadian Capital Management LP owned 0.16% of ServiceTitan as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Balyasny Asset Management L.P. acquired a new stake in shares of ServiceTitan during the fourth quarter worth about $27,516,000. Bamco Inc. NY purchased a new stake in ServiceTitan during the 4th quarter valued at approximately $70,386,000. Bank of America Corp DE acquired a new stake in ServiceTitan during the 4th quarter worth approximately $540,000. Alyeska Investment Group L.P. purchased a new position in shares of ServiceTitan in the 4th quarter valued at approximately $5,144,000. Finally, Altimeter Capital Management LP acquired a new position in shares of ServiceTitan in the fourth quarter valued at approximately $4,115,000.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on TTAN shares. Loop Capital lowered their price objective on shares of ServiceTitan from $105.00 to $90.00 and set a "hold" rating on the stock in a research report on Friday, March 14th. Canaccord Genuity Group lifted their target price on shares of ServiceTitan from $120.00 to $130.00 and gave the company a "buy" rating in a report on Thursday, April 17th. Morgan Stanley increased their price target on shares of ServiceTitan from $104.00 to $107.00 and gave the stock an "equal weight" rating in a report on Friday, March 14th. KeyCorp lifted their price objective on ServiceTitan from $120.00 to $140.00 and gave the company an "overweight" rating in a report on Friday, April 25th. Finally, Stifel Nicolaus cut their target price on ServiceTitan from $120.00 to $110.00 and set a "buy" rating for the company in a research note on Friday, March 14th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $118.23.

Insider Transactions at ServiceTitan

In other news, CFO David Sherry sold 10,175 shares of the business'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 completion of the transaction, the chief financial officer now owns 325,409 shares of the company's stock, valued at $30,799,961.85. The trade was a 3.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Michele O'connor sold 5,494 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $94.65, for a total transaction of $520,007.10. Following the sale, the chief accounting officer now owns 89,302 shares in the company, valued at approximately $8,452,434.30. This trade represents a 5.80 % decrease in their position. The disclosure for this sale can be found here.

ServiceTitan Price Performance

Shares of ServiceTitan stock traded up $8.21 during trading on Friday, hitting $124.22. 1,010,837 shares of the company were exchanged, compared to its average volume of 394,312. The stock has a 50 day moving average of $102.92. ServiceTitan Inc. has a fifty-two week low of $79.81 and a fifty-two week high of $128.16.

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.