Arrowstreet Capital Limited Partnership Makes New $920,000 Investment in ServiceTitan Inc. $TTAN

Key Points

• Arrowstreet Capital initiated a new ServiceTitan position, buying 14,505 shares valued at approximately $920,000. Several other institutional investors also increased their holdings.
• ServiceTitan reported stronger-than-expected quarterly results, with EPS of $0.37 versus a $0.28 estimate and revenue of $268.8 million, up 24.6% year over year.
• Analysts remain broadly bullish, with a “Moderate Buy” consensus and an average price target of $110.53, although insiders sold 384,717 shares worth approximately $27.4 million during the last quarter.

Arrowstreet Capital Limited Partnership purchased a new stake in shares of ServiceTitan Inc. (NASDAQ:TTAN - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 14,505 shares of the company's stock, valued at approximately $920,000.

Other hedge funds also recently modified their holdings of the company. Farther Finance Advisors LLC boosted its position in shares of ServiceTitan by 189.1% during the 4th quarter. Farther Finance Advisors LLC now owns 266 shares of the company's stock valued at $28,000 after purchasing an additional 174 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of ServiceTitan by 1,005.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company's stock valued at $46,000 after buying an additional 392 shares in the last quarter. State of Wyoming acquired a new stake in shares of ServiceTitan during the 1st quarter valued at $48,000. Sunbelt Securities Inc. lifted its position in shares of ServiceTitan by 391.0% during the 4th quarter. Sunbelt Securities Inc. now owns 491 shares of the company's stock valued at $52,000 after acquiring an additional 391 shares during the last quarter. Finally, Parallel Advisors LLC boosted its stake in shares of ServiceTitan by 161.7% during the 3rd quarter. Parallel Advisors LLC now owns 526 shares of the company's stock worth $53,000 after acquiring an additional 325 shares in the last quarter.

Insiders Place Their Bets

In related news, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $63.43, for a total value of $5,988,743.45. Following the transaction, the insider owned 443,221 shares in the company, valued at approximately $28,113,508.03. This represents a 17.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Byron B. Deeter sold 8,845 shares of the stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $63.35, for a total transaction of $560,330.75. Following the transaction, the director owned 13,782 shares in the company, valued at approximately $873,089.70. This trade represents a 39.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 384,717 shares of company stock worth $27,426,649 in the last quarter. Corporate insiders own 39.89% of the company's stock.

ServiceTitan Trading Down 1.1%

Shares of NASDAQ:TTAN opened at $85.59 on Friday. ServiceTitan Inc. has a 1 year low of $54.17 and a 1 year high of $119.99. The business has a fifty day simple moving average of $74.17 and a 200 day simple moving average of $69.91. The firm has a market cap of $8.17 billion, a price-to-earnings ratio of -59.03 and a beta of 0.02.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last issued its earnings results on Thursday, June 4th. The company reported $0.37 EPS for the quarter, beating analysts' consensus estimates of $0.28 by $0.09. ServiceTitan had a negative return on equity of 5.59% and a negative net margin of 13.44%.The firm had revenue of $268.82 million for the quarter, compared to the consensus estimate of $257.40 million. During the same quarter in the previous year, the company posted $0.18 earnings per share. The business's quarterly revenue was up 24.6% compared to the same quarter last year. On average, sell-side analysts forecast that ServiceTitan Inc. will post -0.54 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. TD Cowen lifted their target price on ServiceTitan from $110.00 to $125.00 and gave the stock a "buy" rating in a report on Friday, June 5th. Piper Sandler upped their target price on ServiceTitan from $100.00 to $115.00 and gave the company an "overweight" rating in a report on Friday, June 5th. KeyCorp reiterated an "overweight" rating on shares of ServiceTitan in a research report on Tuesday, May 26th. Truist Financial reissued a "buy" rating and issued a $110.00 price target (up from $100.00) on shares of ServiceTitan in a research note on Friday, June 5th. Finally, Morgan Stanley boosted their price objective on ServiceTitan from $118.00 to $124.00 and gave the stock an "overweight" rating in a report on Friday, June 5th. Fifteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $110.53.

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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