Atreides Management LP Acquires 166,206 Shares of ServiceTitan Inc. $TTAN

Key Points

• Atreides Management LP increased its ServiceTitan stake by 26.5% in the fourth quarter, buying 166,206 additional shares and bringing its total holdings to 792,433 shares worth about $84.4 million.
• ServiceTitan posted a strong quarter, with EPS of $0.37 beating estimates and revenue of $268.8 million topping forecasts; revenue also rose 24.6% year over year.
• Wall Street remains cautiously positive: analysts currently rate TTAN as Moderate Buy with an average target price of $110.53, even as insiders recently sold shares and the stock traded near $62.45.

Atreides Management LP raised its holdings in shares of ServiceTitan Inc. (NASDAQ:TTAN - Free Report) by 26.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 792,433 shares of the company's stock after purchasing an additional 166,206 shares during the quarter. ServiceTitan accounts for about 1.0% of Atreides Management LP's portfolio, making the stock its 22nd largest position. Atreides Management LP owned about 0.85% of ServiceTitan worth $84,394,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. lifted its position in ServiceTitan by 9.9% during the fourth quarter. Vanguard Group Inc. now owns 4,869,009 shares of the company's stock valued at $518,549,000 after purchasing an additional 439,079 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of ServiceTitan by 118.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,893,959 shares of the company's stock worth $291,798,000 after acquiring an additional 1,569,136 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of ServiceTitan by 33.8% in the 4th quarter. Franklin Resources Inc. now owns 2,014,025 shares of the company's stock worth $214,494,000 after acquiring an additional 508,848 shares during the last quarter. Artisan Partners Limited Partnership lifted its holdings in shares of ServiceTitan by 47.3% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,617,353 shares of the company's stock worth $172,248,000 after acquiring an additional 519,024 shares during the last quarter. Finally, Greenoaks Capital Partners LLC lifted its holdings in shares of ServiceTitan by 20.6% in the 4th quarter. Greenoaks Capital Partners LLC now owns 1,552,257 shares of the company's stock worth $165,315,000 after acquiring an additional 264,926 shares during the last quarter.

ServiceTitan Price Performance

Shares of TTAN opened at $62.45 on Thursday. ServiceTitan Inc. has a 1-year low of $54.17 and a 1-year high of $119.99. The company has a 50-day moving average of $64.22 and a 200 day moving average of $76.92. The firm has a market capitalization of $5.96 billion, a price-to-earnings ratio of -43.07 and a beta of 0.13.

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on TTAN shares. Needham & Company LLC restated a "buy" rating and issued a $100.00 target price on shares of ServiceTitan in a report on Wednesday. Wells Fargo & Company lowered their target price on shares of ServiceTitan from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Friday, March 13th. KeyCorp restated an "overweight" rating on shares of ServiceTitan in a report on Tuesday, May 26th. Citigroup restated a "neutral" rating on shares of ServiceTitan in a report on Monday, June 8th. Finally, William Blair restated an "outperform" rating on shares of ServiceTitan in a report on Friday, March 13th. Fifteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, ServiceTitan presently has an average rating of "Moderate Buy" and an average target price of $110.53.

Insider Buying and Selling at ServiceTitan

In other ServiceTitan news, CAO Michele O'connor sold 10,000 shares of the firm's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $69.14, for a total transaction of $691,400.00. Following the transaction, the chief accounting officer owned 81,890 shares of the company's stock, valued at approximately $5,661,874.60. This trade represents a 10.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ara Mahdessian sold 3,028 shares of the firm's stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $66.19, for a total transaction of $200,423.32. Following the transaction, the chief executive officer directly owned 2 shares in the company, valued at $132.38. This trade represents a 99.93% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 46,732 shares of company stock worth $3,086,391. Company insiders own 39.89% of the company's stock.

About ServiceTitan

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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