Avantax Advisory Services Inc. Buys 8,481 Shares of ServiceTitan Inc. (NASDAQ:TTAN)

Key Points

• Avantax Advisory Services Inc. has significantly increased its holdings in ServiceTitan Inc. by 383.6%, acquiring an additional 8,481 shares in the first quarter, bringing its total to 10,692 shares valued at approximately $1,017,000.
• ServiceTitan's Director, William J.G. Griffith, sold 90,917 shares for nearly $10 million, leading to a 15.82% decrease in his ownership stake, while CEO Ara Mahdessian sold 42,674 shares and now owns just one share.
• The company's stock has seen a strong price performance, currently trading around $113.79, with analysts projecting a consensus target price of $124.00 and a consensus rating of "Moderate Buy".

Avantax Advisory Services Inc. increased its holdings in shares of ServiceTitan Inc. (NASDAQ:TTAN - Free Report) by 383.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,692 shares of the company's stock after purchasing an additional 8,481 shares during the period. Avantax Advisory Services Inc.'s holdings in ServiceTitan were worth $1,017,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. acquired a new stake in ServiceTitan during the 4th quarter valued at $57,349,000. Jane Street Group LLC acquired a new position in shares of ServiceTitan during the fourth quarter worth $529,000. Bank of America Corp DE acquired a new position in shares of ServiceTitan in the fourth quarter worth about $540,000. Nuveen Asset Management LLC bought a new stake in shares of ServiceTitan in the fourth quarter worth $7,793,000. Finally, D. E. Shaw & Co. Inc. acquired a new position in ServiceTitan in the fourth quarter worth about $1,543,000.

Insider Activity at ServiceTitan

In other news, major shareholder Bessemer Venture Partners Viii sold 500,000 shares of ServiceTitan stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $102.00, for a total value of $51,000,000.00. Following the sale, the insider directly owned 8,503,571 shares in the company, valued at $867,364,242. This trade represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William J.G. Griffith sold 90,917 shares of the firm's stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $109.99, for a total value of $9,999,960.83. Following the completion of the transaction, the director owned 483,635 shares of the company's stock, valued at approximately $53,195,013.65. This represents a 15.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,412,338 shares of company stock valued at $150,374,391 in the last quarter. 51.72% of the stock is currently owned by company insiders.

ServiceTitan Stock Performance

TTAN traded up $0.57 during mid-day trading on Monday, hitting $114.36. The stock had a trading volume of 341,258 shares, compared to its average volume of 722,615. 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 1-year low of $79.81 and a 1-year high of $131.33. The stock's fifty day simple moving average is $110.64 and its 200-day simple moving average is $106.20.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.06. The business had revenue of $215.69 million for the quarter, compared to the consensus estimate of $208.61 million. The company's revenue was up 26.6% on a year-over-year basis. Sell-side analysts anticipate that ServiceTitan Inc. will post -1.98 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on TTAN shares. Loop Capital reissued a "hold" rating and set a $100.00 target price (up from $90.00) on shares of ServiceTitan in a research note on Friday, June 6th. Cowen reaffirmed a "buy" rating on shares of ServiceTitan in a research note on Wednesday, May 21st. Piper Sandler reaffirmed an "overweight" rating and set a $150.00 price target (up from $125.00) on shares of ServiceTitan in a research note on Tuesday, July 22nd. KeyCorp set a $140.00 target price on ServiceTitan and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Finally, Morgan Stanley upped their price target on shares of ServiceTitan from $107.00 to $109.00 and gave the company an "equal weight" rating in a report on Friday, June 6th. Four investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, ServiceTitan currently has an average rating of "Moderate Buy" and an average price target of $124.00.

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.