Bamco Inc. NY Purchases 134,313 Shares of ServiceTitan Inc. $TTAN

Key Points

• Bamco Inc. NY increased its stake in ServiceTitan by 14.0% in the fourth quarter, buying 134,313 additional shares and bringing its total holdings to 1,096,931 shares valued at about $116.8 million.
• Other institutional investors also adjusted their positions in TTAN, with firms like Greenoaks Capital Partners, Daventry Group, and FIL Ltd notably adding shares during the quarter.
• ServiceTitan posted stronger-than-expected quarterly results, reporting EPS of $0.37 versus the $0.28 estimate and revenue of $268.82 million, up 24.6% year over year.

Bamco Inc. NY grew its position in ServiceTitan Inc. (NASDAQ:TTAN - Free Report) by 14.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,096,931 shares of the company's stock after acquiring an additional 134,313 shares during the quarter. Bamco Inc. NY owned 1.17% of ServiceTitan worth $116,823,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in TTAN. Greenoaks Capital Partners LLC boosted 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 purchasing an additional 264,926 shares during the period. Cetera Investment Advisers boosted its holdings in shares of ServiceTitan by 17.4% in the 4th quarter. Cetera Investment Advisers now owns 14,786 shares of the company's stock worth $1,575,000 after purchasing an additional 2,195 shares during the period. Daventry Group LP boosted its holdings in shares of ServiceTitan by 55.4% in the 4th quarter. Daventry Group LP now owns 226,340 shares of the company's stock worth $24,105,000 after purchasing an additional 80,718 shares during the period. Jain Global LLC purchased a new position in shares of ServiceTitan in the 4th quarter worth approximately $213,000. Finally, FIL Ltd boosted its holdings in shares of ServiceTitan by 6.8% in the 4th quarter. FIL Ltd now owns 586,958 shares of the company's stock worth $62,511,000 after purchasing an additional 37,132 shares during the period.

ServiceTitan Price Performance

Shares of NASDAQ:TTAN opened at $62.45 on Thursday. The business's 50-day moving average is $64.22 and its 200 day moving average is $76.92. ServiceTitan Inc. has a 1 year low of $54.17 and a 1 year high of $119.99. The firm has a market capitalization of $5.96 billion, a P/E ratio of -43.07 and a beta of 0.13.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last announced its earnings results on Thursday, June 4th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $268.82 million for the quarter, compared to analyst estimates of $257.40 million. During the same period in the prior year, the company posted $0.18 EPS. The firm's quarterly revenue was up 24.6% compared to the same quarter last year. On average, analysts expect that ServiceTitan Inc. will post -0.54 EPS for the current year.

Wall Street Analyst Weigh In

TTAN has been the subject of a number of recent research reports. William Blair reiterated an "outperform" rating on shares of ServiceTitan in a report on Friday, March 13th. Weiss Ratings restated a "sell (e+)" rating on shares of ServiceTitan in a report on Friday, April 24th. KeyCorp restated an "overweight" rating on shares of ServiceTitan in a report on Tuesday, May 26th. Wells Fargo & Company dropped their price objective on ServiceTitan from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Friday, March 13th. Finally, Needham & Company LLC restated a "buy" rating and set a $100.00 price objective on shares of ServiceTitan in a report on Wednesday. Fifteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $110.53.

Insiders Place Their Bets

In other ServiceTitan news, President Vahe Kuzoyan sold 3,208 shares of the business's stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $66.19, for a total transaction of $212,337.52. Following the sale, the president owned 1 shares in the company, valued at approximately $66.19. The trade was a 99.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO David Sherry sold 20,192 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $66.19, for a total value of $1,336,508.48. Following the completion of the transaction, the chief financial officer directly owned 398,033 shares in the company, valued at $26,345,804.27. This represents a 4.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 valued at $3,086,391. 39.89% of the stock is currently owned by corporate insiders.

ServiceTitan 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.