Bank of America Corp DE Has $28.42 Million Stock Position in ServiceTitan Inc. $TTAN

Key Points

• Bank of America reduced its ServiceTitan stake by 6.7% in the first quarter, selling 32,257 shares and retaining 447,832 shares worth approximately $28.42 million.
• ServiceTitan reported stronger-than-expected quarterly results, with EPS of $0.37 versus the $0.28 consensus estimate and revenue of $268.82 million, up 24.6% year over year. However, the company remains unprofitable, with a negative 13.44% net margin.
• Analyst sentiment remains favorable, with 15 Buy ratings, three Holds and one Sell, producing a “Moderate Buy” consensus and an average price target of $111 versus a recent share price of $90.40.

Bank of America Corp DE lowered its stake in shares of ServiceTitan Inc. (NASDAQ:TTAN - Free Report) by 6.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 447,832 shares of the company's stock after selling 32,257 shares during the quarter. Bank of America Corp DE owned about 0.47% of ServiceTitan worth $28,419,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of 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 buying an additional 439,079 shares during the last quarter. Franklin Resources Inc. increased its stake in ServiceTitan by 33.8% during the fourth quarter. Franklin Resources Inc. now owns 2,014,025 shares of the company's stock valued at $214,494,000 after acquiring an additional 508,848 shares during the period. Artisan Partners Limited Partnership raised its holdings in ServiceTitan by 47.3% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,617,353 shares of the company's stock valued at $172,248,000 after acquiring an additional 519,024 shares in the last quarter. Greenoaks Capital Partners LLC lifted its position 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 period. Finally, Capital International Investors grew its holdings in shares of ServiceTitan by 23.9% during the 4th quarter. Capital International Investors now owns 1,224,699 shares of the company's stock worth $130,430,000 after purchasing an additional 236,287 shares in the last quarter.

ServiceTitan Price Performance

Shares of TTAN stock opened at $90.40 on Monday. ServiceTitan Inc. has a 12-month low of $54.17 and a 12-month high of $119.99. The company has a market capitalization of $8.62 billion, a P/E ratio of -62.34 and a beta of 0.02. The firm has a 50-day moving average price of $75.93 and a 200 day moving average price of $69.85.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last released its quarterly 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 net margin of 13.44% and a negative return on equity of 5.59%. The firm had revenue of $268.82 million for the quarter, compared to analyst estimates of $257.40 million. During the same period in the previous year, the business earned $0.18 earnings per share. The company's revenue for the quarter was up 24.6% compared to the same quarter last year. As a group, research analysts expect that ServiceTitan Inc. will post -0.54 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Stifel Nicolaus set a $125.00 target price on ServiceTitan in a research note on Wednesday, May 27th. Robert W. Baird lifted their price target on shares of ServiceTitan from $94.00 to $101.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 12th. Piper Sandler boosted their price target on shares of ServiceTitan from $100.00 to $115.00 and gave the company an "overweight" rating in a report on Friday, June 5th. Morgan Stanley increased their price objective on shares of ServiceTitan from $118.00 to $124.00 and gave the company an "overweight" rating in a research note on Friday, June 5th. Finally, BTIG Research reaffirmed a "buy" rating and set a $110.00 price objective on shares of ServiceTitan in a report on Friday, July 10th. Fifteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $111.00.

Insider Transactions at ServiceTitan

In other ServiceTitan news, Director William J.G. Griffith sold 94,415 shares of the business's stock in a transaction 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 director owned 443,221 shares of the company's stock, valued at approximately $28,113,508.03. The trade was a 17.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ara Mahdessian sold 51,947 shares of the stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $80.98, for a total value of $4,206,668.06. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 515,837 shares of company stock worth $39,077,152. 39.89% of the stock is owned by company insiders.

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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