Bank of New York Mellon Corp Buys Shares of 6,288 ServiceTitan Inc. (NASDAQ:TTAN)

Key Points

• Bank of New York Mellon Corp acquired a stake in ServiceTitan Inc., buying 6,288 shares valued at approximately $598,000 during the first quarter.
• ServiceTitan reported a 26.6% increase in revenue year-over-year for its latest quarter, reaching $215.69 million and earnings per share of $0.18, surpassing analyst expectations.
• Several institutional investors made significant purchases in ServiceTitan, including Deer Management Co. LLC, which invested about $925 million during the fourth quarter.

Bank of New York Mellon Corp bought a new stake in shares of ServiceTitan Inc. (NASDAQ:TTAN - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 6,288 shares of the company's stock, valued at approximately $598,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Harbor Investment Advisory LLC acquired a new stake in shares of ServiceTitan in the 1st quarter valued at about $31,000. FIL Ltd bought a new stake in shares of ServiceTitan during the 4th quarter valued at $67,000. Tower Research Capital LLC TRC bought a new position in ServiceTitan in the fourth quarter valued at approximately $91,000. Insight Holdings Group LLC bought a new stake in shares of ServiceTitan during the 4th quarter valued at approximately $103,000. Finally, Woodline Partners LP acquired a new stake in shares of ServiceTitan during the fourth quarter valued at about $210,000.

ServiceTitan Stock Up 1.1%

NASDAQ:TTAN traded up $1.23 during trading hours on Wednesday, reaching $113.00. 162,548 shares of the company were exchanged, compared to its average volume of 719,526. The stock's 50-day moving average is $110.25 and its 200-day moving average is $106.35. ServiceTitan Inc. has a twelve month low of $79.81 and a twelve month high of $131.33. The company has a debt-to-equity ratio of 0.07, a quick ratio of 4.82 and a current ratio of 4.82.

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

Analyst Upgrades and Downgrades

TTAN has been the subject of several research analyst reports. Morgan Stanley lifted their price objective on ServiceTitan from $107.00 to $109.00 and gave the stock an "equal weight" rating in a research report on Friday, June 6th. TD Securities lifted their price objective on shares of ServiceTitan from $120.00 to $140.00 and gave the company a "buy" rating in a research note on Wednesday, May 21st. Loop Capital reiterated a "hold" rating and issued a $100.00 target price (up from $90.00) on shares of ServiceTitan in a research note on Friday, June 6th. Stifel Nicolaus upped their price objective on shares of ServiceTitan from $110.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Finally, TD Cowen started coverage on ServiceTitan in a research report on Tuesday, April 8th. They issued a "buy" rating and a $120.00 target price for the company. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, ServiceTitan presently has an average rating of "Moderate Buy" and an average price target of $124.00.

Insiders Place Their Bets

In other news, major shareholder Bessemer Venture Partners Viii sold 500,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $102.00, for a total transaction of $51,000,000.00. Following the transaction, the insider directly owned 8,503,571 shares in the company, valued at approximately $867,364,242. This trade represents a 5.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ara Mahdessian sold 42,674 shares of the stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $110.84, for a total transaction of $4,729,986.16. Following the transaction, the chief executive officer directly owned 1 shares of the company's stock, valued at $110.84. This represents a 100.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,412,338 shares of company stock worth $150,374,391. Insiders own 51.72% of the company's stock.

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.