Bank of New York Mellon Corp Purchases 37,121 Shares of ServiceTitan Inc. $TTAN

Key Points

• Bank of New York Mellon increased its ServiceTitan stake by 35.5% in the first quarter, purchasing 37,121 additional shares for a total holding of 141,765 shares valued at approximately $9 million.
• ServiceTitan reported quarterly earnings of $0.37 per share, beating estimates by $0.09, while revenue rose 24.6% year over year to $268.82 million. The stock opened at $83.06, below its $119.99 one-year high.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $110.53, although insiders sold nearly 297,000 shares worth about $20 million over the past 90 days.

Bank of New York Mellon Corp grew its position in shares of ServiceTitan Inc. (NASDAQ:TTAN - Free Report) by 35.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 141,765 shares of the company's stock after buying an additional 37,121 shares during the quarter. Bank of New York Mellon Corp owned 0.15% of ServiceTitan worth $8,996,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in TTAN. Toth Financial Advisory Corp lifted its position in ServiceTitan by 150.0% in the 4th quarter. Toth Financial Advisory Corp now owns 250 shares of the company's stock valued at $27,000 after acquiring an additional 150 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in ServiceTitan by 189.1% during the 4th quarter. Farther Finance Advisors LLC now owns 266 shares of the company's stock valued at $28,000 after purchasing an additional 174 shares during the last quarter. eCIO Inc. bought a new stake in shares of ServiceTitan in the 4th quarter worth $30,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of ServiceTitan by 1,005.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company's stock worth $46,000 after purchasing an additional 392 shares in the last quarter. Finally, Sunbelt Securities Inc. raised its stake in shares of ServiceTitan by 391.0% in the fourth quarter. Sunbelt Securities Inc. now owns 491 shares of the company's stock worth $52,000 after purchasing an additional 391 shares during the last quarter.

ServiceTitan Price Performance

Shares of TTAN opened at $83.06 on Monday. ServiceTitan Inc. has a one year low of $54.17 and a one year high of $119.99. The firm has a market capitalization of $7.92 billion, a P/E ratio of -57.28 and a beta of 0.02. The business has a fifty day moving average of $72.44 and a 200 day moving average of $70.17.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last posted its quarterly earnings data on Thursday, June 4th. The company reported $0.37 EPS 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 analysts' expectations of $257.40 million. ServiceTitan had a negative return on equity of 5.59% and a negative net margin of 13.44%.ServiceTitan's revenue for the quarter was up 24.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.18 earnings per share. Analysts expect that ServiceTitan Inc. will post -0.54 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on TTAN shares. Truist Financial reaffirmed a "buy" rating and set a $110.00 price target (up from $100.00) on shares of ServiceTitan in a report on Friday, June 5th. Robert W. Baird lifted their price objective on ServiceTitan from $75.00 to $94.00 and gave the stock an "outperform" rating in a report on Monday, June 8th. Weiss Ratings reissued a "sell (e+)" rating on shares of ServiceTitan in a research report on Tuesday, July 21st. Piper Sandler boosted their target price on ServiceTitan from $100.00 to $115.00 and gave the stock an "overweight" rating in a research report on Friday, June 5th. Finally, BTIG Research restated a "buy" rating and set a $110.00 target price on shares of ServiceTitan in a research note on Friday, July 10th. Fifteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, ServiceTitan presently has a consensus rating of "Moderate Buy" and a consensus target price of $110.53.

Insider Transactions at ServiceTitan

In related news, CEO Ara Mahdessian sold 51,947 shares of the firm's stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $80.98, for a total value of $4,206,668.06. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the company's stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $63.43, for a total transaction of $5,988,743.45. Following the sale, the insider directly owned 443,221 shares of the company's stock, valued at approximately $28,113,508.03. This represents a 17.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 296,664 shares of company stock worth $19,958,797. 39.89% of the stock is currently owned by corporate 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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