D.A. Davidson & CO. Acquires 73,527 Shares of ServiceTitan Inc. $TTAN

Key Points

• D.A. Davidson increased its ServiceTitan stake by 55.7% in the third quarter, purchasing 73,527 shares to hold 205,484 shares valued at approximately $13.5 million.
• Analysts maintain a broadly positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $96.38, despite some firms lowering their targets.
• ServiceTitan exceeded quarterly expectations, reporting adjusted EPS of $0.40 and revenue of $292.76 million, up 20.9% year over year; however, the company remains unprofitable on a net-margin basis.

D.A. Davidson & CO. raised its stake in ServiceTitan Inc. (NASDAQ:TTAN - Free Report) by 55.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 205,484 shares of the company's stock after buying an additional 73,527 shares during the period. D.A. Davidson & CO. owned approximately 0.21% of ServiceTitan worth $13,519,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of TTAN. Canton Hathaway LLC bought a new stake in shares of ServiceTitan during the 3rd quarter worth $25,000. Farther Finance Advisors LLC grew its holdings in shares of ServiceTitan by 98.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 526 shares of the company's stock worth $35,000 after acquiring an additional 261 shares during the last quarter. State of Wyoming acquired a new stake in shares of ServiceTitan during the first quarter worth $48,000. Root Financial Partners LLC acquired a new stake in shares of ServiceTitan during the third quarter worth $55,000. Finally, Elevation Wealth Partners LLC lifted its holdings in shares of ServiceTitan by 20.0% during the second quarter. Elevation Wealth Partners LLC now owns 863 shares of the company's stock valued at $61,000 after purchasing an additional 144 shares during the last quarter.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Citigroup decreased their price target on ServiceTitan from $83.00 to $76.00 and set a "neutral" rating for the company in a research report on Wednesday, September 9th. TD Cowen restated a "buy" rating and set a $100.00 price objective on shares of ServiceTitan in a report on Wednesday, October 7th. Truist Financial reaffirmed a "buy" rating and set a $100.00 price objective (down from $110.00) on shares of ServiceTitan in a research note on Wednesday, September 9th. UBS Group set a $100.00 target price on shares of ServiceTitan in a report on Wednesday, September 9th. Finally, BTIG Research reiterated a "buy" rating and issued a $110.00 target price on shares of ServiceTitan in a report on Friday, October 2nd. Fourteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.38.

Insider Transactions at ServiceTitan

In other news, CAO Michele O'connor sold 5,581 shares of the stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $57.07, for a total transaction of $318,507.67. Following the transaction, the chief accounting officer owned 66,095 shares in the company, valued at $3,772,041.65. This represents a 7.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO David Sherry sold 23,246 shares of the stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $57.07, for a total transaction of $1,326,649.22. Following the transaction, the chief financial officer directly owned 363,511 shares in the company, valued at $20,745,572.77. The trade was a 6.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 268,814 shares of company stock worth $22,294,608. 39.89% of the stock is owned by company insiders.

ServiceTitan Stock Performance

ServiceTitan stock opened at $80.73 on Friday. The firm has a market cap of $7.79 billion, a PE ratio of -59.36 and a beta of 0.33. The firm's 50 day moving average price is $75.13 and its two-hundred day moving average price is $72.79. ServiceTitan Inc. has a twelve month low of $53.00 and a twelve month high of $111.36.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last released its earnings results on Tuesday, September 8th. The company reported $0.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.35 by $0.05. ServiceTitan had a negative net margin of 12.12% and a negative return on equity of 5.65%. The company had revenue of $292.76 million during the quarter, compared to the consensus estimate of $285.89 million. During the same quarter in the prior year, the firm earned $0.33 EPS. The company's revenue was up 20.9% compared to the same quarter last year. Equities analysts anticipate that ServiceTitan Inc. will post -0.55 EPS for the current fiscal year.

ServiceTitan Profile

ServiceTitan, Inc provides cloud-based software designed to help residential and commercial trade contractors manage and grow their businesses. Its platform serves industries including heating, ventilation and air conditioning, plumbing, electrical, roofing, and other field-service trades.

The company's software supports core operations such as customer relationship management, marketing, scheduling, dispatching, estimates, invoicing, payments, inventory management, purchasing, payroll, and business reporting.

Want to see what other hedge funds are holding TTAN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceTitan Inc. (NASDAQ:TTAN - Free Report).

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.