EdgeRock Capital LLC Buys New Position in ServiceTitan Inc. $TTAN

Key Points

• EdgeRock Capital LLC has acquired a new position in ServiceTitan Inc. (NASDAQ: TTAN), purchasing 3,572 shares valued at approximately $383,000 during the second quarter.
• Insider sales included significant transactions by Director William J.G. Griffith and major shareholder Iconiq Strategic Partners V, L, with sales totaling nearly $15.7 million, indicating a decrease in their ownership.
• Analyst ratings for ServiceTitan are positive, with targets ranging from $130.00 to $155.00, and an average rating of "Moderate Buy" reflecting strong investor interest.

EdgeRock Capital LLC bought a new position in ServiceTitan Inc. (NASDAQ:TTAN - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,572 shares of the company's stock, valued at approximately $383,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Harbor Investment Advisory LLC bought a new stake in shares of ServiceTitan in the 1st quarter valued at $31,000. LRI Investments LLC acquired a new stake in ServiceTitan in the first quarter worth $58,000. Assetmark Inc. increased its stake in ServiceTitan by 47.2% in the first quarter. Assetmark Inc. now owns 960 shares of the company's stock valued at $91,000 after purchasing an additional 308 shares in the last quarter. Woodline Partners LP increased its stake in ServiceTitan by 4.6% in the first quarter. Woodline Partners LP now owns 2,141 shares of the company's stock valued at $204,000 after purchasing an additional 95 shares in the last quarter. Finally, Harbour Capital Advisors LLC acquired a new position in shares of ServiceTitan during the first quarter valued at about $252,000.

Insider Activity

In other news, Director William J.G. Griffith sold 90,917 shares of the company's stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $109.99, for a total value of $9,999,960.83. Following the completion of the sale, the director owned 483,635 shares in the company, valued at $53,195,013.65. This represents a 15.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Iconiq Strategic Partners V, L sold 52,082 shares of the firm's stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $109.99, for a total transaction of $5,728,499.18. Following the transaction, the insider directly owned 648,606 shares in the company, valued at $71,340,173.94. The trade was a 7.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,608,980 shares of company stock valued at $183,709,323 over the last quarter. 51.72% of the stock is owned by insiders.

ServiceTitan Stock Down 0.3%

Shares of NASDAQ:TTAN opened at $103.53 on Friday. The business's 50 day moving average is $110.03 and its 200 day moving average is $108.93. ServiceTitan Inc. has a 12-month low of $79.81 and a 12-month high of $131.33. The stock has a market cap of $9.62 billion and a price-to-earnings ratio of -19.17. The company has a quick ratio of 4.49, a current ratio of 4.49 and a debt-to-equity ratio of 0.07.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Robert W. Baird raised their target price on ServiceTitan from $124.00 to $130.00 and gave the company an "outperform" rating in a research note on Friday, September 5th. Loop Capital upgraded ServiceTitan from a "hold" rating to a "buy" rating and boosted their price objective for the company from $100.00 to $140.00 in a report on Monday, August 18th. Piper Sandler reaffirmed an "overweight" rating and set a $155.00 target price on shares of ServiceTitan in a research report on Friday, September 19th. Canaccord Genuity Group lifted their price target on shares of ServiceTitan from $130.00 to $140.00 and gave the company a "buy" rating in a research report on Friday, September 19th. Finally, BMO Capital Markets initiated coverage on shares of ServiceTitan in a research note on Thursday, August 28th. They set an "outperform" rating and a $129.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $132.67.

About ServiceTitan

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.