Elevation Point Wealth Partners LLC Acquires 12,846 Shares of ServiceTitan Inc. $TTAN

Key Points

• Elevation Point Wealth Partners sharply increased its stake in ServiceTitan, boosting holdings by 288.5% in Q1 to 17,299 shares worth about $1.10 million.
• ServiceTitan reported better-than-expected quarterly results, posting EPS of $0.37 versus $0.28 expected and revenue of $268.82 million, up 24.6% year over year.
• Despite the earnings beat, insider selling has been notable, with director Byron B. Deeter and major shareholder Iconiq Strategic Partners V, L both selling shares in late June.

Elevation Point Wealth Partners LLC grew its holdings in shares of ServiceTitan Inc. (NASDAQ:TTAN - Free Report) by 288.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,299 shares of the company's stock after acquiring an additional 12,846 shares during the quarter. Elevation Point Wealth Partners LLC's holdings in ServiceTitan were worth $1,098,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Woodline Partners LP lifted its position in ServiceTitan by 4.6% during 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 during the last quarter. Toth Financial Advisory Corp increased its holdings in shares of ServiceTitan by 150.0% in the 4th quarter. Toth Financial Advisory Corp now owns 250 shares of the company's stock worth $27,000 after buying an additional 150 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of ServiceTitan by 189.1% in the 4th quarter. Farther Finance Advisors LLC now owns 266 shares of the company's stock worth $28,000 after buying an additional 174 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of ServiceTitan by 21.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,042 shares of the company's stock valued at $111,000 after buying an additional 184 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of ServiceTitan by 30.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 906 shares of the company's stock worth $96,000 after acquiring an additional 209 shares during the last quarter.

ServiceTitan Price Performance

TTAN opened at $79.09 on Tuesday. ServiceTitan Inc. has a 1 year low of $54.17 and a 1 year high of $119.99. The stock's 50 day simple moving average is $66.29 and its 200 day simple moving average is $74.08. The firm has a market cap of $7.55 billion, a price-to-earnings ratio of -54.54 and a beta of 0.13.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last released its quarterly earnings data on Thursday, June 4th. The company reported $0.37 earnings per share for the quarter, beating analysts' consensus estimates of $0.28 by $0.09. ServiceTitan had a negative return on equity of 5.59% and a negative net margin of 13.44%.The firm had revenue of $268.82 million during the quarter, compared to analyst estimates of $257.40 million. During the same quarter in the prior year, the firm posted $0.18 earnings per share. The business's quarterly revenue was up 24.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that ServiceTitan Inc. will post -0.54 EPS for the current year.

Wall Street Analysts Forecast Growth

TTAN has been the subject of several research reports. Weiss Ratings reiterated a "sell (e+)" rating on shares of ServiceTitan in a research report on Friday, April 24th. The Goldman Sachs Group dropped their price target on ServiceTitan from $117.00 to $84.00 and set a "neutral" rating for the company in a research note on Monday, March 16th. BMO Capital Markets increased their price objective on ServiceTitan from $92.00 to $103.00 and gave the company an "outperform" rating in a research report on Friday, June 5th. TD Cowen raised their price objective on ServiceTitan from $110.00 to $125.00 and gave the company a "buy" rating in a report on Friday, June 5th. Finally, Citigroup restated a "neutral" rating on shares of ServiceTitan in a research report on Monday, June 8th. 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's stock. Based on data from MarketBeat, ServiceTitan presently has a consensus rating of "Moderate Buy" and an average target price of $110.53.

Insiders Place Their Bets

In other ServiceTitan news, Director Byron B. Deeter sold 8,845 shares of the business's stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $63.35, for a total value of $560,330.75. Following the transaction, the director owned 13,782 shares in the company, valued at approximately $873,089.70. The trade was a 39.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $63.43, for a total transaction of $5,988,743.45. Following the sale, the insider 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. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 244,807 shares of company stock worth $15,649,413. 39.89% of the stock is currently owned by insiders.

ServiceTitan 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.

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.