Fifth Third Bancorp Makes New $1.79 Million Investment in ServiceTitan Inc. $TTAN

Key Points

• Fifth Third Bancorp disclosed a new first-quarter stake in ServiceTitan, buying 28,258 shares worth about $1.79 million.
• Several insiders have been selling shares, including Director William J.G. Griffith and CAO Michele O'Connor; insiders sold 296,664 shares worth nearly $20 million in the last quarter.
• ServiceTitan reported better-than-expected quarterly results, with EPS of $0.37 versus $0.28 expected and revenue up 24.6% year over year, while analysts currently view the stock as a Moderate Buy with a consensus price target of $110.53.

Fifth Third Bancorp purchased a new stake in shares of ServiceTitan Inc. (NASDAQ:TTAN - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 28,258 shares of the company's stock, valued at approximately $1,793,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Woodline Partners LP grew its stake in shares of ServiceTitan by 4.6% during the 1st quarter. Woodline Partners LP now owns 2,141 shares of the company's stock valued at $204,000 after acquiring an additional 95 shares during the period. Toth Financial Advisory Corp increased its holdings in 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 acquiring an additional 150 shares in the last quarter. Farther Finance Advisors LLC raised its stake in ServiceTitan by 189.1% during the 4th quarter. Farther Finance Advisors LLC now owns 266 shares of the company's stock worth $28,000 after acquiring an additional 174 shares during the period. PNC Financial Services Group Inc. lifted its holdings in ServiceTitan by 21.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,042 shares of the company's stock valued at $111,000 after purchasing an additional 184 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in ServiceTitan by 30.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 906 shares of the company's stock valued at $96,000 after purchasing an additional 209 shares in the last quarter.

Insider Activity

In related news, Director William J.G. Griffith sold 94,415 shares of the stock in a transaction on 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 director owned 443,221 shares in the company, valued at approximately $28,113,508.03. This represents a 17.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Michele O'connor sold 10,000 shares of the firm's stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $69.14, for a total value of $691,400.00. Following the completion of the sale, the chief accounting officer owned 81,890 shares of the company's stock, valued at approximately $5,661,874.60. This represents a 10.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 296,664 shares of company stock worth $19,958,797. Company insiders own 39.89% of the company's stock.

ServiceTitan Trading Down 4.2%

TTAN opened at $69.90 on Thursday. The firm has a market cap of $6.67 billion, a P/E ratio of -48.21 and a beta of 0.13. ServiceTitan Inc. has a 12 month low of $54.17 and a 12 month high of $119.99. The stock has a 50-day moving average of $70.20 and a 200 day moving average of $71.50.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last issued its quarterly earnings data on Thursday, June 4th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.09. The company had revenue of $268.82 million for 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%.The firm's revenue for the quarter was up 24.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.18 earnings per share. On average, research analysts forecast that ServiceTitan Inc. will post -0.54 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on TTAN shares. BMO Capital Markets increased their price objective on shares of ServiceTitan from $92.00 to $103.00 and gave the stock an "outperform" rating in a research note on Friday, June 5th. Citigroup restated a "neutral" rating on shares of ServiceTitan in a research note on Monday, June 8th. Morgan Stanley upped their target price on shares of ServiceTitan from $118.00 to $124.00 and gave the stock an "overweight" rating in a report on Friday, June 5th. Weiss Ratings reiterated a "sell (e+)" rating on shares of ServiceTitan in a research note on Friday, April 24th. Finally, TD Cowen boosted their price objective on ServiceTitan from $110.00 to $125.00 and gave the company a "buy" rating in a research report on Friday, June 5th. Fifteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $110.53.

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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