HighTower Advisors LLC Invests $2.92 Million in ServiceTitan Inc. $TTAN

Key Points

• HighTower Advisors disclosed a new fourth-quarter position in ServiceTitan, buying 27,390 shares worth about $2.92 million.
• Several other institutional investors also adjusted their stakes, while insiders were active too: CFO David Sherry and CEO Ara Mahdessian both sold shares in March, with insiders selling 33,440 shares over the last 90 days.
• Analysts remain generally positive on TTAN, with 15 Buy ratings and a consensus Moderate Buy target of $107.80, even after multiple firms lowered price targets. ServiceTitan also beat quarterly EPS and revenue estimates, with revenue rising 21.4% year over year.

HighTower Advisors LLC bought a new position in shares of ServiceTitan Inc. (NASDAQ:TTAN - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 27,390 shares of the company's stock, valued at approximately $2,917,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Woodline Partners LP increased its position in shares of ServiceTitan by 4.6% during the first quarter. Woodline Partners LP now owns 2,141 shares of the company's stock worth $204,000 after acquiring an additional 95 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of ServiceTitan by 16.1% during the third quarter. PNC Financial Services Group Inc. now owns 858 shares of the company's stock worth $87,000 after acquiring an additional 119 shares during the last quarter. Toth Financial Advisory Corp increased its position in shares of ServiceTitan by 150.0% during the fourth quarter. Toth Financial Advisory Corp now owns 250 shares of the company's stock worth $27,000 after acquiring an additional 150 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of ServiceTitan by 189.1% during the fourth 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 last quarter. Finally, Cloud Capital Management LLC purchased a new stake in shares of ServiceTitan during the third quarter worth about $25,000.

Insiders Place Their Bets

In related news, CFO David Sherry sold 17,778 shares of the stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $69.86, for a total value of $1,241,971.08. Following the completion of the transaction, the chief financial officer directly owned 313,025 shares of the company's stock, valued at $21,867,926.50. This represents a 5.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ara Mahdessian sold 2,288 shares of the stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $69.86, for a total value of $159,839.68. Following the completion of the transaction, the chief executive officer directly owned 1 shares of the company's stock, valued at $69.86. This trade represents a 99.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 33,440 shares of company stock valued at $2,281,468. 39.89% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on TTAN shares. BMO Capital Markets lowered their price objective on ServiceTitan from $108.00 to $92.00 and set an "outperform" rating for the company in a report on Friday, March 13th. Piper Sandler reissued an "overweight" rating on shares of ServiceTitan in a report on Thursday. Canaccord Genuity Group lowered their price objective on ServiceTitan from $140.00 to $105.00 and set a "buy" rating for the company in a report on Friday, March 13th. Citigroup lowered their price objective on ServiceTitan from $117.00 to $88.00 and set a "neutral" rating for the company in a report on Friday, March 13th. Finally, KeyCorp reissued an "overweight" rating on shares of ServiceTitan in a report on Tuesday. Fifteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $107.80.

ServiceTitan Stock Up 10.0%

Shares of TTAN stock opened at $72.36 on Friday. The business has a 50 day moving average of $62.33 and a two-hundred day moving average of $78.61. ServiceTitan Inc. has a 52 week low of $54.17 and a 52 week high of $119.99. The company has a market cap of $6.89 billion, a P/E ratio of -42.07 and a beta of -0.23.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last issued its earnings results on Thursday, March 12th. The company reported $0.27 EPS for the quarter, beating analysts' consensus estimates of $0.18 by $0.09. ServiceTitan had a negative return on equity of 6.86% and a negative net margin of 16.64%.The company had revenue of $253.99 million during the quarter, compared to the consensus estimate of $245.47 million. During the same period in the previous year, the firm posted $0.12 earnings per share. ServiceTitan's quarterly revenue was up 21.4% compared to the same quarter last year. Analysts expect that ServiceTitan Inc. will post -0.62 EPS for the current fiscal year.

About ServiceTitan

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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