Madison Asset Management LLC Takes $67.96 Million Position in ServiceTitan Inc. $TTAN

Key Points

• Madison Asset Management opened a new position in ServiceTitan, buying 638,075 shares valued at about $67.96 million. The stake represented roughly 0.68% of the company.
• Insider selling was notable, with CEO Ara Mahdessian and President Vahe Kuzoyan each selling nearly their entire holdings in separate March 18 transactions. Combined insider sales over the last three months totaled 33,440 shares worth $2.28 million.
• ServiceTitan reported better-than-expected quarterly results, earning $0.27 per share on revenue of $253.99 million, and revenue rose 21.4% year over year. Analysts still see significant upside potential, with a consensus Moderate Buy rating and average price target of $112.31.

Madison Asset Management LLC purchased a new position in shares of ServiceTitan Inc. (NASDAQ:TTAN - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 638,075 shares of the company's stock, valued at approximately $67,955,000. Madison Asset Management LLC owned approximately 0.68% of ServiceTitan at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in ServiceTitan by 9.9% during the 4th quarter. Vanguard Group Inc. now owns 4,869,009 shares of the company's stock valued at $518,549,000 after acquiring an additional 439,079 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of ServiceTitan by 118.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,893,959 shares of the company's stock worth $291,798,000 after purchasing an additional 1,569,136 shares during the last quarter. Artisan Partners Limited Partnership raised its stake in shares of ServiceTitan by 116.6% in the 3rd quarter. Artisan Partners Limited Partnership now owns 1,098,329 shares of the company's stock valued at $110,745,000 after purchasing an additional 591,213 shares in the last quarter. Capital International Investors raised its stake in shares of ServiceTitan by 0.7% in the 3rd quarter. Capital International Investors now owns 988,412 shares of the company's stock valued at $99,662,000 after purchasing an additional 7,237 shares in the last quarter. Finally, Bamco Inc. NY lifted its position in shares of ServiceTitan by 2.9% during the third quarter. Bamco Inc. NY now owns 962,618 shares of the company's stock worth $97,061,000 after purchasing an additional 27,230 shares during the last quarter.

Insiders Place Their Bets

In other ServiceTitan news, CEO Ara Mahdessian sold 2,288 shares of ServiceTitan stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $69.86, for a total transaction of $159,839.68. Following the sale, the chief executive officer owned 1 shares of the company's stock, valued at $69.86. The trade was a 99.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Vahe Kuzoyan sold 3,220 shares of the business's stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $69.86, for a total value of $224,949.20. Following the transaction, the president owned 1 shares of the company's stock, valued at $69.86. This trade represents a 99.97% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 33,440 shares of company stock worth $2,281,468. 39.89% of the stock is currently owned by corporate insiders.

ServiceTitan Stock Performance

Shares of TTAN opened at $57.50 on Wednesday. ServiceTitan Inc. has a 1 year low of $55.23 and a 1 year high of $131.33. The company has a market cap of $5.38 billion, a price-to-earnings ratio of -33.43 and a beta of -0.23. The firm has a fifty day moving average of $65.73 and a 200-day moving average of $81.53.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last released its quarterly earnings data on Thursday, March 12th. The company reported $0.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.18 by $0.09. The business had revenue of $253.99 million for the quarter, compared to analysts' expectations of $245.47 million. ServiceTitan had a negative net margin of 16.64% and a negative return on equity of 6.86%. The company's revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.12 EPS. Analysts predict that ServiceTitan Inc. will post -0.62 EPS for the current year.

Wall Street Analysts Forecast Growth

TTAN has been the subject of a number of research reports. Wells Fargo & Company decreased their price target on ServiceTitan from $125.00 to $115.00 and set an "overweight" rating for the company in a research note on Friday, March 13th. TD Cowen increased their target price on ServiceTitan from $130.00 to $135.00 and gave the stock a "buy" rating in a report on Friday, March 13th. Stifel Nicolaus decreased their target price on ServiceTitan from $145.00 to $125.00 and set a "buy" rating for the company in a research report on Friday, March 13th. Canaccord Genuity Group lowered their price target on ServiceTitan from $140.00 to $105.00 and set a "buy" rating for the company in a report on Friday, March 13th. Finally, Citigroup dropped their price target on ServiceTitan from $117.00 to $88.00 and set a "neutral" rating on the stock in a research report on Friday, March 13th. Sixteen equities 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 MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $112.31.

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.

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.