Malaga Cove Capital LLC Makes New Investment in ServiceTitan Inc. (NASDAQ:TTAN)

Key Points

• Malaga Cove Capital LLC has acquired a new stake in ServiceTitan Inc. by purchasing 3,668 shares valued at approximately $349,000 during the first quarter.
• Equity analysts have upgraded their target price for ServiceTitan multiple times, with TD Securities raising it to $140.00, while the stock currently holds a consensus rating of "Moderate Buy."
• ServiceTitan reported $0.18 earnings per share for the last quarter, exceeding analysts' expectations, with a quarterly revenue growth of 26.6% year-over-year.

Malaga Cove Capital LLC acquired a new position in shares of ServiceTitan Inc. (NASDAQ:TTAN - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 3,668 shares of the company's stock, valued at approximately $349,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of TTAN. Harbor Investment Advisory LLC acquired a new stake in ServiceTitan during the 1st quarter worth about $31,000. LRI Investments LLC purchased a new position in ServiceTitan during the 1st quarter valued at about $58,000. FIL Ltd purchased a new position in ServiceTitan during the 4th quarter valued at about $67,000. Tower Research Capital LLC TRC purchased a new position in ServiceTitan during the 4th quarter valued at about $91,000. Finally, Assetmark Inc. grew its stake in ServiceTitan by 47.2% during the 1st quarter. Assetmark Inc. now owns 960 shares of the company's stock valued at $91,000 after acquiring an additional 308 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. TD Securities lifted their target price on ServiceTitan from $120.00 to $140.00 and gave the company a "buy" rating in a research note on Wednesday, May 21st. Stifel Nicolaus lifted their target price on ServiceTitan from $110.00 to $125.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Robert W. Baird lifted their target price on ServiceTitan from $106.00 to $124.00 and gave the company an "outperform" rating in a research note on Wednesday, June 4th. Cowen reaffirmed a "buy" rating on shares of ServiceTitan in a research note on Wednesday, May 21st. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $140.00 target price on shares of ServiceTitan in a research note on Friday, June 6th. Four equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $124.00.

ServiceTitan Trading Down 2.5%

Shares of NASDAQ TTAN opened at $113.79 on Friday. The business has a 50 day simple moving average of $110.64 and a 200 day simple moving average of $106.16. ServiceTitan Inc. has a 52 week low of $79.81 and a 52 week high of $131.33. The company has a debt-to-equity ratio of 0.07, a current ratio of 4.82 and a quick ratio of 4.82.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last announced its earnings results on Thursday, June 5th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.06. The company had revenue of $215.69 million for the quarter, compared to the consensus estimate of $208.61 million. The firm's quarterly revenue was up 26.6% compared to the same quarter last year. As a group, sell-side analysts forecast that ServiceTitan Inc. will post -1.98 earnings per share for the current fiscal year.

Insider Activity

In other ServiceTitan news, major shareholder Iconiq Strategic Partners V, L sold 38,835 shares of the company's stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $109.99, for a total transaction of $4,271,461.65. Following the completion of the sale, the insider owned 483,635 shares of the company's stock, valued at $53,195,013.65. This represents a 7.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Bessemer Venture Partners Viii sold 8,706 shares of the company's stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $110.24, for a total value of $959,749.44. Following the sale, the insider directly owned 7,966,334 shares of the company's stock, valued at $878,208,660.16. The trade was a 0.11% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,412,338 shares of company stock valued at $150,374,391. Insiders own 51.72% of the company's stock.

ServiceTitan Company Profile

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.

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