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

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sei Investments Co. purchased a new position in shares of ServiceTitan during the fourth quarter valued at about $1,593,000. Vanguard Group Inc. purchased a new stake in shares of ServiceTitan during the 4th quarter valued at about $57,349,000. Norges Bank bought a new stake in ServiceTitan in the 4th quarter worth approximately $7,715,000. Wellington Management Group LLP bought a new position in ServiceTitan in the fourth quarter valued at about $3,092,000. Finally, Alliancebernstein L.P. bought a new position in shares of ServiceTitan in the 4th quarter worth approximately $15,088,000.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on TTAN shares. Canaccord Genuity Group increased their target price on shares of ServiceTitan from $120.00 to $130.00 and gave the stock a "buy" rating in a report on Thursday, April 17th. TD Securities boosted their price target on shares of ServiceTitan from $120.00 to $140.00 and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Cowen reissued a "buy" rating on shares of ServiceTitan in a research report on Wednesday, May 21st. Loop Capital reaffirmed a "hold" rating and set a $100.00 target price (up previously from $90.00) on shares of ServiceTitan in a research note on Friday, June 6th. Finally, Piper Sandler restated an "overweight" rating and issued a $150.00 target price (up from $125.00) on shares of ServiceTitan in a research note on Tuesday, July 22nd. 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 stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $124.00.

ServiceTitan Stock Down 1.9%

ServiceTitan stock traded down $2.14 during mid-day trading on Thursday, hitting $110.80. The company had a trading volume of 91,553 shares, compared to its average volume of 718,368. The business has a fifty day moving average of $110.20 and a 200 day moving average of $106.39. ServiceTitan Inc. has a 1 year low of $79.81 and a 1 year high of $131.33. The company has a debt-to-equity ratio of 0.07, a quick ratio of 4.82 and a current 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 for the quarter, beating the consensus estimate of $0.12 by $0.06. The company had revenue of $215.69 million during the quarter, compared to analysts' expectations of $208.61 million. The company's quarterly revenue was up 26.6% on a year-over-year basis. As a group, sell-side analysts predict that ServiceTitan Inc. will post -1.98 EPS for the current year.

Insider Buying and Selling at ServiceTitan

In other news, Director William J.G. Griffith sold 90,917 shares of the company's stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $109.99, for a total value of $9,999,960.83. Following the completion of the sale, the director owned 483,635 shares of the company's stock, valued at $53,195,013.65. This represents a 15.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ara Mahdessian sold 42,674 shares of ServiceTitan stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $110.84, for a total transaction of $4,729,986.16. Following the completion of the sale, the chief executive officer owned 1 shares of the company's stock, valued at approximately $110.84. This trade represents a 100.00% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,461,518 shares of company stock valued at $155,943,554. Insiders own 51.72% of the company's stock.

About ServiceTitan

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.