Norges Bank Makes New $112.68 Million Investment in ServiceTitan Inc. $TTAN

Key Points

• Norges Bank bought a new stake in ServiceTitan during the fourth quarter, acquiring 1,058,008 shares worth about $112.68 million and giving it roughly 1.13% ownership.
• ServiceTitan posted a strong quarter, with EPS of $0.37 and revenue of $268.8 million both beating analyst expectations, while revenue grew 24.6% year over year.
• Despite the beat, the company still remains unprofitable, with a negative net margin and negative return on equity; analysts currently rate the stock a Moderate Buy with a consensus target price of $107.80.

Norges Bank purchased a new position in ServiceTitan Inc. (NASDAQ:TTAN - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,058,008 shares of the company's stock, valued at approximately $112,678,000. Norges Bank owned approximately 1.13% of ServiceTitan as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also added to or reduced their stakes in TTAN. Vanguard Group Inc. boosted its holdings in ServiceTitan by 538.4% in the third quarter. Vanguard Group Inc. now owns 4,429,930 shares of the company's stock worth $446,670,000 after acquiring an additional 3,735,968 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in ServiceTitan by 118.4% in the third quarter. JPMorgan Chase & Co. now owns 2,893,959 shares of the company's stock worth $291,798,000 after acquiring an additional 1,569,136 shares in the last quarter. CIBC Bancorp USA Inc. bought a new position in ServiceTitan in the third quarter worth approximately $84,983,000. First Trust Advisors LP boosted its holdings in ServiceTitan by 2,401.9% in the third quarter. First Trust Advisors LP now owns 670,883 shares of the company's stock worth $67,645,000 after acquiring an additional 644,068 shares in the last quarter. Finally, Atreides Management LP bought a new position in ServiceTitan in the second quarter worth approximately $68,679,000.

ServiceTitan Trading Up 2.3%

Shares of ServiceTitan stock opened at $74.33 on Friday. The business's fifty day simple moving average is $62.95 and its 200 day simple moving average is $78.04. The firm has a market capitalization of $7.08 billion, a P/E ratio of -43.21 and a beta of 0.13. ServiceTitan Inc. has a 12 month low of $54.17 and a 12 month high of $119.99.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last issued its quarterly earnings results on Thursday, June 4th. The company reported $0.37 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.09. The business had revenue of $268.82 million for the quarter, compared to analyst estimates of $256.65 billion. ServiceTitan had a negative return on equity of 6.86% and a negative net margin of 16.64%.ServiceTitan's quarterly revenue was up 24.6% compared to the same quarter last year. During the same period last year, the company posted $0.18 earnings per share. Analysts predict that ServiceTitan Inc. will post -0.62 EPS for the current fiscal year.

Key Headlines Impacting ServiceTitan

Here are the key news stories impacting ServiceTitan this week:

• Positive Sentiment: ServiceTitan reported Q1 earnings of $0.37 per share, topping the $0.28 consensus estimate, while revenue of $268.8 million also exceeded expectations. Article Title
• Positive Sentiment: The company’s first-quarter revenue grew 24.6% year over year, and gross profit increased 30.6%, suggesting solid demand and improving scale. Article Title
• Positive Sentiment: ServiceTitan also guided second-quarter revenue to $284 million-$286 million, above the consensus estimate, and reiterated a full-year revenue outlook that is in line with expectations. Article Title
• Neutral Sentiment: Analysts and recent price targets remain constructive overall, with several firms maintaining buy or overweight ratings and a median target above the current trading range. Article Title
• Negative Sentiment: Despite the beat, ServiceTitan still posted a negative net margin and loss-making operations, which may limit enthusiasm for the stock until profitability improves. Article Title
• Negative Sentiment: Some reporting noted a negative after-hours reaction and significant insider selling over the past six months, which could weigh on sentiment even after the strong earnings release. Article Title

Insiders Place Their Bets

In related news, President Vahe Kuzoyan sold 3,220 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 $224,949.20. Following the sale, the president directly owned 1 shares in the company, valued at approximately $69.86. This trade represents a 99.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Michele O'connor sold 5,000 shares of ServiceTitan stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $58.93, for a total value of $294,650.00. Following the sale, the chief accounting officer owned 79,416 shares in the company, valued at $4,679,984.88. This trade represents a 5.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 33,440 shares of company stock valued at $2,281,468. 39.89% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

TTAN has been the topic of several recent research reports. William Blair reiterated an "outperform" rating on shares of ServiceTitan in a report on Friday, March 13th. Citigroup cut their price target on ServiceTitan from $117.00 to $88.00 and set a "neutral" rating on the stock in a report on Friday, March 13th. Stifel Nicolaus set a $125.00 target price on ServiceTitan in a report on Wednesday, May 27th. BTIG Research dropped their target price on ServiceTitan from $105.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, May 20th. Finally, BMO Capital Markets dropped their target price on ServiceTitan from $108.00 to $92.00 and set an "outperform" rating on the stock in a report on Friday, March 13th. Fifteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $107.80.

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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