Perigon Wealth Management LLC Makes New Investment in ServiceTitan Inc. $TTAN

Key Points

• Perigon Wealth Management LLC has acquired 26,539 shares of ServiceTitan Inc. (NASDAQ: TTAN), valued at approximately $2.84 million, during the second quarter.
• Insider transactions indicate major shareholder Iconiq Strategic Partners V, L sold over 52,000 shares, resulting in a 7.43% decrease in their ownership position.
• Analysts have generally maintained positive ratings for ServiceTitan, with price targets ranging from $118 to $155, while the stock is currently rated as a Moderate Buy.

Perigon Wealth Management LLC purchased a new position in ServiceTitan Inc. (NASDAQ:TTAN - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 26,539 shares of the company's stock, valued at approximately $2,844,000.

A number of other hedge funds have also recently added to or reduced their stakes in TTAN. Harbor Investment Advisory LLC acquired a new stake in ServiceTitan in the 1st quarter worth about $31,000. LRI Investments LLC acquired a new stake in ServiceTitan in the 1st quarter worth about $58,000. Assetmark Inc. boosted its stake in ServiceTitan by 47.2% in the 1st quarter. Assetmark Inc. now owns 960 shares of the company's stock worth $91,000 after buying an additional 308 shares during the last quarter. Woodline Partners LP boosted its stake in ServiceTitan by 4.6% in the 1st quarter. Woodline Partners LP now owns 2,141 shares of the company's stock worth $204,000 after buying an additional 95 shares during the last quarter. Finally, Harbour Capital Advisors LLC acquired a new stake in ServiceTitan in the 1st quarter worth about $252,000.

Insider Transactions at ServiceTitan

In related news, major shareholder Iconiq Strategic Partners V, L sold 52,082 shares of the business'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 $5,728,499.18. Following the completion of the transaction, the insider owned 648,606 shares in the company, valued at $71,340,173.94. The trade was a 7.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ara Mahdessian sold 45,185 shares of the business's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $103.71, for a total value of $4,686,136.35. The disclosure for this sale can be found here. Insiders have sold a total of 1,608,980 shares of company stock worth $183,709,323 in the last quarter. Insiders own 51.72% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on TTAN. Piper Sandler reissued an "overweight" rating and issued a $155.00 price target on shares of ServiceTitan in a research note on Friday, September 19th. Morgan Stanley raised their price objective on ServiceTitan from $109.00 to $118.00 and gave the stock an "equal weight" rating in a report on Friday, September 5th. KeyCorp set a $140.00 price objective on ServiceTitan and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Stifel Nicolaus raised their price objective on ServiceTitan from $135.00 to $145.00 and gave the stock a "buy" rating in a report on Friday, September 19th. Finally, Truist Financial raised their price objective on ServiceTitan from $120.00 to $130.00 and gave the stock a "buy" rating in a report on Friday, September 5th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, ServiceTitan currently has a consensus rating of "Moderate Buy" and an average price target of $132.67.

ServiceTitan Price Performance

Shares of NASDAQ TTAN opened at $105.08 on Friday. ServiceTitan Inc. has a fifty-two week low of $79.81 and a fifty-two week high of $131.33. The business has a 50 day moving average price of $109.85 and a two-hundred day moving average price of $109.07. The company has a quick ratio of 4.49, a current ratio of 4.49 and a debt-to-equity ratio of 0.07. The firm has a market cap of $9.77 billion and a PE ratio of -19.46.

ServiceTitan 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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