Picton Mahoney Asset Management Purchases 104,374 Shares of ServiceTitan Inc. $TTAN

Key Points

• Picton Mahoney increased its ServiceTitan stake by 1,415.8% in Q3, buying an additional 104,374 shares to hold 111,746 shares (about 0.12% of the company) worth roughly $11.27 million.
• Other institutional moves included Artisan Partners buying 591,213 shares to hold 1,098,329 shares ($110.75M), while insiders sold 216,371 shares (~$22.7M) in the past 90 days and now own 51.72% of the stock.
• ServiceTitan beat Q3 expectations with revenue of $249.16M (up 25% YoY) and EPS of $0.24, but remains unprofitable (net margin -23.91%); analysts have a consensus rating of Moderate Buy with a $133.13 target.

Picton Mahoney Asset Management increased its position in ServiceTitan Inc. (NASDAQ:TTAN - Free Report) by 1,415.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 111,746 shares of the company's stock after purchasing an additional 104,374 shares during the period. Picton Mahoney Asset Management owned approximately 0.12% of ServiceTitan worth $11,268,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Segall Bryant & Hamill LLC acquired a new position in ServiceTitan during the third quarter worth $11,098,000. Huntington National Bank acquired a new stake in shares of ServiceTitan in the 3rd quarter worth about $16,210,000. Fifth Lane Capital LP bought a new position in ServiceTitan in the 3rd quarter valued at about $202,000. Artisan Partners Limited Partnership boosted its stake in ServiceTitan by 116.6% during 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 during the last quarter. Finally, R Squared Ltd bought a new stake in ServiceTitan during the 3rd quarter worth approximately $473,000.

ServiceTitan Stock Performance

Shares of TTAN opened at $77.20 on Thursday. The company has a quick ratio of 4.14, a current ratio of 4.14 and a debt-to-equity ratio of 0.07. The stock has a market cap of $7.23 billion, a P/E ratio of -18.92 and a beta of -0.72. The business's 50 day moving average price is $83.44 and its 200-day moving average price is $94.80. ServiceTitan Inc. has a 52 week low of $58.01 and a 52 week high of $131.33.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last announced its quarterly earnings data on Thursday, December 4th. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.15 by $0.09. ServiceTitan had a negative return on equity of 10.96% and a negative net margin of 23.91%.The business had revenue of $249.16 million during the quarter, compared to analysts' expectations of $238.26 million. During the same quarter in the previous year, the business earned $0.75 earnings per share. The firm's quarterly revenue was up 25.0% compared to the same quarter last year. Equities research analysts anticipate that ServiceTitan Inc. will post -1.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO David Sherry sold 11,672 shares of the company's stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $105.30, for a total value of $1,229,061.60. Following the transaction, the chief financial officer owned 331,781 shares in the company, valued at $34,936,539.30. The trade was a 3.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Vahe Kuzoyan sold 16,388 shares of the stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $102.82, for a total transaction of $1,685,014.16. The SEC filing for this sale provides additional information. Insiders sold 216,371 shares of company stock worth $22,700,994 in the last 90 days. 51.72% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on TTAN shares. Morgan Stanley lifted their target price on ServiceTitan from $118.00 to $125.00 and gave the company an "equal weight" rating in a research report on Friday, December 5th. KeyCorp reaffirmed an "overweight" rating on shares of ServiceTitan in a report on Tuesday, December 16th. TD Cowen reiterated a "buy" rating on shares of ServiceTitan in a research note on Monday, February 23rd. Wells Fargo & Company dropped their price target on shares of ServiceTitan from $140.00 to $125.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 4th. Finally, The Goldman Sachs Group initiated coverage on shares of ServiceTitan in a report on Tuesday, January 13th. They set a "neutral" rating and a $117.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $133.13.

About ServiceTitan

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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