Principal Financial Group Inc. Raises Stock Holdings in ServiceTitan Inc. (NASDAQ:TTAN)

Principal Financial Group Inc. lifted its stake in ServiceTitan Inc. (NASDAQ:TTAN - Free Report) by 38.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 341,097 shares of the company's stock after acquiring an additional 94,518 shares during the period. Principal Financial Group Inc. owned approximately 0.44% of ServiceTitan worth $32,442,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in TTAN. WCM Investment Management LLC purchased a new stake in shares of ServiceTitan in the 1st quarter valued at about $8,025,000. Taylor Frigon Capital Management LLC purchased a new position in ServiceTitan in the first quarter worth $2,487,000. Harbour Capital Advisors LLC purchased a new stake in ServiceTitan during the first quarter valued at about $252,000. Miracle Mile Advisors LLC purchased a new stake in ServiceTitan during the first quarter valued at about $1,180,000. Finally, Renaissance Capital LLC purchased a new stake in ServiceTitan during the first quarter valued at about $1,921,000.

ServiceTitan Stock Down 3.6%

NASDAQ TTAN traded down $3.98 during midday trading on Friday, hitting $106.96. 748,667 shares of the company traded hands, compared to its average volume of 1,392,689. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 0.07. The firm has a 50-day simple moving average of $112.90. ServiceTitan Inc. has a 52 week low of $79.81 and a 52 week high of $131.33.

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

Analyst Upgrades and Downgrades

Several research firms have commented on TTAN. KeyCorp lifted their price target on shares of ServiceTitan from $120.00 to $140.00 and gave the stock an "overweight" rating in a research note on Friday, April 25th. TD Securities lifted their price target on shares of ServiceTitan from $120.00 to $140.00 and gave the company a "buy" rating in a report on Wednesday, May 21st. TD Cowen initiated coverage on ServiceTitan in a research report on Tuesday, April 8th. They issued a "buy" rating and a $120.00 target price for the company. Morgan Stanley lifted their price target on ServiceTitan from $107.00 to $109.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $140.00 target price on shares of ServiceTitan in a report on Friday, June 6th. Four analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $122.21.

Insiders Place Their Bets

In other news, major shareholder Bessemer Venture Partners Viii sold 11,346 shares of the firm's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $110.65, for a total value of $1,255,434.90. Following the completion of the sale, the insider owned 8,059,982 shares of the company's stock, valued at $891,837,008.30. This trade represents a 0.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Iconiq Strategic Partners V, L sold 38,835 shares of the firm's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $109.99, for a total value of $4,271,461.65. Following the completion of the sale, the insider directly owned 483,635 shares of the company's stock, valued at $53,195,013.65. The trade was a 7.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,199,155 shares of company stock worth $126,561,397 over the last quarter. Company 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.