Renaissance Capital LLC Trims Stake in ServiceTitan Inc. $TTAN

Key Points

• Renaissance Capital LLC has reduced its stake in ServiceTitan Inc. by 45.7%, now holding 10,959 shares valued at approximately $1,175,000.
• Insider sales include CAO Michele O'Connor selling 5,188 shares for over $602,000, and major shareholder Bessemer Venture Partners selling 28,245 shares for approximately $3.3 million.
• Brokerages have varying ratings on ServiceTitan, with price targets ranging from $123.00 to $155.00, indicating a generally positive outlook.

Renaissance Capital LLC reduced its stake in shares of ServiceTitan Inc. (NASDAQ:TTAN - Free Report) by 45.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,959 shares of the company's stock after selling 9,237 shares during the quarter. ServiceTitan accounts for 0.8% of Renaissance Capital LLC's holdings, making the stock its 25th largest position. Renaissance Capital LLC's holdings in ServiceTitan were worth $1,175,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Harbor Investment Advisory LLC purchased a new position in ServiceTitan during the first quarter valued at approximately $31,000. LRI Investments LLC purchased a new stake in shares of ServiceTitan in the first quarter valued at approximately $58,000. Assetmark Inc. increased its position in shares of ServiceTitan by 47.2% in the first quarter. Assetmark Inc. now owns 960 shares of the company's stock valued at $91,000 after buying an additional 308 shares in the last quarter. Woodline Partners LP increased its position in shares of ServiceTitan by 4.6% during the first quarter. Woodline Partners LP now owns 2,141 shares of the company's stock worth $204,000 after purchasing an additional 95 shares in the last quarter. Finally, Northside Capital Management LLC purchased a new stake in shares of ServiceTitan during the second quarter worth approximately $284,000.

Insider Buying and Selling

In other ServiceTitan news, CAO Michele O'connor sold 5,188 shares of the company's stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $116.05, for a total value of $602,067.40. Following the completion of the sale, the chief accounting officer directly owned 93,748 shares in the company, valued at $10,879,455.40. This represents a 5.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Bessemer Venture Partners Viii sold 28,245 shares of the company's stock in a transaction on Friday, September 19th. The shares were sold at an average price of $118.21, for a total value of $3,338,841.45. Following the completion of the transaction, the insider directly owned 7,131,050 shares in the company, valued at approximately $842,961,420.50. This trade represents a 0.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,501,828 shares of company stock worth $172,073,687 over the last quarter. Corporate insiders own 51.72% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on TTAN. Citigroup boosted their price target on ServiceTitan from $111.00 to $123.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 9th. Raymond James Financial began coverage on ServiceTitan in a research report on Friday, August 29th. They set a "market perform" rating for the company. Piper Sandler reiterated an "overweight" rating and set a $155.00 price target on shares of ServiceTitan in a research report on Friday, September 19th. KeyCorp set a $140.00 price target on ServiceTitan and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Finally, Loop Capital upgraded ServiceTitan from a "hold" rating to a "buy" rating and boosted their price target for the stock from $100.00 to $140.00 in a research report on Monday, August 18th. One equities research 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. Based on data from MarketBeat.com, ServiceTitan currently has an average rating of "Moderate Buy" and an average price target of $132.67.

ServiceTitan Stock Down 2.0%

Shares of NASDAQ:TTAN opened at $102.99 on Tuesday. 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 business has a fifty day moving average of $109.63 and a two-hundred day moving average of $109.49. The stock has a market cap of $9.57 billion and a P/E ratio of -19.07. ServiceTitan Inc. has a 52-week low of $79.81 and a 52-week high of $131.33.

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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