ServiceTitan Inc. $TTAN Shares Purchased by Jennison Associates LLC

Key Points

• Jennison Associates LLC increased its stake in ServiceTitan by 235.3% in the first quarter, buying 267,002 additional shares and bringing its total holding to 380,468 shares worth about $24.1 million.
• Other institutional investors also added positions, including new stakes from Norges Bank, Fuller & Thaler, Atreides Management, Madison Asset Management, and Two Sigma Investments, highlighting broad outside interest in the stock.
• Insider activity was mixed: major shareholder Iconiq Strategic Partners V and Director William J.G. Griffith each sold 94,415 shares at $63.43, while ServiceTitan recently reported better-than-expected quarterly results with EPS of $0.37 and revenue of $268.82 million.

Jennison Associates LLC boosted its position in ServiceTitan Inc. (NASDAQ:TTAN - Free Report) by 235.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 380,468 shares of the company's stock after buying an additional 267,002 shares during the period. Jennison Associates LLC owned approximately 0.41% of ServiceTitan worth $24,145,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Norges Bank acquired a new stake in ServiceTitan during the 4th quarter valued at approximately $112,678,000. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of ServiceTitan in the fourth quarter worth $89,702,000. Atreides Management LP acquired a new stake in shares of ServiceTitan in the second quarter worth $68,679,000. Madison Asset Management LLC purchased a new position in shares of ServiceTitan during the fourth quarter worth $67,955,000. Finally, Two Sigma Investments LP purchased a new position in shares of ServiceTitan during the third quarter worth $58,836,000.

Insider Buying and Selling at ServiceTitan

In other news, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the business's stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $63.43, for a total transaction of $5,988,743.45. Following the completion of the sale, the insider owned 443,221 shares of the company's stock, valued at $28,113,508.03. The trade was a 17.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William J.G. Griffith sold 94,415 shares of the firm's stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $63.43, for a total transaction of $5,988,743.45. Following the completion of the transaction, the director directly owned 443,221 shares in the company, valued at $28,113,508.03. This represents a 17.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 296,664 shares of company stock valued at $19,958,797. Insiders own 39.89% of the company's stock.

ServiceTitan Price Performance

Shares of TTAN stock opened at $79.46 on Tuesday. The company has a market cap of $7.58 billion, a price-to-earnings ratio of -54.80 and a beta of 0.13. The stock has a 50 day simple moving average of $69.61 and a 200-day simple moving average of $71.99. ServiceTitan Inc. has a 1-year low of $54.17 and a 1-year high of $119.99.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last released its quarterly earnings results on Thursday, June 4th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.28 by $0.09. The firm had revenue of $268.82 million for the quarter, compared to analysts' expectations of $257.40 million. ServiceTitan had a negative net margin of 13.44% and a negative return on equity of 5.59%. The firm's revenue for the quarter was up 24.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.18 EPS. Analysts anticipate that ServiceTitan Inc. will post -0.54 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on TTAN. Stifel Nicolaus set a $125.00 price target on shares of ServiceTitan in a report on Wednesday, May 27th. Citigroup reiterated a "neutral" rating on shares of ServiceTitan in a research note on Monday, June 8th. BTIG Research reissued a "buy" rating and issued a $110.00 price objective on shares of ServiceTitan in a report on Friday, July 10th. Piper Sandler boosted their price objective on ServiceTitan from $100.00 to $115.00 and gave the company an "overweight" rating in a report on Friday, June 5th. Finally, Truist Financial restated a "buy" rating and issued a $110.00 target price (up from $100.00) on shares of ServiceTitan in a research note on Friday, June 5th. Fifteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $110.53.

ServiceTitan 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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