ServiceTitan Inc. $TTAN Shares Purchased by Wellington Management Group LLP

Key Points

• Wellington Management increased its ServiceTitan stake by 258.7% in the second quarter, purchasing 228,417 additional shares for a total holding of 316,695 shares worth approximately $22.4 million.
• ServiceTitan beat quarterly expectations, reporting $0.37 in EPS versus $0.28 expected and revenue of $268.8 million, up 24.6% year over year. However, the company remained unprofitable, with a negative net margin of 13.44%.
• Analyst sentiment is broadly positive, with a “Moderate Buy” consensus and an average price target of $108.93, although insiders sold approximately $39.9 million of stock over the past 90 days.

Wellington Management Group LLP raised its holdings in ServiceTitan Inc. (NASDAQ:TTAN - Free Report) by 258.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 316,695 shares of the company's stock after purchasing an additional 228,417 shares during the period. Wellington Management Group LLP owned about 0.33% of ServiceTitan worth $22,394,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Natixis Advisors LLC acquired a new stake in ServiceTitan in the fourth quarter valued at $39,174,000. Littlejohn & Co. LLC acquired a new position in ServiceTitan during the 4th quarter worth $19,686,000. Madison Asset Management LLC acquired a new position in ServiceTitan during the 4th quarter worth $67,955,000. ABN Amro Investment Solutions acquired a new position in ServiceTitan during the 4th quarter worth $4,404,000. Finally, Franklin Resources Inc. increased its position in shares of ServiceTitan by 33.8% in the 4th quarter. Franklin Resources Inc. now owns 2,014,025 shares of the company's stock worth $214,494,000 after purchasing an additional 508,848 shares during the last quarter.

ServiceTitan Stock Performance

ServiceTitan stock opened at $87.92 on Friday. ServiceTitan Inc. has a 1 year low of $54.17 and a 1 year high of $119.99. The firm's 50-day moving average is $84.09 and its 200-day moving average is $72.31. The company has a market cap of $8.39 billion, a P/E ratio of -60.63 and a beta of 0.11.

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on TTAN shares. Piper Sandler increased their price target on shares of ServiceTitan from $100.00 to $115.00 and gave the stock an "overweight" rating in a research report on Friday, June 5th. Citigroup reissued a "neutral" rating on shares of ServiceTitan in a report on Monday, June 8th. Morgan Stanley upped their price objective on ServiceTitan from $118.00 to $124.00 and gave the company an "overweight" rating in a research note on Friday, June 5th. BMO Capital Markets increased their target price on ServiceTitan from $92.00 to $103.00 and gave the stock an "outperform" rating in a report on Friday, June 5th. Finally, UBS Group reiterated a "buy" rating on shares of ServiceTitan in a research report on Wednesday, July 22nd. Fourteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $108.93.

Insider Buying and Selling

In other ServiceTitan news, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of ServiceTitan stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $63.43, for a total value of $5,988,743.45. Following the completion of the transaction, the insider directly owned 443,221 shares in the company, valued at $28,113,508.03. The trade was a 17.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William Griffith sold 94,415 shares of the company's stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $63.43, for a total value of $5,988,743.45. Following the transaction, the director directly owned 443,221 shares of the company's stock, valued at $28,113,508.03. This trade represents a 17.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 524,837 shares of company stock valued at $39,894,622 over the last 90 days. 39.89% of the stock is owned by corporate insiders.

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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