Ghisallo Capital Management LLC Sells 100,000 Shares of ServiceTitan Inc. $TTAN

Key Points

• Ghisallo Capital Management LLC reduced its holdings in ServiceTitan Inc. by 28.3%, now owning approximately 253,291 shares worth about $24 million, making it the firm's 12th largest investment.
• ServiceTitan's stock opened at $107.23, recently reported earnings of $0.18 per share, exceeding analysts' expectations, and has a yearly revenue increase of 26.6% compared to the previous year.
• Recent analyst ratings for ServiceTitan show a consensus of "Moderate Buy", with target prices as high as $140.00 from several firms.

Ghisallo Capital Management LLC decreased its position in ServiceTitan Inc. (NASDAQ:TTAN - Free Report) by 28.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 253,291 shares of the company's stock after selling 100,000 shares during the quarter. ServiceTitan makes up 2.1% of Ghisallo Capital Management LLC's investment portfolio, making the stock its 12th largest position. Ghisallo Capital Management LLC owned 0.33% of ServiceTitan worth $24,091,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of TTAN. Barclays PLC purchased a new position in shares of ServiceTitan in the fourth quarter valued at about $267,000. First Trust Advisors LP purchased a new position in shares of ServiceTitan in the fourth quarter valued at about $2,560,000. Tower Research Capital LLC TRC purchased a new position in shares of ServiceTitan in the fourth quarter valued at about $91,000. Tudor Investment Corp ET AL purchased a new position in shares of ServiceTitan in the fourth quarter valued at about $2,572,000. Finally, Freestone Grove Partners LP purchased a new position in shares of ServiceTitan in the fourth quarter valued at about $1,543,000.

Wall Street Analyst Weigh In

TTAN has been the subject of a number of research reports. BMO Capital Markets initiated coverage on shares of ServiceTitan in a research note on Thursday, August 28th. They issued an "outperform" rating and a $129.00 price target for the company. Raymond James Financial assumed coverage on ServiceTitan in a report on Friday, August 29th. They set a "market perform" rating on the stock. Wells Fargo & Company raised their target price on ServiceTitan from $125.00 to $130.00 and gave the company an "overweight" rating in a research note on Friday. Loop Capital upgraded ServiceTitan from a "hold" rating to a "buy" rating and lifted their price target for the company from $100.00 to $140.00 in a research report on Monday, August 18th. Finally, Needham & Company LLC restated a "buy" rating and set a $140.00 price target on shares of ServiceTitan in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $130.00.

Insider Activity

In other news, major shareholder Iconiq Strategic Partners V, L sold 52,082 shares of the company's stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $109.99, for a total value of $5,728,499.18. Following the transaction, the insider owned 648,606 shares in the company, valued at approximately $71,340,173.94. This represents a 7.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Bessemer Venture Partners Viii sold 500,000 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $102.00, for a total transaction of $51,000,000.00. Following the completion of the transaction, the insider owned 8,503,571 shares in the company, valued at approximately $867,364,242. This represents a 5.55% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,546,850 shares of company stock worth $164,753,189. Corporate insiders own 51.72% of the company's stock.

ServiceTitan Stock Performance

TTAN traded up $11.19 during midday trading on Friday, reaching $111.50. The company's stock had a trading volume of 1,968,794 shares, compared to its average volume of 741,102. The company has a debt-to-equity ratio of 0.07, a current ratio of 4.82 and a quick ratio of 4.82. ServiceTitan Inc. has a 1 year low of $79.81 and a 1 year high of $131.33. The stock's 50-day moving average is $108.84 and its 200-day moving average is $106.85.

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

ServiceTitan Company 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.