ServiceTitan Inc. $TTAN Shares Sold by Oppenheimer & Co. Inc.

Key Points

• Oppenheimer cut its stake in ServiceTitan by 69.6% in Q4, selling 503,668 shares and leaving 220,173 shares (about 0.24% of the company) worth roughly $23.45 million.
• Institutional activity was mixed: Vanguard dramatically increased its position (up 538.4% to 4.43 million shares, ~$446.7M) and JPMorgan also boosted holdings, while other funds added large new positions.
• ServiceTitan beat the quarter's estimates (EPS $0.27 vs. $0.18; revenue $253.99M, +21.4% YoY) but remains unprofitable (net margin -16.64%), and analysts have trimmed targets though consensus is a "Moderate Buy" with a $112.31 target.

Oppenheimer & Co. Inc. cut its holdings in shares of ServiceTitan Inc. (NASDAQ:TTAN - Free Report) by 69.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 220,173 shares of the company's stock after selling 503,668 shares during the quarter. Oppenheimer & Co. Inc. owned about 0.24% of ServiceTitan worth $23,448,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of TTAN. Vanguard Group Inc. boosted its holdings in ServiceTitan by 538.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,429,930 shares of the company's stock valued at $446,670,000 after purchasing an additional 3,735,968 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in ServiceTitan by 118.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,893,959 shares of the company's stock valued at $291,798,000 after purchasing an additional 1,569,136 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new position in ServiceTitan in the 3rd quarter valued at about $84,983,000. First Trust Advisors LP boosted its holdings in ServiceTitan by 2,401.9% in the 3rd quarter. First Trust Advisors LP now owns 670,883 shares of the company's stock valued at $67,645,000 after purchasing an additional 644,068 shares during the last quarter. Finally, Atreides Management LP acquired a new position in ServiceTitan in the 2nd quarter valued at about $68,679,000.

Insider Buying and Selling at ServiceTitan

In related news, CAO Michele O'connor sold 5,000 shares of the company's stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $58.93, for a total transaction of $294,650.00. Following the sale, the chief accounting officer directly owned 79,416 shares of the company's stock, valued at $4,679,984.88. This represents a 5.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Vahe Kuzoyan sold 3,220 shares of the company's stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $69.86, for a total transaction of $224,949.20. Following the sale, the president directly owned 1 shares in the company, valued at approximately $69.86. The trade was a 99.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 33,440 shares of company stock valued at $2,281,468 in the last 90 days. Corporate insiders own 51.72% of the company's stock.

ServiceTitan Stock Down 0.7%

Shares of TTAN opened at $59.46 on Friday. ServiceTitan Inc. has a fifty-two week low of $55.23 and a fifty-two week high of $131.33. The firm's 50 day moving average price is $66.39 and its 200 day moving average price is $83.07. The company has a market cap of $5.57 billion, a P/E ratio of -34.57 and a beta of -0.14.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last announced its earnings results on Thursday, March 12th. The company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.09. ServiceTitan had a negative net margin of 16.64% and a negative return on equity of 6.86%. The firm had revenue of $253.99 million for the quarter, compared to the consensus estimate of $245.47 million. During the same period in the prior year, the firm earned $0.12 EPS. The firm's revenue for the quarter was up 21.4% on a year-over-year basis. Research analysts forecast that ServiceTitan Inc. will post -0.62 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on TTAN shares. The Goldman Sachs Group decreased their target price on shares of ServiceTitan from $117.00 to $84.00 and set a "neutral" rating on the stock in a report on Monday, March 16th. Truist Financial decreased their target price on shares of ServiceTitan from $130.00 to $100.00 and set a "buy" rating on the stock in a report on Friday, March 13th. Canaccord Genuity Group decreased their target price on shares of ServiceTitan from $140.00 to $105.00 and set a "buy" rating on the stock in a report on Friday, March 13th. Stifel Nicolaus decreased their target price on shares of ServiceTitan from $145.00 to $125.00 and set a "buy" rating on the stock in a report on Friday, March 13th. Finally, TD Cowen boosted their target price on shares of ServiceTitan from $130.00 to $135.00 and gave the company a "buy" rating in a report on Friday, March 13th. Sixteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, ServiceTitan presently has an average rating of "Moderate Buy" and a consensus target price of $112.31.

ServiceTitan Company 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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