Strs Ohio Has $4.21 Million Stake in ServiceTitan Inc. $TTAN

Key Points

• Strs Ohio boosted its ServiceTitan stake by 90.5% in the first quarter, ending with 66,300 shares worth about $4.21 million.
• Several other institutional investors also added to or initiated positions in TTAN, while insiders sold shares; director Byron B. Deeter and major shareholder Iconiq Strategic Partners V, L were among the sellers.
• Wall Street remains generally constructive on ServiceTitan, with 15 Buy ratings and a consensus price target of $110.53, even as the stock traded around $79.33 and the company reported mixed profitability but solid revenue growth in its latest quarter.

Strs Ohio increased its position in shares of ServiceTitan Inc. (NASDAQ:TTAN - Free Report) by 90.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 66,300 shares of the company's stock after acquiring an additional 31,500 shares during the period. Strs Ohio owned about 0.07% of ServiceTitan worth $4,207,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of TTAN. Woodline Partners LP boosted its stake in shares of ServiceTitan by 4.6% during the first quarter. Woodline Partners LP now owns 2,141 shares of the company's stock valued at $204,000 after purchasing an additional 95 shares in the last quarter. Cetera Investment Advisers bought a new stake in shares of ServiceTitan during the second quarter worth about $345,000. Russell Investments Group Ltd. acquired a new position in shares of ServiceTitan in the second quarter valued at approximately $500,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of ServiceTitan by 1,005.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company's stock valued at $46,000 after buying an additional 392 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new position in ServiceTitan in the 2nd quarter valued at approximately $393,000.

Insider Activity at ServiceTitan

In other news, Director Byron B. Deeter sold 8,845 shares of the stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $63.35, for a total transaction of $560,330.75. Following the completion of the sale, the director directly owned 13,782 shares in the company, valued at $873,089.70. This represents a 39.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the business's stock in a transaction on 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 insider owned 443,221 shares in the company, valued at approximately $28,113,508.03. The trade was a 17.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 244,807 shares of company stock valued at $15,649,413 over the last 90 days. 39.89% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

TTAN has been the topic of several recent research reports. Morgan Stanley lifted their target price on shares of ServiceTitan from $118.00 to $124.00 and gave the stock an "overweight" rating in a research report on Friday, June 5th. Canaccord Genuity Group decreased their price target on shares of ServiceTitan from $140.00 to $105.00 and set a "buy" rating for the company in a research report on Friday, March 13th. TD Cowen raised their price target on shares of ServiceTitan from $110.00 to $125.00 and gave the company a "buy" rating in a research note on Friday, June 5th. BMO Capital Markets lifted their price target on shares of ServiceTitan from $92.00 to $103.00 and gave the stock an "outperform" rating in a report on Friday, June 5th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $100.00 price objective on shares of ServiceTitan in a research note on Wednesday, June 17th. Fifteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $110.53.

ServiceTitan Stock Performance

Shares of TTAN traded up $1.54 during mid-day trading on Tuesday, reaching $79.33. 140,102 shares of the company were exchanged, compared to its average volume of 1,464,171. The business has a 50 day simple moving average of $66.29 and a two-hundred day simple moving average of $74.08. The stock has a market capitalization of $7.57 billion, a PE ratio of -54.70 and a beta of 0.13. ServiceTitan Inc. has a 52 week low of $54.17 and a 52 week high of $119.99.

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

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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