Tidal Investments LLC Grows Position in ServiceTitan Inc. $TTAN

Key Points

• Tidal Investments increased its ServiceTitan stake by 598.9% in the second quarter, ending with 27,963 shares valued at approximately $1.98 million. Several other institutional investors also added to their positions.
• ServiceTitan reported quarterly revenue of $292.76 million, up 20.9% year over year, and adjusted EPS of $0.40, exceeding analysts’ $0.35 estimate. Despite the earnings beat, the company posted a negative net margin of 12.12%.
• Analysts maintain a generally bullish outlook, with a consensus “Moderate Buy” rating and a $96.38 target price, although several firms recently lowered their targets. The stock opened at $58.67, well below its 12-month high of $119.60, while insiders sold $37.1 million in shares over the past 90 days.

Tidal Investments LLC raised its stake in ServiceTitan Inc. (NASDAQ:TTAN - Free Report) by 598.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,963 shares of the company's stock after acquiring an additional 23,962 shares during the quarter. Tidal Investments LLC's holdings in ServiceTitan were worth $1,977,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in TTAN. Elevation Wealth Partners LLC increased its position in ServiceTitan by 20.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 863 shares of the company's stock worth $61,000 after purchasing an additional 144 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in ServiceTitan by 30.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 906 shares of the company's stock valued at $96,000 after purchasing an additional 209 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in ServiceTitan by 18.9% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 2,973 shares of the company's stock valued at $317,000 after purchasing an additional 472 shares in the last quarter. State of Wyoming acquired a new stake in shares of ServiceTitan during the 1st quarter worth about $48,000. Finally, First Bank & Trust boosted its stake in shares of ServiceTitan by 24.2% during the 2nd quarter. First Bank & Trust now owns 4,426 shares of the company's stock worth $313,000 after purchasing an additional 862 shares during the last quarter.

ServiceTitan Price Performance

NASDAQ TTAN opened at $58.67 on Thursday. ServiceTitan Inc. has a 12 month low of $53.80 and a 12 month high of $119.60. The company has a 50-day moving average of $82.22 and a 200-day moving average of $72.30. The company has a market cap of $5.60 billion, a P/E ratio of -43.14 and a beta of 0.11.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last released its earnings results on Tuesday, September 8th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.05. ServiceTitan had a negative net margin of 12.12% and a negative return on equity of 5.65%. The business had revenue of $292.76 million for the quarter, compared to analysts' expectations of $285.89 million. During the same period last year, the company earned $0.33 earnings per share. The company's quarterly revenue was up 20.9% on a year-over-year basis. As a group, equities research analysts anticipate that ServiceTitan Inc. will post -0.53 EPS for the current year.

Insider Activity at ServiceTitan

In other ServiceTitan news, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the stock in a transaction that occurred 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 transaction, the insider 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO David Sherry sold 9,000 shares of ServiceTitan stock in a transaction on Friday, August 14th. The shares were sold at an average price of $90.83, for a total transaction of $817,470.00. Following the completion of the transaction, the chief financial officer owned 386,757 shares in the company, valued at approximately $35,129,138.31. This trade represents a 2.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 483,105 shares of company stock valued at $37,102,881 over the last 90 days. 39.89% of the stock is currently owned by insiders.

Analysts Set New Price Targets

TTAN has been the subject of a number of analyst reports. Truist Financial reissued a "buy" rating and issued a $100.00 price objective (down from $110.00) on shares of ServiceTitan in a research report on Wednesday, September 9th. Piper Sandler decreased their target price on shares of ServiceTitan from $115.00 to $110.00 and set an "overweight" rating on the stock in a research report on Wednesday, September 9th. Evercore set a $90.00 target price on shares of ServiceTitan in a research note on Wednesday, September 9th. Needham & Company LLC reiterated a "buy" rating and issued a $100.00 price target on shares of ServiceTitan in a report on Wednesday, September 9th. Finally, Canaccord Genuity Group reduced their price target on ServiceTitan from $105.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, September 9th. Fourteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.38.

About ServiceTitan

ServiceTitan, Inc develops cloud-based software designed to help residential and commercial contractors manage and grow their businesses. Its platform supports trades such as heating, ventilation and air conditioning, plumbing, electrical, roofing, and other field-service industries.

The company's products and services cover key business functions, including customer relationship management, lead generation, scheduling and dispatching, estimates, job management, invoicing, payments, financing, payroll, and business analytics.

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