TimesSquare Capital Management LLC Sells 41,122 Shares of ServiceTitan Inc. $TTAN

Key Points

• TimesSquare Capital Management trimmed its stake in ServiceTitan by 4.5% in the fourth quarter, selling 41,122 shares and still holding 864,582 shares valued at about $92.1 million.
• Several analysts cut price targets on TTAN, though the stock still carries a consensus Moderate Buy rating with an average target price of $112.31.
• ServiceTitan reported quarterly results that beat expectations, with EPS of $0.27 and revenue of $253.99 million, but insiders also sold shares recently, including notable sales by the CFO and CEO.

TimesSquare Capital Management LLC lowered its position in shares of ServiceTitan Inc. (NASDAQ:TTAN - Free Report) by 4.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 864,582 shares of the company's stock after selling 41,122 shares during the period. ServiceTitan makes up approximately 1.4% of TimesSquare Capital Management LLC's portfolio, making the stock its 14th largest position. TimesSquare Capital Management LLC owned approximately 0.92% of ServiceTitan worth $92,078,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in TTAN. Cloud Capital Management LLC purchased a new stake in ServiceTitan in the third quarter worth approximately $25,000. Toth Financial Advisory Corp boosted its stake in shares of ServiceTitan by 150.0% during the 4th quarter. Toth Financial Advisory Corp now owns 250 shares of the company's stock worth $27,000 after acquiring an additional 150 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in shares of ServiceTitan by 189.1% during the 4th quarter. Farther Finance Advisors LLC now owns 266 shares of the company's stock worth $28,000 after acquiring an additional 174 shares during the last quarter. eCIO Inc. purchased a new position in shares of ServiceTitan during the 4th quarter worth $30,000. Finally, Elevation Wealth Partners LLC purchased a new position in shares of ServiceTitan during the 4th quarter valued at $36,000.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. BMO Capital Markets lowered their target price on shares of ServiceTitan from $108.00 to $92.00 and set an "outperform" rating on the stock in a research note on Friday, March 13th. Canaccord Genuity Group reduced their price target 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. Needham & Company LLC reduced their target price on shares of ServiceTitan from $140.00 to $100.00 and set a "buy" rating on the stock in a report on Friday, March 13th. KeyCorp reduced their target price on shares of ServiceTitan from $140.00 to $120.00 and set an "overweight" rating on the stock in a report on Friday, March 13th. Finally, William Blair restated an "outperform" rating on shares of ServiceTitan in a report on Friday, March 13th. Sixteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $112.31.

Insider Activity

In related news, CFO David Sherry sold 17,778 shares of the company's stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $69.86, for a total transaction of $1,241,971.08. Following the transaction, the chief financial officer directly owned 313,025 shares in the company, valued at approximately $21,867,926.50. This represents a 5.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ara Mahdessian sold 2,288 shares of the company's stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $69.86, for a total transaction of $159,839.68. Following the transaction, the chief executive officer owned 1 shares in the company, valued at $69.86. The trade was a 99.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 33,440 shares of company stock valued at $2,281,468. 39.89% of the stock is currently owned by company insiders.

ServiceTitan Stock Up 6.8%

ServiceTitan stock opened at $62.52 on Tuesday. The company's 50-day moving average price is $64.30 and its 200-day moving average price is $80.39. ServiceTitan Inc. has a twelve month low of $54.17 and a twelve month high of $130.21. The company has a market cap of $5.96 billion, a PE ratio of -36.35 and a beta of -0.23.

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