Y Intercept Hong Kong Ltd Invests $1.53 Million in ServiceTitan Inc. $TTAN

Key Points

• Y Intercept Hong Kong Ltd disclosed a new first-quarter stake in ServiceTitan, buying 24,100 shares valued at about $1.53 million.
• ServiceTitan’s latest earnings topped expectations, with EPS of $0.37 versus the $0.28 estimate and revenue of $268.8 million, up 24.6% year over year.
• Despite the strong quarter, the stock traded lower and insiders have been selling shares recently, including CFO David Sherry and Director William J.G. Griffith; analysts still rate the stock Moderate Buy with a consensus target of $110.53.

Y Intercept Hong Kong Ltd acquired a new stake in ServiceTitan Inc. (NASDAQ:TTAN - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 24,100 shares of the company's stock, valued at approximately $1,529,000.

Several other large investors also recently modified their holdings of the company. Norges Bank bought a new position in ServiceTitan during the fourth quarter worth $112,678,000. CIBC Bancorp USA Inc. bought a new stake in ServiceTitan during the third quarter valued at $84,983,000. Fuller & Thaler Asset Management Inc. bought a new stake in ServiceTitan during the fourth quarter valued at $89,702,000. Atreides Management LP acquired a new stake in ServiceTitan during the 2nd quarter worth about $68,679,000. Finally, Madison Asset Management LLC acquired a new stake in ServiceTitan during the 4th quarter worth about $67,955,000.

ServiceTitan Price Performance

Shares of TTAN stock traded down $1.75 on Friday, reaching $77.69. 661,979 shares of the company were exchanged, compared to its average volume of 1,747,033. The company has a market cap of $7.41 billion, a price-to-earnings ratio of -53.58 and a beta of 0.13. The company has a 50-day moving average of $67.71 and a 200-day moving average of $73.51. ServiceTitan Inc. has a one year low of $54.17 and a one year high of $119.99.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last issued its earnings results on Thursday, June 4th. The company reported $0.37 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $257.40 million. During the same period in the previous year, the company posted $0.18 EPS. The firm's revenue was up 24.6% compared to the same quarter last year. As a group, sell-side analysts predict that ServiceTitan Inc. will post -0.54 EPS for the current year.

Insider Activity

In other news, CFO David Sherry sold 20,192 shares of the firm's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $66.19, for a total value of $1,336,508.48. Following the transaction, the chief financial officer owned 398,033 shares in the company, valued at $26,345,804.27. This trade represents a 4.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director William J.G. Griffith sold 94,415 shares of ServiceTitan stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $63.43, for a total transaction of $5,988,743.45. Following the transaction, the director directly owned 443,221 shares in the company, valued at $28,113,508.03. This represents a 17.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 296,664 shares of company stock valued at $19,958,797. 39.89% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on TTAN shares. Wells Fargo & Company dropped their price objective on ServiceTitan from $125.00 to $115.00 and set an "overweight" rating on the stock in a research note on Friday, March 13th. Piper Sandler lifted their target price on ServiceTitan from $100.00 to $115.00 and gave the stock an "overweight" rating in a report on Friday, June 5th. Truist Financial reissued a "buy" rating and issued a $110.00 price target (up from $100.00) on shares of ServiceTitan in a research note on Friday, June 5th. KeyCorp restated an "overweight" rating on shares of ServiceTitan in a report on Tuesday, May 26th. Finally, BMO Capital Markets raised their price objective on shares of ServiceTitan from $92.00 to $103.00 and gave the stock an "outperform" rating in a research report on Friday, June 5th. Fifteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, ServiceTitan currently has an average rating of "Moderate Buy" and a consensus price target of $110.53.

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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