Zweig DiMenna Associates LLC Takes Position in ServiceTitan Inc. (NASDAQ:TTAN)

Key Points

• Zweig DiMenna Associates LLC purchased 22,200 shares of ServiceTitan Inc. (NASDAQ:TTAN) for approximately $2.11 million in the first quarter, indicating strong institutional interest in the company.
• ServiceTitan reported earnings of $0.18 EPS, surpassing analysts' expectations, with revenue up 26.6% compared to the previous year.
• Analysts maintain a generally positive view on ServiceTitan, with a majority issuing buy ratings and an average target price of $124.00.

Zweig DiMenna Associates LLC purchased a new stake in shares of ServiceTitan Inc. (NASDAQ:TTAN - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 22,200 shares of the company's stock, valued at approximately $2,111,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Harbor Investment Advisory LLC bought a new position in ServiceTitan during the first quarter valued at about $31,000. LRI Investments LLC purchased a new position in ServiceTitan during the first quarter valued at approximately $58,000. FIL Ltd purchased a new position in ServiceTitan during the fourth quarter valued at approximately $67,000. Tower Research Capital LLC TRC purchased a new position in ServiceTitan during the fourth quarter valued at approximately $91,000. Finally, Assetmark Inc. grew its stake in ServiceTitan by 47.2% during the first quarter. Assetmark Inc. now owns 960 shares of the company's stock valued at $91,000 after acquiring an additional 308 shares in the last quarter.

ServiceTitan Stock Up 0.4%

NASDAQ:TTAN traded up $0.49 during trading hours on Tuesday, hitting $118.44. The company had a trading volume of 189,783 shares, compared to its average volume of 724,174. The stock has a 50-day moving average price of $111.25 and a 200 day moving average price of $105.71. ServiceTitan Inc. has a 52 week low of $79.81 and a 52 week high of $131.33. The company has a debt-to-equity ratio of 0.07, a quick ratio of 4.82 and a current ratio of 4.82.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.06. The company had revenue of $215.69 million during the quarter, compared to the consensus estimate of $208.61 million. The company's quarterly revenue was up 26.6% compared to the same quarter last year. Equities analysts anticipate that ServiceTitan Inc. will post -1.98 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. KeyCorp set a $140.00 price objective on shares of ServiceTitan and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Robert W. Baird lifted their target price on shares of ServiceTitan from $106.00 to $124.00 and gave the company an "outperform" rating in a research report on Wednesday, June 4th. Cowen reiterated a "buy" rating on shares of ServiceTitan in a research report on Wednesday, May 21st. TD Cowen assumed coverage on shares of ServiceTitan in a research report on Tuesday, April 8th. They set a "buy" rating and a $120.00 target price for the company. Finally, Needham & Company LLC reiterated a "buy" rating and set a $140.00 target price on shares of ServiceTitan in a research report on Friday, June 6th. Four equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $124.00.

Insider Activity

In other news, major shareholder Bessemer Venture Partners Viii sold 8,706 shares of the business's stock in a transaction on Friday, July 11th. The shares were sold at an average price of $110.24, for a total transaction of $959,749.44. Following the sale, the insider owned 7,966,334 shares in the company, valued at approximately $878,208,660.16. The trade was a 0.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO David Sherry sold 1,499 shares of the company's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $116.89, for a total transaction of $175,218.11. Following the completion of the transaction, the chief financial officer owned 365,670 shares in the company, valued at approximately $42,743,166.30. The trade was a 0.41% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,412,338 shares of company stock worth $150,374,391. 51.72% of the stock is currently owned by corporate insiders.

ServiceTitan Profile

ServiceTitan, Inc engages in the collection of field service activities required to install, maintain, and service the infrastructure and systems of residences and commercial buildings. The company was founded by Ara Mahdessian and Vahe Kuzoyan on June 8, 2008 and is headquartered in Glendale, CA.