Bessemer Venture Partners Viii Sells 500,000 Shares of ServiceTitan Inc. (NASDAQ:TTAN) Stock

ServiceTitan Inc. (NASDAQ:TTAN - Get Free Report) major shareholder Bessemer Venture Partners Viii sold 500,000 shares of the stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $102.00, for a total value of $51,000,000.00. Following the completion of the transaction, the insider now directly owns 8,503,571 shares in the company, valued at $867,364,242. This trade represents a 5.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.

ServiceTitan Stock Performance

NASDAQ TTAN traded down $1.94 on Friday, hitting $100.93. 893,929 shares of the stock were exchanged, compared to its average volume of 598,624. The business's 50-day moving average price is $114.93. ServiceTitan Inc. has a 52-week low of $79.81 and a 52-week high of $131.33.

ServiceTitan (NASDAQ:TTAN - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.06. The firm had revenue of $215.69 million for the quarter, compared to analyst estimates of $208.61 million. The company's revenue for the quarter was up 26.6% on a year-over-year basis. On average, research analysts forecast that ServiceTitan Inc. will post -1.98 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. KeyCorp boosted their target price on shares of ServiceTitan from $120.00 to $140.00 and gave the stock an "overweight" rating in a research report on Friday, April 25th. Piper Sandler reiterated an "overweight" rating and set a $125.00 target price on shares of ServiceTitan in a research report on Friday, March 14th. Needham & Company LLC reiterated a "buy" rating and issued a $140.00 price objective on shares of ServiceTitan in a research report on Friday, June 6th. Stifel Nicolaus lifted their target price on shares of ServiceTitan from $110.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Finally, TD Cowen initiated coverage on shares of ServiceTitan in a report on Tuesday, April 8th. They issued a "buy" rating and a $120.00 target price on the stock. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $122.21.

Institutional Trading of ServiceTitan

Large investors have recently modified their holdings of the company. SBI Securities Co. Ltd. bought a new position in ServiceTitan in the 4th quarter worth approximately $26,000. Harbor Investment Advisory LLC acquired a new position in shares of ServiceTitan in the first quarter valued at $31,000. LRI Investments LLC bought a new position in ServiceTitan in the first quarter worth $58,000. Assetmark Inc. bought a new stake in ServiceTitan in the 4th quarter valued at $67,000. Finally, FIL Ltd bought a new position in ServiceTitan during the fourth quarter worth about $67,000.

ServiceTitan Company 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.