Huntington National Bank Acquires Shares of 160,762 ServiceTitan Inc. $TTAN

Huntington National Bank bought a new position in ServiceTitan Inc. (NASDAQ:TTAN) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 160,762 shares of the company’s stock, valued at approximately $16,210,000. Huntington National Bank owned 0.17% of ServiceTitan as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Woodline Partners LP raised its holdings in ServiceTitan by 4.6% during the first quarter. Woodline Partners LP now owns 2,141 shares of the company’s stock worth $204,000 after purchasing an additional 95 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in ServiceTitan by 16.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 858 shares of the company’s stock valued at $87,000 after purchasing an additional 119 shares in the last quarter. Cloud Capital Management LLC acquired a new position in ServiceTitan during the 3rd quarter worth approximately $25,000. Northwestern Mutual Wealth Management Co. increased its position in ServiceTitan by 1,005.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company’s stock worth $46,000 after purchasing an additional 392 shares during the period. Finally, Whittier Trust Co. purchased a new position in shares of ServiceTitan during the 3rd quarter worth approximately $52,000.

ServiceTitan Price Performance

Shares of NASDAQ TTAN opened at $72.39 on Friday. The company has a current ratio of 4.14, a quick ratio of 4.14 and a debt-to-equity ratio of 0.07. The company’s 50-day moving average price is $85.45 and its 200 day moving average price is $95.36. ServiceTitan Inc. has a 52 week low of $58.01 and a 52 week high of $131.33. The stock has a market cap of $6.78 billion, a price-to-earnings ratio of -17.74 and a beta of -0.86.

ServiceTitan (NASDAQ:TTAN) last announced its quarterly earnings results on Thursday, December 4th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.09. ServiceTitan had a negative net margin of 23.91% and a negative return on equity of 10.96%. The company had revenue of $249.16 million for the quarter, compared to the consensus estimate of $238.26 million. During the same quarter in the prior year, the firm earned $0.75 earnings per share. The company’s revenue for the quarter was up 25.0% compared to the same quarter last year. As a group, research analysts forecast that ServiceTitan Inc. will post -1.98 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently weighed in on TTAN shares. Wells Fargo & Company decreased their price target on ServiceTitan from $140.00 to $125.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 4th. TD Cowen reissued a “buy” rating on shares of ServiceTitan in a report on Monday, February 23rd. The Goldman Sachs Group initiated coverage on shares of ServiceTitan in a research note on Tuesday, January 13th. They set a “neutral” rating and a $117.00 price target on the stock. Morgan Stanley increased their price target on shares of ServiceTitan from $118.00 to $125.00 and gave the company an “equal weight” rating in a report on Friday, December 5th. Finally, Piper Sandler decreased their price objective on shares of ServiceTitan from $140.00 to $120.00 and set an “overweight” rating on the stock in a report on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $133.13.

Insider Buying and Selling

In related news, CEO Ara Mahdessian sold 32,000 shares of the stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $98.50, for a total transaction of $3,152,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO David Sherry sold 833 shares of ServiceTitan stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $91.30, for a total value of $76,052.90. Following the sale, the chief financial officer owned 330,948 shares of the company’s stock, valued at approximately $30,215,552.40. This represents a 0.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 216,371 shares of company stock worth $22,700,994 in the last quarter. Corporate insiders own 51.72% of the company’s stock.

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.