Y Intercept Hong Kong Ltd Acquires Shares of 24,100 ServiceTitan Inc. $TTAN

Y Intercept Hong Kong Ltd bought a new position in shares of ServiceTitan Inc. (NASDAQ:TTAN) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 24,100 shares of the company’s stock, valued at approximately $1,529,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Toth Financial Advisory Corp grew its holdings in shares of ServiceTitan by 150.0% in the fourth quarter. Toth Financial Advisory Corp now owns 250 shares of the company’s stock valued at $27,000 after acquiring an additional 150 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in ServiceTitan by 189.1% during the fourth 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 period. eCIO Inc. purchased a new position in ServiceTitan in the fourth quarter worth $30,000. Elevation Wealth Partners LLC purchased a new position in ServiceTitan in the fourth quarter worth $36,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in ServiceTitan by 1,005.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company’s stock valued at $46,000 after purchasing an additional 392 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. BMO Capital Markets lifted their target price on ServiceTitan from $92.00 to $103.00 and gave the stock an “outperform” rating in a research note on Friday, June 5th. Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 price objective on shares of ServiceTitan in a research report on Wednesday, June 17th. Piper Sandler boosted their target price on shares of ServiceTitan from $100.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, June 5th. William Blair restated an “outperform” rating on shares of ServiceTitan in a research note on Friday, March 13th. Finally, Wells Fargo & Company lowered their price target on shares of ServiceTitan from $125.00 to $115.00 and set an “overweight” rating on the stock in a report on Friday, March 13th. Fifteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, ServiceTitan presently has an average rating of “Moderate Buy” and an average price target of $110.53.

Insider Activity

In related news, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $63.43, for a total transaction of $5,988,743.45. Following the sale, the insider directly owned 443,221 shares in the company, valued at approximately $28,113,508.03. This represents a 17.56% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director William J.G. Griffith sold 94,415 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director directly owned 443,221 shares of the company’s stock, valued at approximately $28,113,508.03. This trade represents a 17.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 296,664 shares of company stock valued at $19,958,797. 39.89% of the stock is currently owned by corporate insiders.

ServiceTitan Price Performance

Shares of NASDAQ TTAN traded down $1.75 during trading on Friday, reaching $77.69. 661,979 shares of the stock traded hands, compared to its average volume of 1,747,033. The stock has a market capitalization of $7.41 billion, a P/E ratio of -53.58 and a beta of 0.13. ServiceTitan Inc. has a 52-week low of $54.17 and a 52-week high of $119.99. The company has a 50-day moving average of $67.71 and a 200-day moving average of $73.51.

ServiceTitan (NASDAQ:TTAN) last announced its quarterly earnings data on Thursday, June 4th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $268.82 million during the quarter, compared to analyst estimates of $257.40 million. During the same quarter last year, the firm posted $0.18 EPS. The firm’s revenue for the quarter was up 24.6% on a year-over-year basis. Analysts expect that ServiceTitan Inc. will post -0.54 earnings per share for the current fiscal year.

About ServiceTitan

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.