Royal Bank of Canada Has $27.48 Million Holdings in ServiceTitan Inc. $TTAN

Royal Bank of Canada grew its stake in ServiceTitan Inc. (NASDAQ:TTAN) by 36.1% in the first quarter, Holdings Channel.com reports. The institutional investor owned 433,122 shares of the company’s stock after buying an additional 114,859 shares during the quarter. Royal Bank of Canada’s holdings in ServiceTitan were worth $27,485,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in ServiceTitan by 9.9% in the fourth quarter. Vanguard Group Inc. now owns 4,869,009 shares of the company’s stock worth $518,549,000 after purchasing an additional 439,079 shares in the last quarter. Renaissance Capital LLC increased its stake in shares of ServiceTitan by 222.8% in the fourth quarter. Renaissance Capital LLC now owns 41,223 shares of the company’s stock valued at $4,390,000 after buying an additional 28,454 shares in the last quarter. Comerica Bank increased its stake in shares of ServiceTitan by 372.3% in the fourth quarter. Comerica Bank now owns 26,513 shares of the company’s stock valued at $2,824,000 after buying an additional 20,899 shares in the last quarter. Robeco Schweiz AG raised its holdings in shares of ServiceTitan by 35.3% in the fourth quarter. Robeco Schweiz AG now owns 83,200 shares of the company’s stock valued at $8,861,000 after buying an additional 21,700 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. lifted its position in ServiceTitan by 12,542.7% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 31,101 shares of the company’s stock worth $3,165,000 after buying an additional 30,855 shares in the last quarter.

Insider Buying and Selling at ServiceTitan

In other news, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the firm’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $63.43, for a total value of $5,988,743.45. Following the completion of the transaction, the insider owned 443,221 shares in the company, valued at $28,113,508.03. This trade represents a 17.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David Sherry sold 20,192 shares of the business’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 directly owned 398,033 shares in the company, valued at $26,345,804.27. This trade represents a 4.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 296,664 shares of company stock valued at $19,958,797 in the last three months. 39.89% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Piper Sandler upped their target price on shares of ServiceTitan from $100.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, June 5th. BMO Capital Markets raised their price target on shares of ServiceTitan from $92.00 to $103.00 and gave the company an “outperform” rating in a report on Friday, June 5th. Truist Financial restated a “buy” rating and issued a $110.00 price objective (up from $100.00) on shares of ServiceTitan in a research report on Friday, June 5th. Stifel Nicolaus set a $125.00 price objective on ServiceTitan in a report on Wednesday, May 27th. Finally, KeyCorp reiterated an “overweight” rating on shares of ServiceTitan in a research report on Tuesday, May 26th. Fifteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, ServiceTitan presently has a consensus rating of “Moderate Buy” and an average price target of $110.53.

ServiceTitan Stock Up 3.4%

TTAN opened at $86.24 on Wednesday. The stock has a market cap of $8.23 billion, a P/E ratio of -59.48 and a beta of 0.02. ServiceTitan Inc. has a 12 month low of $54.17 and a 12 month high of $119.99. The company has a fifty day simple moving average of $73.31 and a 200 day simple moving average of $69.97.

ServiceTitan (NASDAQ:TTAN) last announced its quarterly earnings results on Thursday, June 4th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.09. The firm had revenue of $268.82 million for the quarter, compared to analyst estimates of $257.40 million. ServiceTitan had a negative net margin of 13.44% and a negative return on equity of 5.59%. The business’s revenue was up 24.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.18 earnings per share. On average, equities research 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.