Iconiq Strategic Partners V, L Sells 94,415 Shares of ServiceTitan (NASDAQ:TTAN) Stock

ServiceTitan Inc. (NASDAQ:TTAN) major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of ServiceTitan stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $63.43, for a total value of $5,988,743.45. Following the completion of the sale, the insider directly owned 443,221 shares in the company, valued at $28,113,508.03. This represents a 17.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Iconiq Strategic Partners V, L also recently made the following trade(s):

• On Monday, June 22nd, Iconiq Strategic Partners V, L sold 115 shares of ServiceTitan stock. The stock was sold at an average price of $63.01, for a total value of $7,246.15.
• On Monday, June 22nd, Iconiq Strategic Partners V, L sold 85 shares of ServiceTitan stock. The stock was sold at an average price of $63.01, for a total value of $5,355.85.

ServiceTitan Stock Up 1.3%

Shares of NASDAQ:TTAN traded up $0.84 during mid-day trading on Wednesday, reaching $65.03. 983,724 shares of the stock were exchanged, compared to its average volume of 1,395,674. The stock’s 50 day simple moving average is $64.54 and its 200-day simple moving average is $76.17. ServiceTitan Inc. has a one year low of $54.17 and a one year high of $119.99. The company has a market cap of $6.20 billion, a P/E ratio of -44.85 and a beta of 0.13.

ServiceTitan (NASDAQ:TTAN) last released its earnings results on Thursday, June 4th. The company reported $0.37 EPS for the quarter, beating 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 firm had revenue of $268.82 million for the quarter, compared to analysts’ expectations of $257.40 million. During the same quarter in the previous year, the business posted $0.18 EPS. The business’s quarterly revenue was up 24.6% compared to the same quarter last year. Analysts anticipate that ServiceTitan Inc. will post -0.54 EPS for the current fiscal year.

Analysts Set New Price Targets

TTAN has been the subject of several recent research reports. TD Cowen increased their target price on shares of ServiceTitan from $110.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, June 5th. BMO Capital Markets lifted their price target on shares of ServiceTitan from $92.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday, June 5th. William Blair restated an “outperform” rating on shares of ServiceTitan in a report on Friday, March 13th. KeyCorp reaffirmed an “overweight” rating on shares of ServiceTitan in a research report on Tuesday, May 26th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $100.00 target price on shares of ServiceTitan in a report on Wednesday, June 17th. Fifteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $110.53.

Hedge Funds Weigh In On ServiceTitan

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Toth Financial Advisory Corp increased its holdings in ServiceTitan by 150.0% during the fourth quarter. Toth Financial Advisory Corp now owns 250 shares of the company’s stock worth $27,000 after buying an additional 150 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in ServiceTitan by 189.1% in the fourth quarter. Farther Finance Advisors LLC now owns 266 shares of the company’s stock valued at $28,000 after acquiring an additional 174 shares during the last quarter. eCIO Inc. acquired a new stake in ServiceTitan in the fourth quarter valued at $30,000. Elevation Wealth Partners LLC bought a new position in shares of ServiceTitan in the 4th quarter valued at about $36,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of 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 acquiring an additional 392 shares during the period.

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.