ServiceTitan Inc. $TTAN Stake Lowered by ICONIQ Capital LLC

ICONIQ Capital LLC reduced its position in ServiceTitan Inc. (NASDAQ:TTAN) by 10.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,959,889 shares of the company’s stock after selling 1,551,099 shares during the quarter. ServiceTitan accounts for approximately 25.1% of ICONIQ Capital LLC’s investment portfolio, making the stock its largest holding. ICONIQ Capital LLC owned approximately 15.40% of ServiceTitan worth $1,496,221,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TTAN. 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 valued at $46,000 after purchasing an additional 392 shares during the period. PNC Financial Services Group Inc. purchased a new position in ServiceTitan during the second quarter valued at approximately $79,000. EverSource Wealth Advisors LLC purchased a new position in ServiceTitan during the second quarter valued at approximately $94,000. RiverPark Advisors LLC bought a new position in ServiceTitan in the second quarter worth approximately $104,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in ServiceTitan during the second quarter worth $204,000.

Analyst Ratings Changes

Several research analysts have recently commented on TTAN shares. Weiss Ratings reissued a “sell (e+)” rating on shares of ServiceTitan in a research report on Monday, December 1st. KeyCorp reiterated an “overweight” rating on shares of ServiceTitan in a research note on Friday, November 21st. Wells Fargo & Company boosted their target price on shares of ServiceTitan from $130.00 to $140.00 and gave the stock an “overweight” rating in a report on Friday, September 19th. Truist Financial set a $130.00 price target on shares of ServiceTitan in a report on Tuesday, October 21st. Finally, BMO Capital Markets lifted their price target on shares of ServiceTitan from $115.00 to $125.00 and gave the stock an “outperform” rating in a report on Friday, December 5th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $134.53.

ServiceTitan Trading Down 1.8%

NASDAQ TTAN opened at $104.07 on Friday. ServiceTitan Inc. has a 12-month low of $79.81 and a 12-month high of $131.33. The company has a fifty day simple moving average of $94.91 and a two-hundred day simple moving average of $104.11. The company has a current ratio of 4.14, a quick ratio of 4.49 and a debt-to-equity ratio of 0.07. The stock has a market cap of $9.67 billion and a P/E ratio of -25.51.

ServiceTitan (NASDAQ:TTAN) last released its 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. The firm had revenue of $249.16 million for the quarter, compared to the consensus estimate of $238.26 million. ServiceTitan had a negative return on equity of 10.96% and a negative net margin of 23.91%.The firm’s revenue was up 25.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.75 EPS. On average, analysts forecast that ServiceTitan Inc. will post -1.98 earnings per share for the current year.

Insider Transactions at ServiceTitan

In related news, CEO Ara Mahdessian sold 88,525 shares of ServiceTitan stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $107.56, for a total transaction of $9,521,749.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Bessemer Venture Partners Viii sold 57,688 shares of the company’s stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $117.18, for a total value of $6,759,879.84. Following the completion of the sale, the insider owned 7,166,334 shares in the company, valued at approximately $839,751,018.12. This represents a 0.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 510,569 shares of company stock worth $53,024,237 over the last three months. 51.72% of the stock is currently owned by insiders.

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.