Principal Financial Group Inc. Boosts Stake in ServiceTitan Inc. $TTAN

Principal Financial Group Inc. increased its holdings in ServiceTitan Inc. (NASDAQ:TTAN) by 2.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 408,446 shares of the company’s stock after acquiring an additional 8,621 shares during the period. Principal Financial Group Inc. owned about 0.44% of ServiceTitan worth $41,184,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Woodline Partners LP increased its position in shares of ServiceTitan by 4.6% during the 1st quarter. Woodline Partners LP now owns 2,141 shares of the company’s stock valued at $204,000 after purchasing an additional 95 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in ServiceTitan in the second quarter valued at about $3,438,000. Truist Financial Corp purchased a new stake in shares of ServiceTitan during the 2nd quarter worth approximately $2,488,000. Blair William & Co. IL bought a new stake in shares of ServiceTitan in the 2nd quarter worth approximately $2,330,000. Finally, Envestnet Portfolio Solutions Inc. purchased a new position in ServiceTitan in the second quarter valued at approximately $273,000.

ServiceTitan Trading Down 4.6%

Shares of TTAN opened at $61.29 on Friday. ServiceTitan Inc. has a twelve month low of $60.57 and a twelve month high of $131.33. The stock has a market cap of $5.74 billion, a PE ratio of -15.02 and a beta of -0.86. The company has a quick ratio of 4.14, a current ratio of 4.14 and a debt-to-equity ratio of 0.07. The business’s 50-day moving average price is $97.26 and its 200-day moving average price is $100.80.

ServiceTitan (NASDAQ:TTAN) last released its quarterly earnings data on Thursday, December 4th. The company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.09. The company had revenue of $249.16 million during the quarter, compared to analyst estimates of $238.26 million. ServiceTitan had a negative net margin of 23.91% and a negative return on equity of 10.96%. ServiceTitan’s revenue was up 25.0% compared to the same quarter last year. During the same period last year, the business earned $0.75 earnings per share. On average, equities analysts forecast that ServiceTitan Inc. will post -1.98 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TTAN. The Goldman Sachs Group assumed coverage on ServiceTitan in a research note on Tuesday, January 13th. They issued a “neutral” rating and a $117.00 target price on the stock. BMO Capital Markets boosted their price objective on ServiceTitan from $115.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, December 5th. Truist Financial set a $130.00 price objective on shares of ServiceTitan in a report on Tuesday, October 21st. BTIG Research initiated coverage on shares of ServiceTitan in a research report on Tuesday, December 16th. They set a “buy” rating and a $130.00 target price for the company. Finally, KeyCorp reissued an “overweight” rating on shares of ServiceTitan in a research report on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, ServiceTitan has a consensus rating of “Moderate Buy” and an average price target of $133.13.

Insider Activity

In related news, CEO Ara Mahdessian sold 88,525 shares of the stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $107.56, for a total value of $9,521,749.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO David Sherry sold 11,672 shares of ServiceTitan stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $105.30, for a total value of $1,229,061.60. Following the sale, the chief financial officer directly owned 331,781 shares of the company’s stock, valued at $34,936,539.30. This represents a 3.40% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 233,592 shares of company stock worth $24,280,986. Company insiders own 51.72% of the company’s stock.

ServiceTitan Company 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.