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

ServiceTitan Inc. (NASDAQ:TTAN) major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the business’s stock in a transaction 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 owned 443,221 shares of the company’s stock, valued at $28,113,508.03. This trade represents a 17.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 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 transaction 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 transaction of $5,355.85.

ServiceTitan Stock Performance

Shares of NASDAQ TTAN opened at $65.03 on Thursday. ServiceTitan Inc. has a fifty-two week low of $54.17 and a fifty-two week high of $119.99. The stock has a market cap of $6.20 billion, a price-to-earnings ratio of -44.85 and a beta of 0.13. The firm’s 50-day simple moving average is $64.70 and its 200 day simple moving average is $75.96.

ServiceTitan (NASDAQ:TTAN) last released its quarterly earnings results on Thursday, June 4th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.09. The business had revenue of $268.82 million during the quarter, compared to the consensus estimate of $257.40 million. ServiceTitan had a negative return on equity of 5.59% and a negative net margin of 13.44%.The company’s quarterly revenue was up 24.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.18 EPS. On average, sell-side analysts predict that ServiceTitan Inc. will post -0.54 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on TTAN shares. Stifel Nicolaus set a $125.00 price target on ServiceTitan in a report on Wednesday, May 27th. Truist Financial restated a “buy” rating and set a $110.00 price objective (up from $100.00) on shares of ServiceTitan in a research note on Friday, June 5th. Robert W. Baird lifted their price objective on shares of ServiceTitan from $75.00 to $94.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. 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 note on Friday, June 5th. Finally, The Goldman Sachs Group lowered their target price on shares of ServiceTitan from $117.00 to $84.00 and set a “neutral” rating for the company in a report on Monday, March 16th. Fifteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $110.53.

Hedge Funds Weigh In On ServiceTitan

Several institutional investors have recently modified their holdings of TTAN. Toth Financial Advisory Corp increased its position in shares of ServiceTitan by 150.0% during 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 during the last quarter. Farther Finance Advisors LLC boosted its position in ServiceTitan by 189.1% in the fourth quarter. Farther Finance Advisors LLC now owns 266 shares of the company’s stock worth $28,000 after purchasing an additional 174 shares during the last quarter. eCIO Inc. bought a new position in ServiceTitan in the 4th quarter valued at $30,000. Elevation Wealth Partners LLC bought a new position in ServiceTitan in the 4th quarter valued at $36,000. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of 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 last quarter.

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.