Madison Asset Management LLC Buys 262,037 Shares of ServiceTitan Inc. $TTAN

Madison Asset Management LLC increased its stake in ServiceTitan Inc. (NASDAQ:TTAN) by 41.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 900,112 shares of the company’s stock after acquiring an additional 262,037 shares during the period. Madison Asset Management LLC owned about 0.96% of ServiceTitan worth $57,121,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in ServiceTitan by 9.9% in the fourth quarter. Vanguard Group Inc. now owns 4,869,009 shares of the company’s stock valued at $518,549,000 after purchasing an additional 439,079 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of ServiceTitan by 33.8% in the fourth quarter. Franklin Resources Inc. now owns 2,014,025 shares of the company’s stock worth $214,494,000 after buying an additional 508,848 shares during the period. Artisan Partners Limited Partnership increased its stake in shares of ServiceTitan by 47.3% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,617,353 shares of the company’s stock worth $172,248,000 after buying an additional 519,024 shares during the period. Greenoaks Capital Partners LLC raised its holdings in ServiceTitan by 20.6% during the 4th quarter. Greenoaks Capital Partners LLC now owns 1,552,257 shares of the company’s stock valued at $165,315,000 after buying an additional 264,926 shares during the last quarter. Finally, Capital International Investors raised its holdings in ServiceTitan by 23.9% during the 4th quarter. Capital International Investors now owns 1,224,699 shares of the company’s stock valued at $130,430,000 after buying an additional 236,287 shares during the last quarter.

ServiceTitan Trading Up 4.6%

Shares of TTAN stock opened at $79.46 on Tuesday. ServiceTitan Inc. has a 12 month low of $54.17 and a 12 month high of $119.99. The stock has a market cap of $7.58 billion, a PE ratio of -54.80 and a beta of 0.13. The company’s fifty day moving average price is $69.61 and its 200-day moving average price is $71.99.

ServiceTitan (NASDAQ:TTAN) last released its earnings results on Thursday, June 4th. The company reported $0.37 EPS for the quarter, topping 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 business had revenue of $268.82 million for the quarter, compared to the consensus estimate of $257.40 million. During the same period in the previous year, the company posted $0.18 earnings per share. The company’s revenue for the quarter was up 24.6% compared to the same quarter last year. On average, sell-side analysts forecast that ServiceTitan Inc. will post -0.54 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TTAN. Stifel Nicolaus set a $125.00 price target on shares of ServiceTitan in a report on Wednesday, May 27th. 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. Piper Sandler increased their target price on shares of ServiceTitan from $100.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, June 5th. Robert W. Baird raised their target price on ServiceTitan from $75.00 to $94.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. Finally, Truist Financial restated a “buy” rating and set a $110.00 price target (up from $100.00) on shares of ServiceTitan in a report on Friday, June 5th. Fifteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $110.53.

Insider Activity at ServiceTitan

In other news, Director William J.G. Griffith sold 94,415 shares of ServiceTitan 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 transaction, the director 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 SEC, which is available through this hyperlink. Also, Director Byron B. Deeter sold 8,845 shares of the business’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $63.35, for a total transaction of $560,330.75. Following the sale, the director directly owned 13,782 shares of the company’s stock, valued at approximately $873,089.70. The trade was a 39.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 296,664 shares of company stock valued at $19,958,797 in the last three months. Corporate insiders own 39.89% of the company’s stock.

ServiceTitan 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.