Summit Partners Public Asset Management LLC Takes $5.64 Million Position in ServiceTitan Inc. $TTAN

Summit Partners Public Asset Management LLC bought a new stake in ServiceTitan Inc. (NASDAQ:TTAN) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 53,000 shares of the company’s stock, valued at approximately $5,644,000. Summit Partners Public Asset Management LLC owned approximately 0.06% of ServiceTitan as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of TTAN. Vanguard Group Inc. lifted its holdings in shares of ServiceTitan by 538.4% in the third quarter. Vanguard Group Inc. now owns 4,429,930 shares of the company’s stock valued at $446,670,000 after purchasing an additional 3,735,968 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of ServiceTitan by 118.4% during the third quarter. JPMorgan Chase & Co. now owns 2,893,959 shares of the company’s stock worth $291,798,000 after acquiring an additional 1,569,136 shares in the last quarter. Norges Bank purchased a new stake in shares of ServiceTitan during the fourth quarter worth $112,678,000. CIBC Bancorp USA Inc. purchased a new stake in shares of ServiceTitan during the third quarter worth $84,983,000. Finally, Fuller & Thaler Asset Management Inc. purchased a new stake in shares of ServiceTitan during the fourth quarter worth $89,702,000.

ServiceTitan Price Performance

ServiceTitan stock opened at $66.57 on Wednesday. The company has a market capitalization of $6.35 billion, a price-to-earnings ratio of -45.91 and a beta of 0.13. ServiceTitan Inc. has a one year low of $54.17 and a one year high of $119.99. The company’s fifty day moving average price is $64.23 and its two-hundred day moving average price is $77.10.

ServiceTitan (NASDAQ:TTAN) last posted 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. The firm had revenue of $268.82 million for the quarter, compared to the consensus estimate of $257.40 million. ServiceTitan had a negative net margin of 13.44% and a negative return on equity of 5.59%. The business’s quarterly revenue was up 24.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.18 earnings per share. As a group, sell-side analysts anticipate that ServiceTitan Inc. will post -0.54 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on TTAN shares. Needham & Company LLC reiterated a “buy” rating and set a $100.00 price objective on shares of ServiceTitan in a report on Friday, June 5th. KeyCorp reiterated an “overweight” rating on shares of ServiceTitan in a report on Tuesday, May 26th. Piper Sandler increased their price objective on ServiceTitan from $100.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, June 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of ServiceTitan in a report on Friday, April 24th. Finally, Citigroup reiterated a “neutral” rating on shares of ServiceTitan in a report on Monday, June 8th. Fifteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, ServiceTitan presently has a consensus rating of “Moderate Buy” and an average price target of $110.53.

Insider Buying and Selling

In other ServiceTitan news, CAO Michele O’connor sold 10,000 shares of the stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $69.14, for a total transaction of $691,400.00. Following the transaction, the chief accounting officer directly owned 81,890 shares of the company’s stock, valued at $5,661,874.60. This represents a 10.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 39.89% of the stock is owned by insiders.

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.