131,616 Shares in ServiceTitan Inc. $TTAN Bought by Moore Capital Management LP

Moore Capital Management LP bought a new position in ServiceTitan Inc. (NASDAQ:TTAN) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 131,616 shares of the company’s stock, valued at approximately $14,017,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in ServiceTitan by 538.4% during the third quarter. Vanguard Group Inc. now owns 4,429,930 shares of the company’s stock worth $446,670,000 after purchasing an additional 3,735,968 shares during the last quarter. Thornburg Investment Management Inc. acquired a new position in shares of ServiceTitan during the 3rd quarter worth about $8,338,000. Sandhill Capital Partners LLC acquired a new position in shares of ServiceTitan during the 3rd quarter worth about $27,062,000. Renaissance Capital LLC boosted its stake in shares of ServiceTitan by 222.8% during the 4th quarter. Renaissance Capital LLC now owns 41,223 shares of the company’s stock worth $4,390,000 after buying an additional 28,454 shares during the last quarter. Finally, CIBC Bancorp USA Inc. acquired a new position in shares of ServiceTitan during the 3rd quarter worth about $84,983,000.

ServiceTitan Trading Down 6.2%

NASDAQ TTAN opened at $62.45 on Thursday. ServiceTitan Inc. has a 1-year low of $54.17 and a 1-year high of $119.99. The company has a 50 day moving average of $64.22 and a 200-day moving average of $76.92. The company has a market cap of $5.96 billion, a price-to-earnings ratio of -43.07 and a beta of 0.13.

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

Insider Activity

In related news, President Vahe Kuzoyan sold 3,208 shares of ServiceTitan stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $66.19, for a total value of $212,337.52. Following the transaction, the president directly owned 1 shares of the company’s stock, valued at $66.19. This trade represents a 99.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ara Mahdessian sold 3,028 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $66.19, for a total transaction of $200,423.32. Following the transaction, the chief executive officer owned 2 shares of the company’s stock, valued at $132.38. This trade represents a 99.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 46,732 shares of company stock valued at $3,086,391. 39.89% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

TTAN has been the subject of several recent analyst reports. BMO Capital Markets raised their target price on shares of ServiceTitan from $92.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday, June 5th. Citigroup reiterated a “neutral” rating on shares of ServiceTitan in a report on Monday, June 8th. Morgan Stanley lifted their price target on ServiceTitan from $118.00 to $124.00 and gave the stock an “overweight” rating in a report on Friday, June 5th. Wells Fargo & Company reduced their price target on ServiceTitan from $125.00 to $115.00 and set an “overweight” rating for the company in a report on Friday, March 13th. Finally, The Goldman Sachs Group reduced their price target on 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 given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $110.53.

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.