Madison Asset Management LLC Grows Holdings in ServiceTitan Inc. $TTAN

Madison Asset Management LLC boosted its position in shares of ServiceTitan Inc. (NASDAQ:TTAN) by 41.1% during the first quarter, Holdings Channel.com reports. The fund owned 900,112 shares of the company’s stock after acquiring an additional 262,037 shares during the quarter. Madison Asset Management LLC’s holdings in ServiceTitan were worth $57,121,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of ServiceTitan by 9.9% in the fourth quarter. Vanguard Group Inc. now owns 4,869,009 shares of the company’s stock worth $518,549,000 after purchasing an additional 439,079 shares during the period. Franklin Resources Inc. raised its position in shares of ServiceTitan by 33.8% during the 4th quarter. Franklin Resources Inc. now owns 2,014,025 shares of the company’s stock valued at $214,494,000 after purchasing an additional 508,848 shares during the period. Artisan Partners Limited Partnership raised its position in shares of ServiceTitan by 47.3% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,617,353 shares of the company’s stock valued at $172,248,000 after purchasing an additional 519,024 shares during the period. Greenoaks Capital Partners LLC lifted its stake in shares of 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 in the last quarter. Finally, Capital International Investors lifted its stake in shares of 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 in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. BTIG Research reiterated a “buy” rating and issued a $110.00 price target on shares of ServiceTitan in a research note on Friday, July 10th. KeyCorp restated an “overweight” rating on shares of ServiceTitan in a research report on Tuesday, May 26th. TD Cowen upped their price objective on ServiceTitan from $110.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Citigroup reiterated a “neutral” rating on shares of ServiceTitan in a research report on Monday, June 8th. Finally, Piper Sandler lifted their target price on ServiceTitan from $100.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, June 5th. Fifteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $110.53.

Insider Activity

In other news, CEO Ara Mahdessian sold 51,947 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $80.98, for a total transaction of $4,206,668.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Sherry sold 20,192 shares of ServiceTitan stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $66.19, for a total value of $1,336,508.48. Following the completion of the sale, the chief financial officer directly owned 398,033 shares in the company, valued at $26,345,804.27. This trade represents a 4.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 296,664 shares of company stock valued at $19,958,797. 39.89% of the stock is owned by corporate insiders.

ServiceTitan Stock Performance

Shares of NASDAQ:TTAN opened at $79.46 on Tuesday. The firm has a fifty day moving average price of $69.61 and a 200 day moving average price of $71.99. ServiceTitan Inc. has a fifty-two week low of $54.17 and a fifty-two week high of $119.99. The firm has a market cap of $7.58 billion, a price-to-earnings ratio of -54.80 and a beta of 0.13.

ServiceTitan (NASDAQ:TTAN) last announced 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 company 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%. ServiceTitan’s revenue for the quarter was up 24.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.18 EPS. As a group, research analysts predict that ServiceTitan Inc. will post -0.54 earnings per share for the current year.

About ServiceTitan

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.