Summit Partners Public Asset Management LLC Makes New Investment in ServiceTitan Inc. $TTAN

Summit Partners Public Asset Management LLC purchased a new stake in ServiceTitan Inc. (NASDAQ:TTAN) during the 4th quarter, HoldingsChannel reports. The firm purchased 53,000 shares of the company’s stock, valued at approximately $5,644,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Woodline Partners LP grew its position in shares of ServiceTitan by 4.6% in the first quarter. Woodline Partners LP now owns 2,141 shares of the company’s stock valued at $204,000 after purchasing an additional 95 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of ServiceTitan by 16.1% in the third quarter. PNC Financial Services Group Inc. now owns 858 shares of the company’s stock valued at $87,000 after purchasing an additional 119 shares during the last quarter. Toth Financial Advisory Corp grew its position in shares of ServiceTitan by 150.0% in the fourth quarter. Toth Financial Advisory Corp now owns 250 shares of the company’s stock valued at $27,000 after purchasing an additional 150 shares during the last quarter. Farther Finance Advisors LLC grew its position in shares of ServiceTitan by 189.1% in the fourth quarter. Farther Finance Advisors LLC now owns 266 shares of the company’s stock valued at $28,000 after purchasing an additional 174 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in shares of ServiceTitan by 30.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 906 shares of the company’s stock valued at $96,000 after purchasing an additional 209 shares during the last quarter.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on TTAN shares. The Goldman Sachs Group lowered their price target on ServiceTitan from $117.00 to $84.00 and set a “neutral” rating on the stock in a research report on Monday, March 16th. Truist Financial reaffirmed a “buy” rating and issued a $110.00 price target (up from $100.00) on shares of ServiceTitan in a research report on Friday, June 5th. Citigroup reaffirmed a “neutral” rating on shares of ServiceTitan in a research report on Monday, June 8th. KeyCorp reaffirmed an “overweight” rating on shares of ServiceTitan in a research report on Tuesday, May 26th. Finally, BTIG Research raised their price target on ServiceTitan from $90.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, June 5th. Fifteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $110.53.

ServiceTitan Stock Down 3.2%

TTAN stock opened at $66.57 on Wednesday. ServiceTitan Inc. has a twelve month low of $54.17 and a twelve month high of $119.99. The company has a market cap of $6.35 billion, a PE ratio of -45.91 and a beta of 0.13. The business’s 50-day simple moving average is $64.23 and its 200 day simple moving average is $77.10.

ServiceTitan (NASDAQ:TTAN) last released its earnings results on Thursday, June 4th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates 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 last year, the business earned $0.18 earnings per share. The firm’s revenue for the quarter was up 24.6% compared to the same quarter last year. On average, equities research analysts anticipate that ServiceTitan Inc. will post -0.54 EPS for the current year.

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.