Atreides Management LP Boosts Stock Holdings in ServiceTitan Inc. $TTAN

Atreides Management LP raised its holdings in shares of ServiceTitan Inc. (NASDAQ:TTAN) by 26.5% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 792,433 shares of the company’s stock after purchasing an additional 166,206 shares during the period. ServiceTitan accounts for about 1.0% of Atreides Management LP’s portfolio, making the stock its 22nd largest position. Atreides Management LP’s holdings in ServiceTitan were worth $84,394,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of ServiceTitan by 9.9% in the 4th quarter. Vanguard Group Inc. now owns 4,869,009 shares of the company’s stock worth $518,549,000 after buying an additional 439,079 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of ServiceTitan by 118.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,893,959 shares of the company’s stock worth $291,798,000 after buying an additional 1,569,136 shares during the last quarter. Franklin Resources Inc. grew its position in shares of ServiceTitan by 33.8% in the 4th 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 last quarter. Artisan Partners Limited Partnership grew its position in shares of ServiceTitan by 47.3% in the 4th 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 last quarter. Finally, Greenoaks Capital Partners LLC grew its position in shares of ServiceTitan by 20.6% in the 4th quarter. Greenoaks Capital Partners LLC now owns 1,552,257 shares of the company’s stock worth $165,315,000 after buying an additional 264,926 shares during the last quarter.

ServiceTitan Price Performance

TTAN stock opened at $62.45 on Thursday. The firm’s fifty day simple moving average is $64.22 and its 200-day simple moving average is $76.92. The company has a market capitalization of $5.96 billion, a P/E ratio of -43.07 and a beta of 0.13. ServiceTitan Inc. has a 12 month low of $54.17 and a 12 month high of $119.99.

ServiceTitan (NASDAQ:TTAN) last released its quarterly earnings data on Thursday, June 4th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.28 by $0.09. The business 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 revenue for the quarter was up 24.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.18 EPS. As a group, sell-side analysts forecast that ServiceTitan Inc. will post -0.54 earnings per share for the current year.

Insider Buying and Selling at ServiceTitan

In other news, President Vahe Kuzoyan sold 3,208 shares of the company’s stock in a transaction 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 sale, the president directly owned 1 shares of the company’s stock, valued at $66.19. This represents a 99.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 shares were sold at an average price of $66.19, for a total transaction of $200,423.32. Following the completion of the sale, the chief executive officer directly owned 2 shares in the company, valued at $132.38. This trade represents a 99.93% 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. Insiders sold 46,732 shares of company stock valued at $3,086,391 over the last quarter. Insiders own 39.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Truist Financial reaffirmed a “buy” rating and issued a $110.00 price objective (up from $100.00) on shares of ServiceTitan in a research report on Friday, June 5th. BTIG Research lifted their price objective on shares of ServiceTitan from $90.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 price objective on shares of ServiceTitan in a research report on Wednesday. Morgan Stanley lifted their price objective on shares of ServiceTitan from $118.00 to $124.00 and gave the stock an “overweight” rating in a research report on Friday, June 5th. Finally, Wells Fargo & Company cut their price objective on shares of ServiceTitan from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Friday, March 13th. Fifteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $110.53.

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.