HighTower Advisors LLC Invests $2.92 Million in ServiceTitan Inc. $TTAN

HighTower Advisors LLC bought a new position in shares of ServiceTitan Inc. (NASDAQ:TTAN) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 27,390 shares of the company’s stock, valued at approximately $2,917,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Woodline Partners LP increased its position in shares of ServiceTitan by 4.6% during the first quarter. Woodline Partners LP now owns 2,141 shares of the company’s stock worth $204,000 after acquiring an additional 95 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of ServiceTitan by 16.1% during the third quarter. PNC Financial Services Group Inc. now owns 858 shares of the company’s stock worth $87,000 after acquiring an additional 119 shares during the last quarter. Toth Financial Advisory Corp increased its position in shares of ServiceTitan by 150.0% during the fourth quarter. Toth Financial Advisory Corp now owns 250 shares of the company’s stock worth $27,000 after acquiring an additional 150 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of ServiceTitan by 189.1% during the fourth quarter. Farther Finance Advisors LLC now owns 266 shares of the company’s stock worth $28,000 after acquiring an additional 174 shares during the last quarter. Finally, Cloud Capital Management LLC purchased a new stake in shares of ServiceTitan during the third quarter worth about $25,000.

Insiders Place Their Bets

In related news, CFO David Sherry sold 17,778 shares of the stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $69.86, for a total value of $1,241,971.08. Following the completion of the transaction, the chief financial officer directly owned 313,025 shares of the company’s stock, valued at $21,867,926.50. This represents a 5.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ara Mahdessian sold 2,288 shares of the stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $69.86, for a total value of $159,839.68. Following the completion of the transaction, the chief executive officer directly owned 1 shares of the company’s stock, valued at $69.86. This trade represents a 99.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 33,440 shares of company stock valued at $2,281,468. 39.89% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on TTAN shares. BMO Capital Markets lowered their price objective on ServiceTitan from $108.00 to $92.00 and set an “outperform” rating for the company in a report on Friday, March 13th. Piper Sandler reissued an “overweight” rating on shares of ServiceTitan in a report on Thursday. Canaccord Genuity Group lowered their price objective on ServiceTitan from $140.00 to $105.00 and set a “buy” rating for the company in a report on Friday, March 13th. Citigroup lowered their price objective on ServiceTitan from $117.00 to $88.00 and set a “neutral” rating for the company in a report on Friday, March 13th. Finally, KeyCorp reissued an “overweight” rating on shares of ServiceTitan in a report on Tuesday. Fifteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $107.80.

ServiceTitan Stock Up 10.0%

Shares of TTAN stock opened at $72.36 on Friday. The business has a 50 day moving average of $62.33 and a two-hundred day moving average of $78.61. ServiceTitan Inc. has a 52 week low of $54.17 and a 52 week high of $119.99. The company has a market cap of $6.89 billion, a P/E ratio of -42.07 and a beta of -0.23.

ServiceTitan (NASDAQ:TTAN) last issued its earnings results on Thursday, March 12th. The company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.09. ServiceTitan had a negative return on equity of 6.86% and a negative net margin of 16.64%.The company had revenue of $253.99 million during the quarter, compared to the consensus estimate of $245.47 million. During the same period in the previous year, the firm posted $0.12 earnings per share. ServiceTitan’s quarterly revenue was up 21.4% compared to the same quarter last year. Analysts expect that ServiceTitan Inc. will post -0.62 EPS for the current fiscal 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.