Assetmark Inc. Has $7.40 Million Position in ServiceTitan Inc. $TTAN

Assetmark Inc. raised its stake in ServiceTitan Inc. (NASDAQ:TTAN) by 24.3% in the first quarter, Holdings Channel reports. The firm owned 116,603 shares of the company’s stock after acquiring an additional 22,825 shares during the quarter. Assetmark Inc.’s holdings in ServiceTitan were worth $7,400,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Toth Financial Advisory Corp grew its stake 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 buying an additional 150 shares in the last quarter. Farther Finance Advisors LLC raised its position in 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 in the last quarter. eCIO Inc. acquired a new stake in ServiceTitan in the fourth quarter valued at $30,000. Elevation Wealth Partners LLC acquired a new stake in ServiceTitan in the fourth quarter valued at $36,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of ServiceTitan by 1,005.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company’s stock valued at $46,000 after acquiring an additional 392 shares during the period.

Insider Buying and Selling

In related news, Director Byron B. Deeter sold 8,845 shares of the business’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $63.35, for a total value of $560,330.75. Following the transaction, the director owned 13,782 shares in the company, valued at $873,089.70. The trade was a 39.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $63.43, for a total value of $5,988,743.45. Following the sale, the insider owned 443,221 shares of the company’s stock, valued at approximately $28,113,508.03. The trade was a 17.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 296,664 shares of company stock worth $19,958,797. Corporate insiders own 39.89% of the company’s stock.

ServiceTitan Trading Down 8.2%

Shares of TTAN opened at $72.96 on Wednesday. ServiceTitan Inc. has a 12 month low of $54.17 and a 12 month high of $119.99. The firm’s 50 day moving average is $69.92 and its 200-day moving average is $71.76. The stock has a market capitalization of $6.96 billion, a PE ratio of -50.32 and a beta of 0.13.

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TTAN. Stifel Nicolaus set a $125.00 target price on shares of ServiceTitan in a research note on Wednesday, May 27th. Needham & Company LLC reissued a “buy” rating and set a $100.00 price target on shares of ServiceTitan in a research report on Wednesday, June 17th. BTIG Research restated a “buy” rating and issued a $110.00 price objective on shares of ServiceTitan in a research note on Friday, July 10th. Citigroup reaffirmed a “neutral” rating on shares of ServiceTitan in a research report on Monday, June 8th. Finally, Morgan Stanley lifted their target price on ServiceTitan from $118.00 to $124.00 and gave the stock an “overweight” rating in a research note on Friday, June 5th. Fifteen equities 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 an average rating of “Moderate Buy” and an average target price 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.