Eventide Asset Management LLC Raises Position in ServiceTitan Inc. $TTAN

Eventide Asset Management LLC grew its position in ServiceTitan Inc. (NASDAQ:TTAN) by 1,888.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 178,616 shares of the company’s stock after acquiring an additional 169,634 shares during the period. Eventide Asset Management LLC owned about 0.19% of ServiceTitan worth $19,024,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Bullseye Asset Management LLC boosted its holdings in shares of ServiceTitan by 122.0% in the fourth quarter. Bullseye Asset Management LLC now owns 21,836 shares of the company’s stock valued at $2,325,000 after acquiring an additional 12,000 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of ServiceTitan in the fourth quarter valued at about $194,000. The Manufacturers Life Insurance Company boosted its holdings in shares of ServiceTitan by 10.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 15,391 shares of the company’s stock valued at $1,639,000 after acquiring an additional 1,517 shares in the last quarter. Inspire Advisors LLC purchased a new stake in shares of ServiceTitan in the fourth quarter valued at about $373,000. Finally, Segall Bryant & Hamill LLC boosted its holdings in shares of ServiceTitan by 4.7% in the fourth quarter. Segall Bryant & Hamill LLC now owns 115,198 shares of the company’s stock valued at $12,269,000 after acquiring an additional 5,135 shares in the last quarter.

Insider Activity

In other news, CEO Ara Mahdessian sold 2,288 shares of ServiceTitan stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $69.86, for a total transaction of $159,839.68. Following the completion of the sale, the chief executive officer directly owned 1 shares in the company, valued at $69.86. The trade was a 99.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Michele O’connor sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $69.14, for a total transaction of $691,400.00. Following the completion of the sale, the chief accounting officer owned 81,890 shares of the company’s stock, valued at approximately $5,661,874.60. The trade was a 10.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 43,440 shares of company stock valued at $2,972,868. 39.89% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Wells Fargo & Company reduced their price objective on shares of ServiceTitan from $125.00 to $115.00 and set an “overweight” rating for the company in a research note on Friday, March 13th. Needham & Company LLC reiterated a “buy” rating and issued a $100.00 price objective on shares of ServiceTitan in a research note on Friday, June 5th. Robert W. Baird raised their price objective on shares of ServiceTitan from $75.00 to $94.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Piper Sandler raised their price objective on shares of ServiceTitan from $100.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, June 5th. Finally, Morgan Stanley raised their price objective on shares of ServiceTitan from $118.00 to $124.00 and gave the company an “overweight” rating in a research note on Friday, June 5th. Fifteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $110.53.

ServiceTitan Price Performance

Shares of NASDAQ TTAN opened at $66.77 on Monday. The company has a market cap of $6.37 billion, a PE ratio of -46.05 and a beta of 0.12. ServiceTitan Inc. has a 12 month low of $54.17 and a 12 month high of $119.99. The company has a 50-day simple moving average of $64.04 and a 200-day simple moving average of $77.40.

ServiceTitan (NASDAQ:TTAN) last issued its quarterly earnings results on Thursday, June 4th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. The business had revenue of $268.82 million during 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 company’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.18 earnings per share. On average, 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.