Insider Selling: ServiceTitan (NASDAQ:TTAN) Major Shareholder Sells $5,988,743.45 in Stock

ServiceTitan Inc. (NASDAQ:TTAN) major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the business’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $63.43, for a total transaction of $5,988,743.45. Following the completion of the transaction, the insider owned 443,221 shares in the company, valued at approximately $28,113,508.03. The trade was a 17.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Iconiq Strategic Partners V, L also recently made the following trade(s):

• On Monday, June 22nd, Iconiq Strategic Partners V, L sold 115 shares of ServiceTitan stock. The shares were sold at an average price of $63.01, for a total transaction of $7,246.15.
• On Monday, June 22nd, Iconiq Strategic Partners V, L sold 85 shares of ServiceTitan stock. The stock was sold at an average price of $63.01, for a total value of $5,355.85.

ServiceTitan Trading Up 9.1%

TTAN stock opened at $69.20 on Friday. The stock has a 50-day moving average price of $64.96 and a 200-day moving average price of $75.61. ServiceTitan Inc. has a 1-year low of $54.17 and a 1-year high of $119.99. The firm has a market cap of $6.60 billion, a PE ratio of -47.72 and a beta of 0.13.

ServiceTitan (NASDAQ:TTAN) last announced its earnings results on Thursday, June 4th. The company reported $0.37 EPS for the quarter, beating 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%.The firm’s revenue for the quarter was up 24.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.18 EPS. On average, analysts forecast that ServiceTitan Inc. will post -0.54 earnings per share for the current year.

Analysts Set New Price Targets

TTAN has been the topic of a number of research reports. Wells Fargo & Company dropped their target price 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. William Blair restated an “outperform” rating on shares of ServiceTitan in a report on Friday, March 13th. TD Cowen lifted their price target on shares of ServiceTitan from $110.00 to $125.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Needham & Company LLC reiterated a “buy” rating and set a $100.00 price objective on shares of ServiceTitan in a report on Wednesday, June 17th. Finally, Truist Financial reissued a “buy” rating and set a $110.00 price objective (up from $100.00) on shares of ServiceTitan in a research report on Friday, June 5th. Fifteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $110.53.

Institutional Trading of ServiceTitan

Several hedge funds have recently bought and sold shares of TTAN. Toth Financial Advisory Corp increased its stake in ServiceTitan by 150.0% during the 4th quarter. Toth Financial Advisory Corp now owns 250 shares of the company’s stock valued at $27,000 after purchasing an additional 150 shares in the last quarter. Farther Finance Advisors LLC lifted its stake 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 buying an additional 174 shares in the last quarter. eCIO Inc. acquired a new position in shares of ServiceTitan during the fourth quarter valued at about $30,000. Elevation Wealth Partners LLC acquired a new position in shares of ServiceTitan during the fourth quarter valued at about $36,000. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of ServiceTitan by 1,005.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company’s stock worth $46,000 after acquiring an additional 392 shares in the last quarter.

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.