New York State Common Retirement Fund Buys 48,478 Shares of ServiceTitan Inc. $TTAN

New York State Common Retirement Fund raised its position in ServiceTitan Inc. (NASDAQ:TTAN) by 88.9% during the second quarter, Holdings Channel reports. The firm owned 103,030 shares of the company’s stock after purchasing an additional 48,478 shares during the period. New York State Common Retirement Fund’s holdings in ServiceTitan were worth $11,043,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. raised its stake in 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 buying an additional 392 shares during the last quarter. PNC Financial Services Group Inc. acquired a new stake in ServiceTitan during the 2nd quarter worth about $79,000. RiverPark Advisors LLC acquired a new stake in ServiceTitan during the 2nd quarter worth about $104,000. Oppenheimer Asset Management Inc. bought a new position in shares of ServiceTitan in the 2nd quarter worth about $204,000. Finally, Connable Office Inc. acquired a new position in shares of ServiceTitan in the 2nd quarter valued at about $219,000.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Piper Sandler reaffirmed an “overweight” rating and set a $155.00 target price on shares of ServiceTitan in a research note on Friday, September 19th. Citigroup increased their price target on ServiceTitan from $111.00 to $123.00 and gave the stock a “neutral” rating in a report on Tuesday, September 9th. Wells Fargo & Company raised their price objective on shares of ServiceTitan from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, September 19th. Raymond James Financial initiated coverage on shares of ServiceTitan in a research report on Friday, August 29th. They set a “market perform” rating on the stock. Finally, KeyCorp reissued an “overweight” rating on shares of ServiceTitan in a research note on Friday, November 21st. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, ServiceTitan has a consensus rating of “Moderate Buy” and an average price target of $131.73.

ServiceTitan Price Performance

Shares of NASDAQ:TTAN opened at $95.59 on Friday. ServiceTitan Inc. has a twelve month low of $79.81 and a twelve month high of $131.33. The stock’s 50 day moving average is $94.43 and its 200-day moving average is $104.86. The company has a quick ratio of 4.49, a current ratio of 4.49 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $8.89 billion and a price-to-earnings ratio of -17.70.

ServiceTitan (NASDAQ:TTAN) last posted its quarterly earnings results on Thursday, September 4th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.40). ServiceTitan had a negative net margin of 26.08% and a negative return on equity of 16.87%. The business had revenue of $242.12 million during the quarter, compared to analyst estimates of $229.58 million. ServiceTitan’s quarterly revenue was up 25.5% on a year-over-year basis. Sell-side analysts forecast that ServiceTitan Inc. will post -1.98 EPS for the current fiscal year.

Insider Activity

In other ServiceTitan news, major shareholder Bessemer Venture Partners Viii sold 370,557 shares of ServiceTitan stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $117.79, for a total transaction of $43,647,909.03. Following the completion of the transaction, the insider owned 7,595,777 shares in the company, valued at approximately $894,706,572.83. The trade was a 4.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Vahe Kuzoyan sold 16,690 shares of ServiceTitan stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $104.81, for a total value of $1,749,278.90. The SEC filing for this sale provides additional information. Insiders sold 1,121,690 shares of company stock worth $126,740,332 over the last three months. 51.72% of the stock is currently owned by insiders.

ServiceTitan Profile

ServiceTitan, Inc engages in the collection of field service activities required to install, maintain, and service the infrastructure and systems of residences and commercial buildings. The company was founded by Ara Mahdessian and Vahe Kuzoyan on June 8, 2008 and is headquartered in Glendale, CA.