Swiss National Bank Buys 64,800 Shares of ServiceTitan Inc. $TTAN

Swiss National Bank boosted its stake in shares of ServiceTitan Inc. (NASDAQ:TTAN) by 136.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 112,200 shares of the company’s stock after buying an additional 64,800 shares during the quarter. Swiss National Bank owned approximately 0.12% of ServiceTitan worth $7,120,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in TTAN. Vanguard Group Inc. grew its stake in shares of ServiceTitan by 9.9% during the fourth quarter. Vanguard Group Inc. now owns 4,869,009 shares of the company’s stock worth $518,549,000 after acquiring an additional 439,079 shares during the last quarter. Renaissance Capital LLC raised its position in shares of ServiceTitan by 222.8% in the 4th quarter. Renaissance Capital LLC now owns 41,223 shares of the company’s stock valued at $4,390,000 after purchasing an additional 28,454 shares during the last quarter. Zevenbergen Capital Investments LLC purchased a new position in shares of ServiceTitan in the 4th quarter valued at approximately $4,281,000. Comerica Bank boosted its stake in ServiceTitan by 372.3% in the 4th quarter. Comerica Bank now owns 26,513 shares of the company’s stock worth $2,824,000 after purchasing an additional 20,899 shares in the last quarter. Finally, Robeco Schweiz AG boosted its stake in ServiceTitan by 35.3% in the 4th quarter. Robeco Schweiz AG now owns 83,200 shares of the company’s stock worth $8,861,000 after purchasing an additional 21,700 shares in the last quarter.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on TTAN shares. Robert W. Baird upped their price target 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. TD Cowen lifted their price objective on shares of ServiceTitan from $110.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. BTIG Research reiterated a “buy” rating and set a $110.00 price objective on shares of ServiceTitan in a research note on Friday, July 10th. UBS Group reissued a “buy” rating on shares of ServiceTitan in a report on Wednesday, July 22nd. Finally, Truist Financial reissued a “buy” rating and issued a $110.00 target price (up from $100.00) on shares of ServiceTitan in a research report on Friday, June 5th. Fifteen 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. According to data from MarketBeat, ServiceTitan has an average rating of “Moderate Buy” and an average target price of $110.53.

Insiders Place Their Bets

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

ServiceTitan Stock Up 4.6%

Shares of NASDAQ TTAN opened at $78.39 on Wednesday. ServiceTitan Inc. has a 52 week low of $54.17 and a 52 week high of $119.99. The business’s 50 day moving average price is $71.24 and its 200 day moving average price is $70.68. The firm has a market cap of $7.48 billion, a P/E ratio of -54.06 and a beta of 0.13.

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