Pathway Capital Management LP Buys New Shares in ServiceTitan Inc. $TTAN

Pathway Capital Management LP bought a new stake in ServiceTitan Inc. (NASDAQ:TTAN) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 19,959 shares of the company’s stock, valued at approximately $2,126,000. ServiceTitan makes up 27.3% of Pathway Capital Management LP’s holdings, making the stock its 2nd biggest position.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TTAN. Vanguard Group Inc. increased its stake in shares of ServiceTitan by 538.4% during the third quarter. Vanguard Group Inc. now owns 4,429,930 shares of the company’s stock worth $446,670,000 after purchasing an additional 3,735,968 shares during the period. Truist Financial Corp boosted its position in shares of ServiceTitan by 84.3% in the third quarter. Truist Financial Corp now owns 42,789 shares of the company’s stock valued at $4,314,000 after acquiring an additional 19,577 shares during the period. Thornburg Investment Management Inc. bought a new stake in ServiceTitan during the third quarter worth about $8,338,000. Sandhill Capital Partners LLC bought a new stake in ServiceTitan during the third quarter worth about $27,062,000. Finally, Rakuten Investment Management Inc. bought a new stake in ServiceTitan during the third quarter worth about $5,376,000.

Insiders Place Their Bets

In related news, CEO Ara Mahdessian sold 2,288 shares of ServiceTitan stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $69.86, for a total value of $159,839.68. Following the completion of the sale, the chief executive officer owned 1 shares of the company’s stock, valued at approximately $69.86. This trade represents a 99.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Michele O’connor sold 5,000 shares of ServiceTitan stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $58.93, for a total value of $294,650.00. Following the completion of the sale, the chief accounting officer directly owned 79,416 shares of the company’s stock, valued at approximately $4,679,984.88. This trade represents a 5.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 33,440 shares of company stock valued at $2,281,468. 39.89% of the stock is owned by company insiders.

ServiceTitan Trading Down 4.6%

NASDAQ TTAN opened at $57.50 on Wednesday. ServiceTitan Inc. has a 12 month low of $55.23 and a 12 month high of $131.33. The firm has a market capitalization of $5.38 billion, a P/E ratio of -33.43 and a beta of -0.23. The business has a fifty day simple moving average of $65.73 and a 200 day simple moving average of $81.53.

ServiceTitan (NASDAQ:TTAN) last announced its earnings results on Thursday, March 12th. The company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.09. ServiceTitan had a negative return on equity of 6.86% and a negative net margin of 16.64%.The firm had revenue of $253.99 million during the quarter, compared to analyst estimates of $245.47 million. During the same period last year, the firm posted $0.12 EPS. The business’s revenue was up 21.4% compared to the same quarter last year. As a group, sell-side analysts predict that ServiceTitan Inc. will post -0.62 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. BTIG Research lowered their target price on ServiceTitan from $130.00 to $105.00 and set a “buy” rating for the company in a research note on Thursday, March 12th. KeyCorp lowered their price objective on ServiceTitan from $140.00 to $120.00 and set an “overweight” rating for the company in a research note on Friday, March 13th. Wells Fargo & Company reduced their target price on ServiceTitan from $125.00 to $115.00 and set an “overweight” rating on the stock in a report on Friday, March 13th. Morgan Stanley reduced their target price on ServiceTitan from $131.00 to $118.00 and set an “overweight” rating on the stock in a report on Friday, March 13th. Finally, Truist Financial cut their price target on ServiceTitan from $130.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, March 13th. Sixteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, ServiceTitan has a consensus rating of “Moderate Buy” and a consensus price target of $112.31.

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.