Norges Bank Makes New $112.68 Million Investment in ServiceTitan Inc. $TTAN

Norges Bank bought a new position in ServiceTitan Inc. (NASDAQ:TTAN) in the fourth quarter, Holdings Channel reports. The firm bought 1,058,008 shares of the company’s stock, valued at approximately $112,678,000.

A number of other large investors have also bought and sold shares of the company. Vanguard Group Inc. increased its position in ServiceTitan by 9.9% in the fourth quarter. Vanguard Group Inc. now owns 4,869,009 shares of the company’s stock worth $518,549,000 after buying an additional 439,079 shares during the last quarter. JPMorgan Chase & Co. increased its position in ServiceTitan by 118.4% in the third quarter. JPMorgan Chase & Co. now owns 2,893,959 shares of the company’s stock worth $291,798,000 after buying an additional 1,569,136 shares during the last quarter. Artisan Partners Limited Partnership increased its position in ServiceTitan by 116.6% in the third quarter. Artisan Partners Limited Partnership now owns 1,098,329 shares of the company’s stock worth $110,745,000 after buying an additional 591,213 shares during the last quarter. Capital International Investors increased its position in ServiceTitan by 0.7% in the third quarter. Capital International Investors now owns 988,412 shares of the company’s stock worth $99,662,000 after buying an additional 7,237 shares during the last quarter. Finally, Bamco Inc. NY increased its position in ServiceTitan by 2.9% in the third quarter. Bamco Inc. NY now owns 962,618 shares of the company’s stock worth $97,061,000 after buying an additional 27,230 shares during the last quarter.

Trending Headlines about ServiceTitan

Here are the key news stories impacting ServiceTitan this week:

• Positive Sentiment: ServiceTitan reported Q1 earnings of $0.37 per share, topping the $0.28 consensus estimate, while revenue of $268.8 million also exceeded expectations. Article Title
• Positive Sentiment: The company’s first-quarter revenue grew 24.6% year over year, and gross profit increased 30.6%, suggesting solid demand and improving scale. Article Title
• Positive Sentiment: ServiceTitan also guided second-quarter revenue to $284 million-$286 million, above the consensus estimate, and reiterated a full-year revenue outlook that is in line with expectations. Article Title
• Neutral Sentiment: Analysts and recent price targets remain constructive overall, with several firms maintaining buy or overweight ratings and a median target above the current trading range. Article Title
• Negative Sentiment: Despite the beat, ServiceTitan still posted a negative net margin and loss-making operations, which may limit enthusiasm for the stock until profitability improves. Article Title
• Negative Sentiment: Some reporting noted a negative after-hours reaction and significant insider selling over the past six months, which could weigh on sentiment even after the strong earnings release. Article Title

Wall Street Analyst Weigh In

TTAN has been the subject of a number of recent research reports. TD Cowen decreased their target price on ServiceTitan from $135.00 to $110.00 and set a “buy” rating for the company in a research report on Tuesday, May 26th. KeyCorp reissued an “overweight” rating on shares of ServiceTitan in a research report on Tuesday, May 26th. Canaccord Genuity Group decreased their target price on ServiceTitan from $140.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, March 13th. William Blair reiterated an “outperform” rating on shares of ServiceTitan in a research report on Friday, March 13th. Finally, Piper Sandler reiterated an “overweight” rating on shares of ServiceTitan in a research report on Thursday, May 28th. Fifteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $107.80.

ServiceTitan Stock Performance

Shares of NASDAQ TTAN opened at $74.33 on Friday. The stock has a market cap of $7.08 billion, a PE ratio of -43.21 and a beta of 0.13. ServiceTitan Inc. has a fifty-two week low of $54.17 and a fifty-two week high of $119.99. The stock has a fifty day moving average of $62.95 and a 200-day moving average of $78.04.

ServiceTitan (NASDAQ:TTAN) last announced its quarterly earnings results on Thursday, June 4th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.09. The company had revenue of $268.82 million during the quarter, compared to analysts’ expectations of $256.65 billion. ServiceTitan had a negative return on equity of 6.86% and a negative net margin of 16.64%.The firm’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.18 earnings per share. On average, sell-side analysts predict that ServiceTitan Inc. will post -0.62 EPS for the current year.

Insider Buying and Selling

In other news, CFO David Sherry sold 17,778 shares of ServiceTitan stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $69.86, for a total value of $1,241,971.08. Following the completion of the transaction, the chief financial officer directly owned 313,025 shares in the company, valued at approximately $21,867,926.50. The trade was a 5.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Michele O’connor sold 5,154 shares of the company’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $69.86, for a total value of $360,058.44. Following the completion of the transaction, the chief accounting officer owned 84,416 shares in the company, valued at $5,897,301.76. This represents a 5.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 33,440 shares of company stock valued at $2,281,468 in the last ninety days. 39.89% of the stock is owned by company insiders.

ServiceTitan 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.