California State Teachers Retirement System Grows Stock Holdings in ServiceTitan Inc. $TTAN

California State Teachers Retirement System lifted its position in ServiceTitan Inc. (NASDAQ:TTAN) by 196.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,324 shares of the company’s stock after purchasing an additional 41,983 shares during the quarter. California State Teachers Retirement System owned 0.07% of ServiceTitan worth $4,019,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Woodline Partners LP boosted its position in ServiceTitan by 4.6% during the 1st quarter. Woodline Partners LP now owns 2,141 shares of the company’s stock valued at $204,000 after buying an additional 95 shares during the period. Farther Finance Advisors LLC increased its position 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 acquiring an additional 174 shares during the period. PNC Financial Services Group Inc. increased its position in shares of ServiceTitan by 21.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,042 shares of the company’s stock valued at $111,000 after acquiring an additional 184 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of ServiceTitan by 30.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 906 shares of the company’s stock valued at $96,000 after acquiring an additional 209 shares during the last quarter. Finally, PFG Advisors raised its stake in shares of ServiceTitan by 8.8% during the fourth quarter. PFG Advisors now owns 3,118 shares of the company’s stock valued at $332,000 after acquiring an additional 251 shares during the last quarter.

ServiceTitan Trading Up 0.3%

Shares of TTAN stock opened at $85.83 on Friday. The company’s fifty day moving average price is $74.44 and its 200-day moving average price is $70.02. The stock has a market cap of $8.19 billion, a PE ratio of -59.19 and a beta of 0.02. ServiceTitan Inc. has a 12 month low of $54.17 and a 12 month high of $119.99.

ServiceTitan (NASDAQ:TTAN) last issued its quarterly earnings results on Thursday, June 4th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business earned $0.18 EPS. ServiceTitan’s quarterly revenue was up 24.6% compared to the same quarter last year. On average, sell-side analysts forecast that ServiceTitan Inc. will post -0.54 earnings per share for the current fiscal year.

Insider Buying and Selling at ServiceTitan

In other news, CEO Ara Mahdessian sold 51,947 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $80.98, for a total value of $4,206,668.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $63.43, for a total value of $5,988,743.45. Following the completion of the sale, the insider owned 443,221 shares in the company, valued at $28,113,508.03. The trade was a 17.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 384,717 shares of company stock valued at $27,426,649. 39.89% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms recently issued reports on TTAN. KeyCorp reissued an “overweight” rating on shares of ServiceTitan in a research note on Tuesday, May 26th. Truist Financial reaffirmed a “buy” rating and set a $110.00 price target (up from $100.00) on shares of ServiceTitan in a research report on Friday, June 5th. Piper Sandler increased their price objective on ServiceTitan from $100.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, June 5th. BMO Capital Markets boosted their target price on ServiceTitan from $92.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday, June 5th. Finally, Morgan Stanley upped their target price on ServiceTitan from $118.00 to $124.00 and gave the company an “overweight” rating in a report on Friday, June 5th. Fifteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $110.53.

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.