Stockbridge Partners LLC Acquires Shares of 188,565 ServiceTitan Inc. $TTAN

Stockbridge Partners LLC acquired a new position in shares of ServiceTitan Inc. (NASDAQ:TTAN) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 188,565 shares of the company’s stock, valued at approximately $13,333,000. ServiceTitan comprises approximately 0.3% of Stockbridge Partners LLC’s investment portfolio, making the stock its 17th biggest position.

Several other hedge funds and other institutional investors also recently modified their holdings of TTAN. Woodline Partners LP increased its position in shares of ServiceTitan by 4.6% in the 1st quarter. Woodline Partners LP now owns 2,141 shares of the company’s stock worth $204,000 after purchasing an additional 95 shares during the last quarter. Cetera Investment Advisers acquired a new position in ServiceTitan in the second quarter worth about $345,000. Russell Investments Group Ltd. acquired a new position in ServiceTitan in the second quarter worth about $500,000. Northwestern Mutual Wealth Management Co. grew its stake in ServiceTitan by 1,005.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company’s stock worth $46,000 after purchasing an additional 392 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in ServiceTitan in the second quarter valued at about $393,000.

Analysts Set New Price Targets

Several analysts have issued reports on TTAN shares. Needham & Company LLC restated a “buy” rating and set a $100.00 price objective on shares of ServiceTitan in a research note on Wednesday, June 17th. Citigroup reiterated a “neutral” rating on shares of ServiceTitan in a report on Monday, June 8th. Morgan Stanley upped their price target on ServiceTitan from $118.00 to $124.00 and gave the company an “overweight” rating in a research report on Friday, June 5th. Piper Sandler raised their price objective on ServiceTitan from $100.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, June 5th. Finally, UBS Group reaffirmed a “buy” rating on shares of ServiceTitan in a report on Wednesday, July 22nd. Fourteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, ServiceTitan has an average rating of “Moderate Buy” and an average price target of $108.93.

Insider Buying and Selling at ServiceTitan

In related news, CFO David Sherry sold 20,192 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $66.19, for a total transaction of $1,336,508.48. Following the completion of the transaction, the chief financial officer directly owned 398,033 shares in the company, valued at $26,345,804.27. This represents a 4.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Vahe Kuzoyan sold 114,732 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $88.84, for a total value of $10,192,790.88. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 524,837 shares of company stock worth $39,894,622. 39.89% of the stock is owned by company insiders.

ServiceTitan Stock Up 0.8%

TTAN opened at $95.64 on Tuesday. The company’s 50-day moving average price is $78.70 and its 200 day moving average price is $70.36. ServiceTitan Inc. has a fifty-two week low of $54.17 and a fifty-two week high of $119.99. The firm has a market cap of $9.12 billion, a price-to-earnings ratio of -65.96 and a beta of 0.02.

ServiceTitan (NASDAQ:TTAN) last posted its earnings results on Thursday, June 4th. The company reported $0.37 EPS 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 analyst estimates of $257.40 million. ServiceTitan had a negative return on equity of 5.59% and a negative net margin of 13.44%.The business’s revenue was up 24.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.18 earnings per share. Research analysts anticipate that ServiceTitan Inc. will post -0.54 earnings per share for the current year.

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.