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

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

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of 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 in the last quarter. Renaissance Capital LLC grew its holdings in shares of ServiceTitan by 222.8% during the fourth quarter. Renaissance Capital LLC now owns 41,223 shares of the company’s stock valued at $4,390,000 after buying an additional 28,454 shares during the last quarter. Comerica Bank increased its position in shares of ServiceTitan by 372.3% during the fourth quarter. Comerica Bank now owns 26,513 shares of the company’s stock valued at $2,824,000 after acquiring an additional 20,899 shares in the last quarter. Robeco Schweiz AG increased its position in shares of ServiceTitan by 35.3% during the fourth quarter. Robeco Schweiz AG now owns 83,200 shares of the company’s stock valued at $8,861,000 after acquiring an additional 21,700 shares in the last quarter. Finally, Natixis Advisors LLC purchased a new position in ServiceTitan in the 4th quarter worth approximately $39,174,000.

Wall Street Analyst Weigh In

Several research firms recently issued reports on TTAN. Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 price objective on shares of ServiceTitan in a research report on Wednesday, June 17th. Truist Financial restated a “buy” rating and issued a $110.00 price target (up from $100.00) on shares of ServiceTitan in a research note on Friday, June 5th. KeyCorp restated an “overweight” rating on shares of ServiceTitan in a research note on Tuesday, May 26th. UBS Group reaffirmed a “buy” rating on shares of ServiceTitan in a report on Wednesday, July 22nd. Finally, Piper Sandler increased their price objective on ServiceTitan from $100.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, June 5th. Fifteen research 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $110.53.

Insiders Place Their Bets

In other ServiceTitan news, CAO Michele O’connor sold 10,000 shares of the business’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $69.14, for a total transaction of $691,400.00. Following the completion of the sale, the chief accounting officer directly owned 81,890 shares in the company, valued at $5,661,874.60. The trade was a 10.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William J.G. Griffith sold 94,415 shares of the stock in a transaction that occurred 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 completion of the transaction, the director owned 443,221 shares in the company, valued at $28,113,508.03. This trade represents a 17.56% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 384,717 shares of company stock valued at $27,426,649. 39.89% of the stock is currently owned by company insiders.

ServiceTitan Trading Up 0.3%

NASDAQ:TTAN opened at $85.83 on Friday. The company has a market cap of $8.19 billion, a PE ratio of -59.19 and a beta of 0.02. The company has a 50 day simple moving average of $74.44 and a two-hundred day simple moving average of $70.02. 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 data on Thursday, June 4th. The company reported $0.37 EPS for the quarter, topping 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%.ServiceTitan’s revenue was up 24.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 earnings per share. Research analysts forecast 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.