Shah Wealth Advisors LLC Invests $1.19 Million in ServiceTitan Inc. $TTAN

Shah Wealth Advisors LLC purchased a new position in shares of ServiceTitan Inc. (NASDAQ:TTAN) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 16,776 shares of the company’s stock, valued at approximately $1,186,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Franklin Resources Inc. increased its stake in ServiceTitan by 33.8% in the 4th quarter. Franklin Resources Inc. now owns 2,014,025 shares of the company’s stock valued at $214,494,000 after buying an additional 508,848 shares during the period. Artisan Partners Limited Partnership boosted its stake in shares of ServiceTitan by 47.3% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,617,353 shares of the company’s stock valued at $172,248,000 after buying an additional 519,024 shares during the period. Greenoaks Capital Partners LLC grew its holdings in shares of ServiceTitan by 20.6% during the 4th quarter. Greenoaks Capital Partners LLC now owns 1,552,257 shares of the company’s stock valued at $165,315,000 after acquiring an additional 264,926 shares in the last quarter. Capital International Investors grew its holdings in shares of ServiceTitan by 23.9% during the 4th quarter. Capital International Investors now owns 1,224,699 shares of the company’s stock valued at $130,430,000 after acquiring an additional 236,287 shares in the last quarter. Finally, Bamco Inc. NY increased its stake in shares of ServiceTitan by 14.0% in the fourth quarter. Bamco Inc. NY now owns 1,096,931 shares of the company’s stock worth $116,823,000 after acquiring an additional 134,313 shares during the last quarter.

ServiceTitan Trading Down 5.6%

Shares of NASDAQ:TTAN opened at $87.92 on Friday. The stock has a market capitalization of $8.39 billion, a PE ratio of -60.63 and a beta of 0.11. ServiceTitan Inc. has a 1 year low of $54.17 and a 1 year high of $119.99. The firm has a fifty day moving average price of $84.09 and a 200 day moving average price of $72.31.

ServiceTitan (NASDAQ:TTAN) last posted its 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. ServiceTitan had a negative return on equity of 5.59% and a negative net margin of 13.44%.The company had revenue of $268.82 million for the quarter, compared to analyst estimates of $257.40 million. During the same period last year, the company earned $0.18 earnings per share. The business’s 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.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TTAN. Truist Financial reiterated a “buy” rating and set a $110.00 price objective (up from $100.00) on shares of ServiceTitan in a report on Friday, June 5th. Weiss Ratings upgraded ServiceTitan from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, August 26th. TD Cowen upped their target price on ServiceTitan from $110.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Piper Sandler raised their price target on ServiceTitan from $100.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, June 5th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $100.00 price target on shares of ServiceTitan in a report on Wednesday, June 17th. Fourteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $108.93.

Insider Activity at ServiceTitan

In other news, CAO Michele O’connor sold 4,910 shares of the stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $80.93, for a total transaction of $397,366.30. Following the transaction, the chief accounting officer owned 71,676 shares of the company’s stock, valued at approximately $5,800,738.68. This represents a 6.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ara Mahdessian sold 38,287 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $84.89, for a total value of $3,250,183.43. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 524,837 shares of company stock worth $39,894,622 in the last 90 days. Insiders own 39.89% of the company’s stock.

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.