Iconiq Strategic Partners V, L Sells 94,415 Shares of ServiceTitan (NASDAQ:TTAN) Stock

ServiceTitan Inc. (NASDAQ:TTAN) major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The shares were 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 directly owned 443,221 shares of the company’s stock, valued at $28,113,508.03. This represents a 17.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Iconiq Strategic Partners V, L also recently made the following trade(s):

• On Monday, June 22nd, Iconiq Strategic Partners V, L sold 115 shares of ServiceTitan stock. The stock was sold at an average price of $63.01, for a total transaction of $7,246.15.
• On Monday, June 22nd, Iconiq Strategic Partners V, L sold 85 shares of ServiceTitan stock. The shares were sold at an average price of $63.01, for a total transaction of $5,355.85.

ServiceTitan Stock Up 1.3%

ServiceTitan stock traded up $0.84 during mid-day trading on Wednesday, reaching $65.03. The company had a trading volume of 983,724 shares, compared to its average volume of 1,395,674. The firm has a market cap of $6.20 billion, a price-to-earnings ratio of -44.85 and a beta of 0.13. The company has a 50 day moving average of $64.54 and a 200-day moving average of $76.17. ServiceTitan Inc. has a 52 week low of $54.17 and a 52 week high of $119.99.

ServiceTitan (NASDAQ:TTAN) last posted its quarterly earnings data 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. The company had revenue of $268.82 million for the quarter, compared to the consensus estimate of $257.40 million. ServiceTitan had a negative net margin of 13.44% and a negative return on equity of 5.59%. The business’s revenue was up 24.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.18 EPS. On average, analysts predict that ServiceTitan Inc. will post -0.54 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Canaccord Genuity Group decreased their price objective on ServiceTitan from $140.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, March 13th. KeyCorp reaffirmed an “overweight” rating on shares of ServiceTitan in a research report on Tuesday, May 26th. Stifel Nicolaus set a $125.00 price target on shares of ServiceTitan in a report on Wednesday, May 27th. Needham & Company LLC restated a “buy” rating and issued a $100.00 price objective on shares of ServiceTitan in a research note on Wednesday, June 17th. Finally, William Blair reaffirmed an “outperform” rating on shares of ServiceTitan in a report on Friday, March 13th. Fifteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $110.53.

Hedge Funds Weigh In On ServiceTitan

Large investors have recently bought and sold shares of the business. Toth Financial Advisory Corp boosted its stake in ServiceTitan by 150.0% during the 4th quarter. Toth Financial Advisory Corp now owns 250 shares of the company’s stock worth $27,000 after acquiring an additional 150 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of ServiceTitan by 189.1% during the fourth quarter. Farther Finance Advisors LLC now owns 266 shares of the company’s stock worth $28,000 after acquiring an additional 174 shares in the last quarter. eCIO Inc. bought a new stake in shares of ServiceTitan during the fourth quarter worth $30,000. Elevation Wealth Partners LLC acquired a new stake in shares of ServiceTitan during the fourth quarter worth $36,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position in ServiceTitan by 1,005.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company’s stock valued at $46,000 after acquiring an additional 392 shares in the last quarter.

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.