Hound Partners LLC has recently acquired a substantial stake in ServiceTitan Inc. (NASDAQ: TTAN), purchasing 20,000 shares valued at approximately $2,144,000. This investment was detailed in a filing with the Securities and Exchange Commission and represents about 0.3% of Hound Partners LLC’s total holdings, ranking it as the firm’s 26th largest investment.
Several other institutional investors have also adjusted their positions in ServiceTitan during the second quarter. Notably, Northwestern Mutual Wealth Management Co. increased its holdings by an impressive 1,005.1%, bringing its total to 431 shares worth approximately $46,000. The firm acquired an additional 392 shares during this period. Additionally, PNC Financial Services Group Inc. established a new position valued at around $79,000, while EverSource Wealth Advisors LLC and RiverPark Advisors LLC made new investments worth approximately $94,000 and $104,000, respectively. Oppenheimer Asset Management Inc. also joined the fray, acquiring a new stake valued at about $204,000.
Analysts Raise Price Targets for ServiceTitan
Market analysts are optimistic about ServiceTitan’s future performance. BMO Capital Markets has increased its target price from $115.00 to $125.00 and rated the company as “outperform.” Similarly, TD Cowen raised its price objective to $160.00, maintaining a “buy” rating. Other firms, including Truist Financial and Wells Fargo & Company, have also adjusted their price targets to $130.00 and $140.00, respectively. Stifel Nicolaus has set its target at $145.00, indicating a strong sentiment towards the stock’s potential.
According to data from MarketBeat.com, one analyst has assigned a “Strong Buy” rating, fifteen analysts have given a “Buy” rating, four have assigned a “Hold” rating, and one analyst has issued a “Sell” rating. The consensus rating stands at “Moderate Buy” with an average price target of $134.53.
Insider Trading Activity
Insider trading activity at ServiceTitan has also been notable. Chief Financial Officer David Sherry sold 833 shares on November 17, fetching an average price of $86.20, resulting in a total transaction value of $71,804.60. Following this sale, Sherry retains 345,952 shares valued at approximately $29,821,062.40. This transaction represents a 0.24% decrease in his ownership stake.
Additionally, President Vahe Kuzoyan sold 16,388 shares on November 11, realizing $1,508,187.64 from the sale. In total, insiders have sold 510,569 shares valued at $53,024,237 over the last ninety days, with corporate insiders owning 51.72% of the company’s stock.
ServiceTitan’s Market Performance
As of the last trading session, ServiceTitan’s shares opened at $104.07. The company has experienced a 1-year low of $79.81 and a 1-year high of $131.33. The stock’s 50-day moving average price is $94.91, while the 200-day moving average stands at $104.11. ServiceTitan currently boasts a market capitalization of $9.67 billion with a negative PE ratio of -25.51.
In its most recent earnings report released on December 4, the company reported earnings of $0.24 per share, exceeding analysts’ expectations of $0.15 by $0.09. The firm generated revenue of $249.16 million for the quarter, surpassing the projected $238.26 million. This marks a remarkable 25.0% increase in revenue compared to the same quarter last year. Looking ahead, analysts forecast that ServiceTitan Inc. will achieve an EPS of -1.98 for the current financial year.
Founded on June 8, 2008, by Ara Mahdessian and Vahe Kuzoyan, ServiceTitan operates from its headquarters in Glendale, California. The company specializes in field service management software, providing essential solutions for installing, maintaining, and servicing residential and commercial infrastructure systems.
