ServiceTitan Inc.’s Lock-Up Period Will Expire on June 10th (NASDAQ:TTAN)

ServiceTitan’s (NASDAQ:TTAN) lock-up period will expire on Tuesday, June 10th. ServiceTitan had issued 8,800,000 shares in its public offering on December 12th. The total size of the offering was $624,800,000 based on an initial share price of $71.00. Shares of the company owned by company insiders and major shareholders will be eligible for trade following the end of the lock-up period.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on TTAN shares. TD Cowen started coverage on shares of ServiceTitan in a report on Tuesday, April 8th. They set a “buy” rating and a $120.00 price target for the company. Piper Sandler restated an “overweight” rating and set a $125.00 target price on shares of ServiceTitan in a research report on Friday, March 14th. Canaccord Genuity Group raised their target price on shares of ServiceTitan from $120.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, April 17th. Cowen reiterated a “buy” rating on shares of ServiceTitan in a report on Wednesday, May 21st. Finally, Needham & Company LLC lifted their target price on shares of ServiceTitan from $125.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, April 29th. Four research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $120.86.

ServiceTitan Price Performance

ServiceTitan stock opened at $111.93 on Tuesday. ServiceTitan has a 52-week low of $79.81 and a 52-week high of $131.33. The stock’s 50 day moving average price is $112.52.

Insider Buying and Selling

In other news, CFO David Sherry sold 10,175 shares of ServiceTitan stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $94.65, for a total value of $963,063.75. Following the completion of the transaction, the chief financial officer now owns 325,409 shares in the company, valued at approximately $30,799,961.85. The trade was a 3.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Michele O’connor sold 5,494 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $94.65, for a total value of $520,007.10. Following the transaction, the chief accounting officer now directly owns 89,302 shares in the company, valued at $8,452,434.30. This represents a 5.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. 51.72% of the stock is owned by insiders.

Institutional Investors Weigh In On ServiceTitan

A number of institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. purchased a new position in shares of ServiceTitan during the 4th quarter worth approximately $25,365,000. New York State Common Retirement Fund purchased a new stake in shares of ServiceTitan during the fourth quarter worth about $3,692,000. TimesSquare Capital Management LLC purchased a new stake in shares of ServiceTitan during the fourth quarter worth about $87,896,000. SBI Securities Co. Ltd. acquired a new position in ServiceTitan in the fourth quarter worth about $26,000. Finally, Victory Capital Management Inc. acquired a new position in ServiceTitan in the fourth quarter valued at approximately $10,450,000.

About ServiceTitan

ServiceTitan, Inc engages in the collection of field service activities required to install, maintain, and service the infrastructure and systems of residences and commercial buildings. The company was founded by Ara Mahdessian and Vahe Kuzoyan on June 8, 2008 and is headquartered in Glendale, CA.