Assetmark Inc. Boosts Stock Position in ServiceTitan Inc. (NASDAQ:TTAN)

Assetmark Inc. increased its position in ServiceTitan Inc. (NASDAQ:TTAN) by 47.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 960 shares of the company’s stock after acquiring an additional 308 shares during the quarter. Assetmark Inc.’s holdings in ServiceTitan were worth $91,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Deer Management Co. LLC bought a new stake in ServiceTitan during the 4th quarter valued at approximately $925,943,000. TPG GP A LLC bought a new position in ServiceTitan in the 4th quarter worth approximately $525,405,000. Price T Rowe Associates Inc. MD purchased a new stake in ServiceTitan during the 4th quarter valued at approximately $233,937,000. Dragoneer Investment Group LLC bought a new stake in shares of ServiceTitan during the fourth quarter valued at approximately $210,777,000. Finally, TimesSquare Capital Management LLC lifted its holdings in shares of ServiceTitan by 22.3% in the first quarter. TimesSquare Capital Management LLC now owns 1,044,914 shares of the company’s stock worth $99,382,000 after buying an additional 190,476 shares in the last quarter.

Analyst Ratings Changes

Several research firms recently weighed in on TTAN. TD Securities raised their target price on shares of ServiceTitan from $120.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, May 21st. Morgan Stanley raised their price objective on ServiceTitan from $107.00 to $109.00 and gave the company an “equal weight” rating in a research report on Friday, June 6th. Canaccord Genuity Group boosted their target price on ServiceTitan from $120.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, April 17th. Needham & Company LLC restated a “buy” rating and set a $140.00 price target on shares of ServiceTitan in a report on Friday, June 6th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $150.00 price objective (up from $125.00) on shares of ServiceTitan in a report on Tuesday, July 22nd. Four equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, ServiceTitan presently has a consensus rating of “Moderate Buy” and an average target price of $124.00.

ServiceTitan Stock Up 0.5%

TTAN stock opened at $114.36 on Tuesday. ServiceTitan Inc. has a 12 month low of $79.81 and a 12 month high of $131.33. The company has a 50-day moving average price of $110.48 and a 200 day moving average price of $106.31. The company has a quick ratio of 4.82, a current ratio of 4.82 and a debt-to-equity ratio of 0.07.

ServiceTitan (NASDAQ:TTAN) last posted its quarterly earnings data on Thursday, June 5th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.06. The business had revenue of $215.69 million for the quarter, compared to analysts’ expectations of $208.61 million. The business’s quarterly revenue was up 26.6% on a year-over-year basis. On average, equities analysts expect that ServiceTitan Inc. will post -1.98 EPS for the current fiscal year.

Insider Activity at ServiceTitan

In other ServiceTitan news, CFO David Sherry sold 1,499 shares of the company’s stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $116.89, for a total value of $175,218.11. Following the transaction, the chief financial officer directly owned 365,670 shares in the company, valued at $42,743,166.30. This represents a 0.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Iconiq Strategic Partners V, L sold 38,835 shares of ServiceTitan stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $109.99, for a total transaction of $4,271,461.65. Following the sale, the insider directly owned 483,635 shares of the company’s stock, valued at $53,195,013.65. This represents a 7.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,412,338 shares of company stock worth $150,374,391 over the last ninety days. 51.72% of the stock is currently owned by company insiders.

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.