Allspring Global Investments Holdings LLC Acquires 55,256 Shares of ServiceTitan Inc. $TTAN

Allspring Global Investments Holdings LLC lifted its stake in ServiceTitan Inc. (NASDAQ:TTAN) by 20.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 321,815 shares of the company’s stock after purchasing an additional 55,256 shares during the period. Allspring Global Investments Holdings LLC owned 0.34% of ServiceTitan worth $32,693,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in ServiceTitan by 538.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,429,930 shares of the company’s stock worth $446,670,000 after acquiring an additional 3,735,968 shares during the period. JPMorgan Chase & Co. raised its position in shares of ServiceTitan by 118.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,893,959 shares of the company’s stock valued at $291,798,000 after purchasing an additional 1,569,136 shares during the period. Invesco Ltd. lifted its stake in shares of ServiceTitan by 1,388.2% during the 2nd quarter. Invesco Ltd. now owns 1,477,369 shares of the company’s stock valued at $158,344,000 after buying an additional 1,378,100 shares in the last quarter. CIBC Bancorp USA Inc. bought a new position in ServiceTitan in the 3rd quarter worth $84,983,000. Finally, First Trust Advisors LP boosted its holdings in ServiceTitan by 2,401.9% in the 3rd quarter. First Trust Advisors LP now owns 670,883 shares of the company’s stock worth $67,645,000 after buying an additional 644,068 shares during the period.

Wall Street Analyst Weigh In

TTAN has been the subject of several research analyst reports. Stifel Nicolaus cut their target price on ServiceTitan from $145.00 to $125.00 and set a “buy” rating for the company in a research report on Friday, March 13th. Morgan Stanley lowered their price target on ServiceTitan from $131.00 to $118.00 and set an “overweight” rating on the stock in a report on Friday, March 13th. Piper Sandler restated an “overweight” rating and issued a $120.00 price target on shares of ServiceTitan in a research note on Friday, March 13th. TD Cowen raised their target price on shares of ServiceTitan from $130.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, March 13th. Finally, Needham & Company LLC reduced their price target on shares of ServiceTitan from $140.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, March 13th. Sixteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $113.56.

ServiceTitan Stock Performance

Shares of ServiceTitan stock opened at $62.93 on Friday. The stock has a market cap of $5.89 billion, a price-to-earnings ratio of -36.59 and a beta of -0.14. The stock has a 50 day moving average price of $70.39 and a 200-day moving average price of $89.28. ServiceTitan Inc. has a one year low of $58.01 and a one year high of $131.33.

ServiceTitan (NASDAQ:TTAN) last released its quarterly earnings results on Thursday, March 12th. The company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.09. ServiceTitan had a negative return on equity of 6.86% and a negative net margin of 16.64%.The company had revenue of $253.99 million for the quarter, compared to analyst estimates of $245.47 million. During the same quarter in the prior year, the firm posted $0.12 EPS. ServiceTitan’s quarterly revenue was up 21.4% compared to the same quarter last year. Sell-side analysts predict that ServiceTitan Inc. will post -1.98 earnings per share for the current fiscal year.

Insider Activity at ServiceTitan

In other ServiceTitan news, CAO Michele O’connor sold 5,154 shares of the company’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $69.86, for a total value of $360,058.44. Following the transaction, the chief accounting officer directly owned 84,416 shares in the company, valued at $5,897,301.76. This represents a 5.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ara Mahdessian sold 2,288 shares of the firm’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $69.86, for a total transaction of $159,839.68. Following the transaction, the chief executive officer directly owned 1 shares in the company, valued at approximately $69.86. This trade represents a 99.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 77,806 shares of company stock valued at $6,876,630 over the last ninety days. Company insiders own 51.72% of the company’s stock.

ServiceTitan 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.