Allspring Global Investments Holdings LLC Cuts Position in ServiceTitan Inc. $TTAN

Allspring Global Investments Holdings LLC trimmed its holdings in shares of ServiceTitan Inc. (NASDAQ:TTAN) by 85.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 45,300 shares of the company’s stock after selling 276,515 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in ServiceTitan were worth $2,875,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Woodline Partners LP raised its stake in shares of ServiceTitan by 4.6% during the 1st quarter. Woodline Partners LP now owns 2,141 shares of the company’s stock worth $204,000 after purchasing an additional 95 shares during the period. Toth Financial Advisory Corp boosted its stake in ServiceTitan by 150.0% in the fourth quarter. Toth Financial Advisory Corp now owns 250 shares of the company’s stock valued at $27,000 after acquiring an additional 150 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in ServiceTitan by 189.1% in the fourth quarter. Farther Finance Advisors LLC now owns 266 shares of the company’s stock valued at $28,000 after acquiring an additional 174 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of ServiceTitan by 21.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,042 shares of the company’s stock valued at $111,000 after acquiring an additional 184 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in shares of ServiceTitan by 30.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 906 shares of the company’s stock valued at $96,000 after acquiring an additional 209 shares during the period.

Insider Buying and Selling

In related news, CAO Michele O’connor sold 4,910 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $80.93, for a total transaction of $397,366.30. Following the transaction, the chief accounting officer owned 71,676 shares of the company’s stock, valued at approximately $5,800,738.68. This trade represents a 6.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Byron B. Deeter sold 8,845 shares of the firm’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $63.35, for a total value of $560,330.75. Following the transaction, the director directly owned 13,782 shares in the company, valued at $873,089.70. This trade represents a 39.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 296,664 shares of company stock worth $19,958,797 in the last ninety days. 39.89% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

TTAN has been the topic of several research analyst reports. Morgan Stanley upped their price objective on ServiceTitan from $118.00 to $124.00 and gave the company an “overweight” rating in a research note on Friday, June 5th. Citigroup restated a “neutral” rating on shares of ServiceTitan in a research note on Monday, June 8th. KeyCorp reaffirmed an “overweight” rating on shares of ServiceTitan in a research report on Tuesday, May 26th. Truist Financial reissued a “buy” rating and issued a $110.00 price objective (up from $100.00) on shares of ServiceTitan in a report on Friday, June 5th. Finally, Piper Sandler boosted their price objective on ServiceTitan from $100.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, June 5th. 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, ServiceTitan has an average rating of “Moderate Buy” and a consensus price target of $110.53.

ServiceTitan Stock Performance

NASDAQ:TTAN opened at $70.48 on Friday. ServiceTitan Inc. has a 52-week low of $54.17 and a 52-week high of $119.99. The stock has a fifty day moving average of $70.67 and a 200 day moving average of $71.26. The firm has a market capitalization of $6.72 billion, a price-to-earnings ratio of -48.61 and a beta of 0.13.

ServiceTitan (NASDAQ:TTAN) last announced its earnings results on Thursday, June 4th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.09. The business had revenue of $268.82 million during the quarter, compared to analyst estimates of $257.40 million. ServiceTitan had a negative net margin of 13.44% and a negative return on equity of 5.59%. ServiceTitan’s revenue for the quarter was up 24.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.18 earnings per share. Equities analysts forecast that ServiceTitan Inc. will post -0.54 earnings per share for the current fiscal year.

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.