ServiceTitan Inc. $TTAN is ICONIQ Capital LLC’s Largest Position

ICONIQ Capital LLC trimmed its holdings in shares of ServiceTitan Inc. (NASDAQ:TTAN) by 0.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,433,363 shares of the company’s stock after selling 94,269 shares during the period. ServiceTitan comprises about 24.1% of ICONIQ Capital LLC’s portfolio, making the stock its largest position. ICONIQ Capital LLC owned approximately 11.98% of ServiceTitan worth $808,453,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the business. Woodline Partners LP lifted its position in shares of ServiceTitan by 4.6% in 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. Elevation Wealth Partners LLC increased its holdings in ServiceTitan by 20.0% during the second quarter. Elevation Wealth Partners LLC now owns 863 shares of the company’s stock valued at $61,000 after buying an additional 144 shares during the period. Farther Finance Advisors LLC increased its holdings in ServiceTitan by 189.1% during the fourth quarter. Farther Finance Advisors LLC now owns 266 shares of the company’s stock valued at $28,000 after buying an additional 174 shares during the period. PNC Financial Services Group Inc. lifted its holdings in ServiceTitan by 21.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,042 shares of the company’s stock worth $111,000 after buying an additional 184 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in ServiceTitan by 30.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 906 shares of the company’s stock worth $96,000 after buying an additional 209 shares during the period.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on TTAN shares. Stifel Nicolaus set a $125.00 price target on ServiceTitan in a report on Wednesday, May 27th. KeyCorp restated an “overweight” rating on shares of ServiceTitan in a research note on Monday, August 24th. BMO Capital Markets raised their price objective on ServiceTitan from $92.00 to $103.00 and gave the company an “outperform” rating in a research report on Friday, June 5th. BTIG Research reiterated a “buy” rating and issued a $110.00 target price on shares of ServiceTitan in a research note on Friday, July 10th. Finally, Robert W. Baird boosted their target price on shares of ServiceTitan from $94.00 to $101.00 and gave the stock an “outperform” rating in a report on Wednesday, August 12th. Fourteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, ServiceTitan has a consensus rating of “Moderate Buy” and an average target price of $108.93.

ServiceTitan Stock Performance

ServiceTitan stock opened at $99.87 on Monday. The stock has a 50-day moving average of $81.25 and a two-hundred day moving average of $71.29. ServiceTitan Inc. has a one year low of $54.17 and a one year high of $119.99. The stock has a market cap of $9.53 billion, a PE ratio of -68.88 and a beta of 0.02.

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

Insider Buying and Selling

In other ServiceTitan news, CEO Ara Mahdessian sold 38,287 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $84.89, for a total transaction of $3,250,183.43. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michele O’connor sold 4,910 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $5,800,738.68. The trade was a 6.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 524,837 shares of company stock worth $39,894,622 over the last ninety days. Company insiders own 39.89% of the company’s stock.

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.