Index Venture Growth Associates V Ltd Acquires New Holdings in ServiceTitan Inc. $TTAN

Index Venture Growth Associates V Ltd acquired a new stake in ServiceTitan Inc. (NASDAQ:TTAN) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 256,110 shares of the company’s stock, valued at approximately $27,276,000. ServiceTitan makes up 8.8% of Index Venture Growth Associates V Ltd’s portfolio, making the stock its 3rd largest holding.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of ServiceTitan by 538.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,429,930 shares of the company’s stock valued at $446,670,000 after acquiring an additional 3,735,968 shares in the last quarter. Thornburg Investment Management Inc. acquired a new stake in ServiceTitan in the 3rd quarter valued at approximately $8,338,000. Sandhill Capital Partners LLC acquired a new stake in ServiceTitan in the 3rd quarter valued at approximately $27,062,000. Renaissance Capital LLC grew its holdings in ServiceTitan by 222.8% in the 4th quarter. Renaissance Capital LLC now owns 41,223 shares of the company’s stock valued at $4,390,000 after buying an additional 28,454 shares during the last quarter. Finally, CIBC Bancorp USA Inc. acquired a new stake in ServiceTitan in the 3rd quarter valued at approximately $84,983,000.

ServiceTitan Trading Down 2.2%

Shares of NASDAQ:TTAN opened at $66.77 on Friday. ServiceTitan Inc. has a 1-year low of $54.17 and a 1-year high of $119.99. The firm has a market capitalization of $6.37 billion, a PE ratio of -46.05 and a beta of 0.13. The business’s 50 day moving average is $64.04 and its 200-day moving average is $77.49.

ServiceTitan (NASDAQ:TTAN) last announced its quarterly earnings data on Thursday, June 4th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $268.82 million for the quarter, compared to analyst estimates of $257.40 million. During the same quarter last year, the firm earned $0.18 EPS. ServiceTitan’s revenue for the quarter was up 24.6% compared to the same quarter last year. On average, sell-side analysts predict that ServiceTitan Inc. will post -0.54 EPS for the current year.

Wall Street Analyst Weigh In

TTAN has been the topic of a number of research analyst reports. KeyCorp reaffirmed an “overweight” rating on shares of ServiceTitan in a report on Tuesday, May 26th. William Blair reaffirmed an “outperform” rating on shares of ServiceTitan in a report on Friday, March 13th. Truist Financial reaffirmed a “buy” rating and issued a $110.00 target price (up from $100.00) on shares of ServiceTitan in a report on Friday, June 5th. Citigroup reaffirmed a “neutral” rating on shares of ServiceTitan in a report on Monday. Finally, Canaccord Genuity Group lowered their target price on ServiceTitan from $140.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, March 13th. Fifteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $110.53.

Insider Buying and Selling

In related news, CAO Michele O’connor sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $69.14, for a total transaction of $691,400.00. Following the completion of the transaction, the chief accounting officer owned 81,890 shares in the company, valued at $5,661,874.60. This trade represents a 10.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $159,839.68. Following the transaction, the chief executive officer owned 1 shares of the company’s stock, valued at $69.86. This trade represents a 99.96% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 43,440 shares of company stock worth $2,972,868 over the last 90 days. Corporate 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.