Cadian Capital Management LP Purchases Shares of 125,000 ServiceTitan Inc. (NASDAQ:TTAN)

Cadian Capital Management LP acquired a new position in shares of ServiceTitan Inc. (NASDAQ:TTAN) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 125,000 shares of the company’s stock, valued at approximately $12,859,000. ServiceTitan accounts for approximately 0.7% of Cadian Capital Management LP’s portfolio, making the stock its 25th largest position. Cadian Capital Management LP owned approximately 0.16% of ServiceTitan at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. SBI Securities Co. Ltd. acquired a new stake in ServiceTitan during the 4th quarter worth approximately $26,000. Assetmark Inc. acquired a new stake in shares of ServiceTitan during the fourth quarter worth $67,000. FIL Ltd bought a new stake in shares of ServiceTitan in the fourth quarter valued at about $67,000. Tower Research Capital LLC TRC acquired a new position in shares of ServiceTitan in the fourth quarter valued at about $91,000. Finally, Insight Holdings Group LLC bought a new position in ServiceTitan during the fourth quarter worth about $103,000.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on TTAN shares. Morgan Stanley increased their target price on shares of ServiceTitan from $104.00 to $107.00 and gave the stock an “equal weight” rating in a research report on Friday, March 14th. Stifel Nicolaus reduced their price target on ServiceTitan from $120.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. TD Cowen started coverage on ServiceTitan in a report on Tuesday, April 8th. They issued a “buy” rating and a $120.00 price objective for the company. Citigroup increased their target price on ServiceTitan from $109.00 to $113.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. Finally, Loop Capital cut their price objective on shares of ServiceTitan from $105.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, March 14th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $118.23.

ServiceTitan Stock Performance

TTAN opened at $117.89 on Monday. The firm has a 50 day moving average of $100.43. ServiceTitan Inc. has a 1-year low of $79.81 and a 1-year high of $128.16.

Insider Buying and Selling at ServiceTitan

In other news, CAO Michele O’connor sold 5,494 shares of the business’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $94.65, for a total transaction of $520,007.10. Following the sale, the chief accounting officer now directly owns 89,302 shares in the company, valued at approximately $8,452,434.30. The trade was a 5.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO David Sherry sold 10,175 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $94.65, for a total value of $963,063.75. Following the completion of the transaction, the chief financial officer now directly owns 325,409 shares of the company’s stock, valued at $30,799,961.85. This represents a 3.03 % decrease in their position. The disclosure for this sale can be found here.

ServiceTitan Profile

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.