Lazard Asset Management LLC Grows Stake in ServiceTitan Inc. $TTAN

Lazard Asset Management LLC raised its position in shares of ServiceTitan Inc. (NASDAQ:TTAN) by 1,067.8% in the first quarter, HoldingsChannel reports. The firm owned 88,574 shares of the company’s stock after acquiring an additional 80,989 shares during the period. Lazard Asset Management LLC’s holdings in ServiceTitan were worth $5,621,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in ServiceTitan by 9.9% in the 4th quarter. Vanguard Group Inc. now owns 4,869,009 shares of the company’s stock worth $518,549,000 after purchasing an additional 439,079 shares in the last quarter. Renaissance Capital LLC increased its holdings in shares of ServiceTitan by 222.8% during the 4th quarter. Renaissance Capital LLC now owns 41,223 shares of the company’s stock valued at $4,390,000 after purchasing an additional 28,454 shares in the last quarter. Comerica Bank increased its holdings in shares of ServiceTitan by 372.3% during the 4th quarter. Comerica Bank now owns 26,513 shares of the company’s stock valued at $2,824,000 after purchasing an additional 20,899 shares in the last quarter. Robeco Schweiz AG increased its holdings in shares of ServiceTitan by 35.3% during the 4th quarter. Robeco Schweiz AG now owns 83,200 shares of the company’s stock valued at $8,861,000 after purchasing an additional 21,700 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of ServiceTitan by 20.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 321,815 shares of the company’s stock valued at $32,693,000 after purchasing an additional 55,256 shares during the period.

Insiders Place Their Bets

In related news, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $63.43, for a total transaction of $5,988,743.45. Following the completion of the transaction, the insider owned 443,221 shares in the company, valued at $28,113,508.03. This represents a 17.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction of $560,330.75. Following the completion of the transaction, the director directly owned 13,782 shares in the company, valued at $873,089.70. This represents a 39.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 296,664 shares of company stock valued at $19,958,797. 39.89% of the stock is owned by company insiders.

ServiceTitan Price Performance

Shares of NASDAQ:TTAN opened at $79.87 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 $7.62 billion, a price-to-earnings ratio of -55.08 and a beta of 0.13. The business’s 50 day moving average price is $72.04 and its 200-day moving average price is $70.34.

ServiceTitan (NASDAQ:TTAN) last issued its quarterly earnings results on Thursday, June 4th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.28 by $0.09. The company 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%. The firm’s revenue was up 24.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.18 EPS. On average, sell-side analysts expect that ServiceTitan Inc. will post -0.54 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently commented on TTAN shares. BTIG Research restated a “buy” rating and set a $110.00 price target on shares of ServiceTitan in a research report on Friday, July 10th. Weiss Ratings reiterated a “sell (e+)” rating on shares of ServiceTitan in a research report on Tuesday, July 21st. Needham & Company LLC reiterated a “buy” rating and issued a $100.00 price objective on shares of ServiceTitan in a research report on Wednesday, June 17th. Truist Financial reissued a “buy” rating and set a $110.00 target price (up from $100.00) on shares of ServiceTitan in a research note on Friday, June 5th. Finally, Piper Sandler raised their target price on ServiceTitan from $100.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, June 5th. Fifteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $110.53.

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.