Massachusetts Financial Services Co. MA Decreases Stock Position in ServiceTitan Inc. $TTAN

Massachusetts Financial Services Co. MA lessened its position in shares of ServiceTitan Inc. (NASDAQ:TTAN) by 1.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 708,661 shares of the company’s stock after selling 13,772 shares during the period. Massachusetts Financial Services Co. MA owned 0.76% of ServiceTitan worth $71,454,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. lifted its holdings in ServiceTitan by 1,005.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company’s stock valued at $46,000 after purchasing an additional 392 shares during the last quarter. PNC Financial Services Group Inc. purchased a new position in shares of ServiceTitan in the second quarter worth about $79,000. EverSource Wealth Advisors LLC bought a new stake in shares of ServiceTitan in the second quarter valued at approximately $94,000. Lazard Asset Management LLC purchased a new stake in shares of ServiceTitan during the 2nd quarter valued at approximately $99,000. Finally, RiverPark Advisors LLC purchased a new stake in shares of ServiceTitan during the 2nd quarter valued at approximately $104,000.

ServiceTitan Stock Down 1.3%

Shares of NASDAQ:TTAN opened at $89.59 on Wednesday. The firm has a fifty day moving average price of $98.87 and a two-hundred day moving average price of $103.13. The company has a market cap of $8.39 billion and a price-to-earnings ratio of -21.96. The company has a debt-to-equity ratio of 0.07, a current ratio of 4.14 and a quick ratio of 4.14. ServiceTitan Inc. has a one year low of $79.81 and a one year high of $131.33.

ServiceTitan (NASDAQ:TTAN) last issued its quarterly earnings data on Thursday, December 4th. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.09. ServiceTitan had a negative return on equity of 10.96% and a negative net margin of 23.91%.The company had revenue of $249.16 million for the quarter, compared to the consensus estimate of $238.26 million. During the same quarter last year, the business posted $0.75 earnings per share. The firm’s revenue was up 25.0% compared to the same quarter last year. Analysts anticipate that ServiceTitan Inc. will post -1.98 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on TTAN shares. BMO Capital Markets lifted their price objective on shares of ServiceTitan from $115.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, December 5th. Truist Financial set a $130.00 price target on ServiceTitan in a report on Tuesday, October 21st. BTIG Research started coverage on ServiceTitan in a research report on Tuesday, December 16th. They issued a “buy” rating and a $130.00 price target for the company. UBS Group reiterated a “buy” rating on shares of ServiceTitan in a research note on Monday, December 1st. Finally, Morgan Stanley increased their price objective on ServiceTitan from $118.00 to $125.00 and gave the stock an “equal weight” rating in a report on Friday, December 5th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, ServiceTitan currently has an average rating of “Moderate Buy” and an average target price of $135.31.

Insiders Place Their Bets

In related news, CEO Ara Mahdessian sold 32,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of $98.50, for a total value of $3,152,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Michele O’connor sold 1,678 shares of the firm’s stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $105.30, for a total transaction of $176,693.40. Following the completion of the sale, the chief accounting officer directly owned 89,571 shares in the company, valued at $9,431,826.30. This represents a 1.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 354,224 shares of company stock worth $35,316,418. 51.72% of the stock is currently owned by insiders.

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.