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

ICONIQ Capital LLC decreased its position in shares of ServiceTitan Inc. (NASDAQ:TTAN) by 0.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,433,363 shares of the company’s stock after selling 94,269 shares during the quarter. ServiceTitan accounts for approximately 24.1% of ICONIQ Capital LLC’s investment portfolio, making the stock its largest holding. ICONIQ Capital LLC owned 0.12% of ServiceTitan worth $808,453,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. Wellington Management Group LLP increased its holdings in ServiceTitan by 258.7% in the 2nd quarter. Wellington Management Group LLP now owns 316,695 shares of the company’s stock worth $22,394,000 after buying an additional 228,417 shares during the period. Stockbridge Partners LLC acquired a new stake in ServiceTitan during the 2nd quarter valued at approximately $13,333,000. Madison Asset Management LLC acquired a new stake in ServiceTitan during the 2nd quarter valued at approximately $56,118,000. First Bank & Trust boosted its holdings in shares of ServiceTitan by 24.2% in the 2nd quarter. First Bank & Trust now owns 4,426 shares of the company’s stock valued at $313,000 after acquiring an additional 862 shares during the last quarter. Finally, Elevation Wealth Partners LLC boosted its holdings in shares of ServiceTitan by 20.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 863 shares of the company’s stock valued at $61,000 after acquiring an additional 144 shares during the last quarter.

Insider Transactions at ServiceTitan

In other ServiceTitan news, CEO Ara Mahdessian sold 51,947 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $80.98, for a total value of $4,206,668.06. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the firm’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $63.43, for a total value of $5,988,743.45. Following the completion of the sale, the insider directly owned 443,221 shares in the company, valued at approximately $28,113,508.03. The trade was a 17.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 524,837 shares of company stock worth $39,894,622 over the last quarter. Company insiders own 39.89% of the company’s stock.

Analyst Ratings Changes

TTAN has been the subject of several recent research reports. Needham & Company LLC reissued a “buy” rating and set a $100.00 target price on shares of ServiceTitan in a report on Wednesday, June 17th. BTIG Research reaffirmed a “buy” rating and set a $110.00 price target on shares of ServiceTitan in a research report on Friday, July 10th. Weiss Ratings upgraded ServiceTitan from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday. UBS Group reissued a “buy” rating on shares of ServiceTitan in a report on Wednesday, July 22nd. Finally, Morgan Stanley upped their target price on ServiceTitan from $118.00 to $124.00 and gave the stock an “overweight” rating in a research note on Friday, June 5th. Fourteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $108.93.

ServiceTitan Stock Performance

TTAN stock opened at $99.87 on Monday. The firm has a market cap of $9.53 billion, a PE ratio of -68.88 and a beta of 0.02. The firm’s fifty day moving average is $81.25 and its 200 day moving average is $71.29. ServiceTitan Inc. has a one year low of $54.17 and a one year high of $119.99.

ServiceTitan (NASDAQ:TTAN) last issued its quarterly earnings data 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 net margin of 13.44% and a negative return on equity of 5.59%. The business had revenue of $268.82 million during the quarter, compared to the consensus estimate of $257.40 million. During the same quarter in the prior year, the firm posted $0.18 earnings per share. The company’s revenue was up 24.6% compared to the same quarter last year. Research analysts predict that ServiceTitan Inc. will post -0.54 earnings per share for the current fiscal year.

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.