Bessemer Venture Partners Viii Sells 500,000 Shares of ServiceTitan Inc. (NASDAQ:TTAN) Stock

ServiceTitan Inc. (NASDAQ:TTAN) major shareholder Bessemer Venture Partners Viii sold 500,000 shares of the firm’s stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $102.00, for a total value of $51,000,000.00. Following the completion of the sale, the insider now directly owns 8,503,571 shares in the company, valued at approximately $867,364,242. This represents a 5.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

ServiceTitan Price Performance

Shares of NASDAQ:TTAN opened at $100.19 on Friday. ServiceTitan Inc. has a 12-month low of $79.81 and a 12-month high of $131.33. The stock’s fifty day moving average is $115.16.

ServiceTitan (NASDAQ:TTAN) last posted its quarterly earnings data on Thursday, June 5th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.06. The business had revenue of $215.69 million during the quarter, compared to the consensus estimate of $208.61 million. ServiceTitan’s revenue was up 26.6% on a year-over-year basis. Analysts expect that ServiceTitan Inc. will post -1.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. SBI Securities Co. Ltd. bought a new position in shares of ServiceTitan in the 4th quarter worth about $26,000. Harbor Investment Advisory LLC bought a new position in shares of ServiceTitan in the 1st quarter worth about $31,000. LRI Investments LLC bought a new position in shares of ServiceTitan in the 1st quarter worth about $58,000. Assetmark Inc. bought a new position in shares of ServiceTitan in the 4th quarter worth about $67,000. Finally, FIL Ltd bought a new position in shares of ServiceTitan in the 4th quarter worth about $67,000.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Canaccord Genuity Group increased their price target on ServiceTitan from $120.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday, April 17th. TD Securities increased their price target on ServiceTitan from $120.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, May 21st. Robert W. Baird increased their price target on ServiceTitan from $106.00 to $124.00 and gave the company an “outperform” rating in a research note on Wednesday, June 4th. Loop Capital reiterated a “hold” rating and issued a $100.00 price target (up from $90.00) on shares of ServiceTitan in a research note on Friday, June 6th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $125.00 price target on shares of ServiceTitan in a research note on Friday, March 14th. Four research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $122.21.

ServiceTitan Company 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.