ServiceTitan Inc.’s (NASDAQ:TTAN) Lock-Up Period Set To Expire on June 10th

ServiceTitan’s (NASDAQ:TTAN) lock-up period is set to expire on Tuesday, June 10th. ServiceTitan had issued 8,800,000 shares in its initial public offering on December 12th. The total size of the offering was $624,800,000 based on an initial share price of $71.00. After the end of ServiceTitan’s lock-up period, company insiders and major shareholders will be able to sell their shares of the company.

Analyst Ratings Changes

TTAN has been the topic of a number of analyst reports. Loop Capital upped their price target on shares of ServiceTitan from $90.00 to $100.00 and gave the stock a “hold” rating in a research note on Friday. 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. Canaccord Genuity Group upped their price target on shares of ServiceTitan from $120.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, April 17th. Stifel Nicolaus upped their price target on shares of ServiceTitan from $110.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, May 30th. Finally, KeyCorp upped their price target on shares of ServiceTitan from $120.00 to $140.00 and gave the stock an “overweight” rating in a research note on Friday, April 25th. Four equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $122.21.

ServiceTitan Trading Down 6.9%

TTAN opened at $106.60 on Friday. The company’s 50-day moving average is $113.89. ServiceTitan has a 52-week low of $79.81 and a 52-week high of $131.33.

ServiceTitan (NASDAQ:TTAN) last announced its earnings results on Thursday, June 5th. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.06. The business had revenue of $215.69 million for the quarter, compared to analysts’ expectations of $208.61 million. The firm’s quarterly revenue was up 26.6% compared to the same quarter last year. As a group, analysts expect that ServiceTitan will post -1.98 EPS for the current year.

Insider Buying and Selling at ServiceTitan

In other ServiceTitan news, 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 transaction of $963,063.75. Following the completion of the sale, the chief financial officer now directly owns 325,409 shares of the company’s stock, valued at approximately $30,799,961.85. This represents a 3.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michele O’connor sold 5,494 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 transaction of $520,007.10. Following the sale, the chief accounting officer now directly owns 89,302 shares of the company’s stock, valued at approximately $8,452,434.30. This represents a 5.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. 51.72% of the stock is owned by corporate insiders.

Institutional Trading of ServiceTitan

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TTAN. Woodline Partners LP increased its stake in shares of ServiceTitan by 4.6% in the first quarter. Woodline Partners LP now owns 2,141 shares of the company’s stock worth $204,000 after purchasing an additional 95 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of ServiceTitan by 143.1% in the first quarter. Alliancebernstein L.P. now owns 356,490 shares of the company’s stock worth $33,906,000 after purchasing an additional 209,822 shares in the last quarter. Alyeska Investment Group L.P. increased its stake in shares of ServiceTitan by 20.0% in the first quarter. Alyeska Investment Group L.P. now owns 60,000 shares of the company’s stock worth $5,707,000 after purchasing an additional 10,000 shares in the last quarter. B. Metzler seel. Sohn & Co. AG purchased a new stake in shares of ServiceTitan in the first quarter worth $1,221,000. Finally, PEAK6 LLC purchased a new stake in shares of ServiceTitan in the first quarter worth $451,000.

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.