Bank of New York Mellon Corp has significantly increased its investment in ServiceTitan Inc. (NASDAQ: TTAN), raising its holdings by 1,247.1% during the second quarter of 2023. According to the company’s recent Form 13F filing with the Securities and Exchange Commission (SEC), the institutional investor acquired an additional 78,416 shares, bringing its total ownership to 84,704 shares, valued at approximately $9.08 million.
Other prominent investors have also adjusted their positions in ServiceTitan. Victory Capital Management Inc. increased its stake by 20% in the first quarter, now holding 121,850 shares worth about $11.59 million after acquiring an additional 20,270 shares during that period. Similarly, Avantax Advisory Services Inc. expanded its holdings by an impressive 383.6%, now owning 10,692 shares valued at $1.02 million. Other investors, including Assetmark Inc. and Zweig DiMenna Associates LLC, have also made significant transactions, reflecting growing institutional interest in the company.
Insider Activity and Stock Performance
In addition to institutional investments, insider trading activity has been notable. On September 24, 2023, President Vahe Kuzoyan sold 16,690 shares at an average price of $104.81, resulting in a total sale of approximately $1.75 million. Additionally, major shareholder Bessemer Venture Partners VIII divested 370,557 shares on September 8, 2023, for around $43.65 million, which represented a 4.65% decrease in their stake.
Over the past ninety days, insiders sold a total of 1,121,690 shares worth $126.74 million, indicating active management of their positions. Currently, insiders own 51.72% of ServiceTitan’s shares.
On the market, ServiceTitan shares opened at $85.14 recently, with a market capitalization of $7.91 billion. The company has a quick ratio of 4.49 and a debt-to-equity ratio of 0.07. Over the past year, the stock has fluctuated between a low of $79.81 and a high of $131.33. Analysts note that the company reported a revenue of $242.12 million for the most recent quarter, which exceeded estimates of $229.58 million, marking a year-over-year growth of 25.5%.
Analyst Ratings and Future Outlook
Brokerage firms have recently updated their ratings on ServiceTitan. Loop Capital upgraded its rating from “hold” to “buy” and raised its price target from $100.00 to $140.00. Truist Financial set a price objective of $130.00, while Morgan Stanley increased its target from $109.00 to $118.00 with an “equal weight” rating. Overall, one analyst rates the stock as a Strong Buy, fourteen analysts have issued Buy ratings, four have given it a Hold rating, and one analyst has recommended selling.
According to MarketBeat, ServiceTitan currently holds a consensus rating of “Moderate Buy” and an average target price of $131.73. The company, established in 2008 and headquartered in Glendale, CA, specializes in field service management software, facilitating the installation, maintenance, and servicing of residential and commercial systems.
As ServiceTitan continues to attract institutional interest and expand its market presence, investors and analysts alike are keenly watching its performance and prospects in the evolving tech landscape.
