Thoma Bravo, L.P. 13F: Cuts ServiceTitan (TTAN) Stake by $22M

Thoma Bravo, L.P. has reduced its position in ServiceTitan, Inc. (TTAN) by 338,636 shares, valued at approximately $22.3 million, in a filing on October 26, 2026. The information comes from the fund's latest Form 13F filing with the SEC, revealing that Thoma Bravo now holds 700,463 shares of the company.

In this latest filing, Thoma Bravo's reported value in ServiceTitan stands at about $46.1 million, making this its largest position among three total holdings. The reduction represents a 32.6% decrease, reflecting a strategic decision to adjust its investment in the company.

TTAN ServiceTitan, Inc.

$83.12 ▼ -18.18% year to date

1M 3M YTD

Daily close · Oct 26, 2026

Where ServiceTitan Fits in Thoma Bravo's Portfolio

Thoma Bravo's stake in ServiceTitan constitutes 100% of its reported portfolio, ranking it as the fund's top position.

Other Institutional Activity in ServiceTitan

Several other funds have also made adjustments to their positions in ServiceTitan. ICONIQ Capital, LLC reduced its holdings by 94,529 shares, ending with 11,433,363 shares valued at about $950.3 million. Deer Management Co. LLC cut its stake by 500,242 shares, bringing its total to 4,568,064 shares worth approximately $379.7 million. Meanwhile, Millennium Management LLC increased its position by 1,096,992 shares, now holding 3,143,620 shares valued at around $261.3 million.

ServiceTitan, Inc. Stock Down 4.5%

ServiceTitan shares recently traded around $83.12, about equal to its closing price on the filing date. This level is approximately 25.4% below its 52-week high of $111.36, indicating some challenges in the stock's performance relative to its peak. The stock is currently above its 50-day moving average by about 9.7% and its 200-day average by 14.3%, suggesting some positive momentum despite being below its recent highs.

Recent Earnings

For the trailing twelve months, ServiceTitan reported revenues of about $1.06 billion, reflecting a year-over-year growth of 20.9%. However, the company has struggled with profitability, posting a net margin of -12.1% and a return on equity of -8.3%. The next earnings report is expected on December 3, 2026.

Insider Buying and Selling at ServiceTitan, Inc.

Several insiders have sold shares recently. Chief Financial Officer David Sherry sold 1,138 shares at an average price of $75.22 on October 15, 2026, under a planned trading strategy. Earlier, Michele O'Connor, the Chief Accounting Officer, sold over 5,581 shares on September 17, 2026. These transactions indicate ongoing adjustments by the company's leadership.

Analysts Set New Price Targets

On September 9, 2026, Citigroup maintained a 'Neutral' rating on ServiceTitan with a price target of $76, down from $83. Canaccord Genuity also maintained a 'Buy' rating with a target of $90, though that was reduced from $105. Overall, the consensus recommendation remains a 'strong buy' with a mean target price of about $97.53.

About ServiceTitan

ServiceTitan, Inc. provides a comprehensive cloud-based software platform that helps businesses in the service industry manage operations like job scheduling, invoicing, and payment processing. The company's innovative solutions cater primarily to clients in the U.S., Armenia, and Canada, making it a significant player in the software application sector.

Bottom Line

Investors will be watching for ServiceTitan's next earnings report on December 3, 2026, for further insights into the company's performance and any potential recovery in its stock price. The recent position cut by Thoma Bravo may indicate a cautious approach as the stock trades below its 52-week high. Further institutional moves and analyst updates will provide more context in the coming weeks.