ServiceTitan (TTAN)
Market Price (9/9/2026): $66.05 | Market Cap: $6.3 BilSector: Information Technology | Industry: Application Software
ServiceTitan (TTAN)
Market Price (9/9/2026): $66.05Market Cap: $6.3 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% Megatrend and thematic driversMegatrends include Cloud Computing, and Automation & Robotics. Themes include Software as a Service (SaaS), and Process Automation. | Weak multi-year price returns2Y Excs Rtn is -58%, 3Y Excs Rtn is -89% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -136 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -13% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 56x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 21% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.1% Key risksTTAN key risks include [1] its historical challenges in achieving sustained profitability and positive cash flow and [2] its direct reliance on a contractor customer base facing significant operational headwinds like persistent labor shortages and rising costs. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Megatrend and thematic driversMegatrends include Cloud Computing, and Automation & Robotics. Themes include Software as a Service (SaaS), and Process Automation. |
| Weak multi-year price returns2Y Excs Rtn is -58%, 3Y Excs Rtn is -89% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -136 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -13% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 56x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 21% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.1% |
| Key risksTTAN key risks include [1] its historical challenges in achieving sustained profitability and positive cash flow and [2] its direct reliance on a contractor customer base facing significant operational headwinds like persistent labor shortages and rising costs. |
Qualitative Assessment
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ServiceTitan (TTAN) stock has gained about 15% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2027 Financial Performance and Upbeat Guidance.
ServiceTitan reported better-than-expected financial results for fiscal Q1 2027, which ended on April 30, 2026, and subsequently raised its full-year fiscal 2027 sales guidance on June 4, 2026. The company's total revenue for fiscal Q1 2027 reached $268.82 million, marking a 24.63% year-over-year increase. This robust performance and optimistic outlook for the fiscal year likely instilled investor confidence and contributed to the stock's positive movement in the early part of the specified period.
2. Sustained Positive Analyst Sentiment and Upward Price Target Revisions.
Throughout the period from June to August 2026, numerous Wall Street analysts reiterated "Buy" or "Outperform" ratings for ServiceTitan and increased their price targets. For instance, TD Cowen raised its price target from $110 to $125 on June 5, 2026, and Baird increased its target from $94 to $101 on August 12, 2026. This broad-based analyst optimism and higher valuation projections likely provided significant upward momentum for the stock.
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ServiceTitan (TTAN) stock has gained about 15% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2027 Financial Performance and Upbeat Guidance.
ServiceTitan reported better-than-expected financial results for fiscal Q1 2027, which ended on April 30, 2026, and subsequently raised its full-year fiscal 2027 sales guidance on June 4, 2026. The company's total revenue for fiscal Q1 2027 reached $268.82 million, marking a 24.63% year-over-year increase. This robust performance and optimistic outlook for the fiscal year likely instilled investor confidence and contributed to the stock's positive movement in the early part of the specified period.
2. Sustained Positive Analyst Sentiment and Upward Price Target Revisions.
Throughout the period from June to August 2026, numerous Wall Street analysts reiterated "Buy" or "Outperform" ratings for ServiceTitan and increased their price targets. For instance, TD Cowen raised its price target from $110 to $125 on June 5, 2026, and Baird increased its target from $94 to $101 on August 12, 2026. This broad-based analyst optimism and higher valuation projections likely provided significant upward momentum for the stock.
3. Robust Growth in Platform Revenue and Gross Transaction Volume.
The company demonstrated continued strength in its core business, driven by platform subscription and usage revenues. Gross Transaction Volume (GTV), which represents the total dollars invoiced by customers through ServiceTitan's platform, saw a 17% year-over-year increase to $26.8 billion in fiscal Q2 2027 (ended July 31, 2026). This underlying business growth underscored the increasing adoption and utilization of ServiceTitan's software platform.
4. Strategic Advancement and Adoption of AI-Powered "Agentic Operating System".
ServiceTitan's strategic focus on its AI-powered "Agentic Operating System" and its Max platform was highlighted as a key driver for future growth. The company reported exceeding its goal of doubling Max locations during fiscal Q2 2027 and anticipated ending the fiscal year with over 700 enrolled Max locations. This emphasis on leveraging AI to enhance contractor business performance and operational efficiency was viewed positively by the market as a long-term growth catalyst, despite a noted $4 million to $5 million near-term revenue headwind associated with this strategic shift.
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Stock Movement Drivers
Fundamental Drivers
The 12.7% change in TTAN stock from 5/31/2026 to 9/8/2026 was primarily driven by a 10.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 72.36 | 81.58 | 12.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 961 | 1,065 | 10.8% |
| P/S Multiple | 7.1 | 7.3 | 3.6% |
| Shares Outstanding (Mil) | 94 | 96 | -1.8% |
| Cumulative Contribution | 12.7% |
Market Drivers
5/31/2026 to 9/8/2026| Return | Correlation | |
|---|---|---|
| TTAN | 12.7% | |
| Market (SPY) | 1.3% | -4.2% |
| Sector (XLK) | -1.6% | -25.1% |
Fundamental Drivers
The 12.7% change in TTAN stock from 2/28/2026 to 9/8/2026 was primarily driven by a 16.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 72.39 | 81.58 | 12.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 916 | 1,065 | 16.2% |
| P/S Multiple | 7.4 | 7.3 | -0.3% |
| Shares Outstanding (Mil) | 93 | 96 | -2.7% |
| Cumulative Contribution | 12.7% |
Market Drivers
2/28/2026 to 9/8/2026| Return | Correlation | |
|---|---|---|
| TTAN | 12.7% | |
| Market (SPY) | 12.0% | 4.7% |
| Sector (XLK) | 35.6% | -6.5% |
Fundamental Drivers
The -23.9% change in TTAN stock from 8/31/2025 to 9/8/2026 was primarily driven by a -8.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312025 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 107.23 | 81.58 | -23.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 1,065 | 0.0% |
| P/S Multiple | � | 7.3 | 0.0% |
| Shares Outstanding (Mil) | 88 | 96 | -8.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
8/31/2025 to 9/8/2026| Return | Correlation | |
|---|---|---|
| TTAN | -23.9% | |
| Market (SPY) | 19.8% | 12.3% |
| Sector (XLK) | 43.7% | 7.8% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2023 to 9/8/2026| Return | Correlation | |
|---|---|---|
| TTAN | ||
| Market (SPY) | 76.1% | 26.8% |
| Sector (XLK) | 117.9% | 22.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TTAN Return | - | - | - | 2% | 4% | -17% | -13% |
| Peers Return | 9% | -34% | 70% | 28% | -8% | -7% | 34% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| TTAN Win Rate | - | - | - | 100% | 33% | 33% | |
| Peers Win Rate | 56% | 28% | 63% | 65% | 45% | 38% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| TTAN Max Drawdown | - | - | - | - | -34% | -49% | |
| Peers Max Drawdown | -22% | -43% | -19% | -27% | -33% | -41% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PCOR, APPF, NOW, CRM, MSFT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/8/2026 (YTD)
How Low Can It Go
| Event | TTAN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -16.5% | -18.8% |
| % Gain to Breakeven | 19.7% | 23.1% |
| Time to Breakeven | 13 days | 79 days |
In The Past
ServiceTitan's stock fell -16.5% during the 2025 US Tariff Shock. Such a loss loss requires a 19.7% gain to breakeven.
Preserve Wealth
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Asset Allocation
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In The Past
ServiceTitan's stock fell -16.5% during the 2025 US Tariff Shock. Such a loss loss requires a 19.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About ServiceTitan (TTAN)
ServiceTitan (TTAN) offers an end-to-end, cloud-based software platform designed as the "operating system" for businesses in the skilled trades industry. The company addresses a large and historically underserved market, including plumbers, HVAC technicians, electricians, roofers, and landscapers, in the United States and Canada. Its mission is to modernize these essential field service businesses by replacing outdated, manual processes with integrated technology, enabling them to operate more efficiently, scale, and thrive in an industry estimated to have $1.5 trillion in annual spend.
The platform provides comprehensive capabilities across five critical business functions: Customer Relationship Management (CRM), Field Service Management (FSM), Enterprise Resource Planning (ERP), Human Capital Management (HCM), and FinTech. ServiceTitan generates revenue primarily through subscriptions to its Core and Pro software products, which offer functionalities like call tracking, scheduling, dispatching, marketing automation, estimating, and inventory management. Additionally, it offers usage-based services, including payment processing and third-party consumer financing solutions, which empower trades businesses to accelerate revenue, enhance operational efficiency, deliver superior customer service, and improve employee experience.
ServiceTitan serves a wide range of customers, from small, family-owned contractors to large franchises with national footprints, supporting their growth and professionalization. As of January 31, 2024, the company had approximately 8,000 active customers who processed $62.0 billion in Gross Transaction Volume (GTV) through the platform over the prior 12 months. With its solutions, ServiceTitan helps customers manage millions of jobs annually, fostering durable relationships, as evidenced by a net dollar retention rate of over 110% and a gross dollar retention rate of over 95% for the past ten fiscal quarters.
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Toast for the trades.
Shopify for local service businesses.
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- Core Product: A base-level, cloud-based software platform providing essential functionalities across key workflows for trades businesses, such as call tracking, scheduling, dispatching, and CRM.
- Pro Products: Value-additive software modules that supplement the Core product, offering higher levels of functionality and specialized capabilities for trades businesses.
- FinTech Products: Integrated financial technology solutions within the platform, encompassing payment processing and third-party consumer financing options for trades businesses.
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ServiceTitan (TTAN) primarily sells its cloud-based software platform to other companies, specifically "trades businesses." The provided description does not list individual names of its major customer companies, nor does it indicate that any of its direct business customers are publicly traded entities. Instead, ServiceTitan serves a broad range of privately-owned businesses within the trades industry.
Based on the provided information, the customers can be categorized by the type and size of trades business they operate:
- Diverse Trades Businesses: ServiceTitan's platform is designed for businesses across a wide array of field service activities. These include, but are not limited to, plumbing, electrical, HVAC (heating, ventilation, and air conditioning), garage door services, pest control, and landscaping companies.
- Small to Mid-Sized Contractors: Many of ServiceTitan's customers are family-owned contractors or independent businesses with a few employees. These businesses utilize the platform to manage their daily operations, from scheduling and dispatching to invoicing and payment processing.
- Large Franchises and Enterprise Customers: ServiceTitan also caters to larger organizations within the trades, including big franchises with national footprints. Some of these customers have over 500 locations and generate over $1 billion in annual Gross Transaction Volume (GTV) through the platform. This demonstrates the platform's scalability to support significant operations.
In summary, ServiceTitan's customer base consists of trades businesses of varying sizes across numerous service sectors, all leveraging the platform to streamline operations and enhance their service delivery.
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Ara Mahdessian, Co-founder and CEO
Ara Mahdessian is the co-founder and CEO of ServiceTitan, which he co-founded in 2007 (initially as LinxLogic, Inc.) and has served as CEO since its inception. Born in the trades, he grew up observing his father, a residential contractor, manage his business manually. Mahdessian, an Armenian immigrant from Iran, graduated from Stanford University with degrees in Management Science and Computer Science. He and co-founder Vahe Kuzoyan started ServiceTitan to provide technology to tradespeople.
Vahe Kuzoyan, Co-founder and President
Vahe Kuzoyan is the co-founder and President of ServiceTitan. Inspired by his father, a plumber who experienced frustration with the lack of technology in the industry, Kuzoyan co-founded ServiceTitan with Ara Mahdessian to address this need. He is responsible for defining the company's overall product strategy and overseeing product development. Kuzoyan earned a Bachelor of Science in computer science, neuroscience, and business administration from the University of Southern California.
Dave Sherry, Chief Financial Officer
Dave Sherry has served as ServiceTitan's Chief Financial Officer since June 2023. Prior to joining ServiceTitan, he held CFO positions at QuintoAndar from May 2019 to June 2023 and at Lightspeed Commerce Inc. from January 2014 to February 2018. He also worked as a Growth Operating Partner at Accel, a venture capital firm, from June 2018 to May 2019, and held roles at TPG and McKinsey & Co. Sherry holds a B.B.A. from the University of Michigan and an M.B.A. from Stanford University Graduate School of Business.
Anmol Bhasin, CTO
Anmol Bhasin is the CTO at ServiceTitan, a position he has held since December 2021. His extensive background includes senior engineering roles at Salesforce, Groupon, and LinkedIn, where he specialized in AI, search technologies, and data platforms. Bhasin holds an MBA from The Wharton School and an MS in Computer Science from the University at Buffalo.
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- Sustained Operating and Net Losses: ServiceTitan has consistently incurred significant losses from operations and net losses in recent fiscal periods. For example, the company reported operating losses of $221.9 million and $182.9 million in fiscal 2023 and fiscal 2024, respectively, along with net losses of $269.5 million and $195.1 million for the same periods. While these losses are attributed to continued investment in business growth, their persistence represents a fundamental financial risk.
- Normalization and Decline in Net Dollar Retention Rate: ServiceTitan has observed a gradual normalization and a decline in its quarterly net dollar retention rate. Over the last ten fiscal quarters, the rate declined by seven percentage points, with a two-percentage-point decline occurring specifically between July 31, 2023, and July 31, 2024. While the rate remains over 110%, this trend could indicate a challenge in maintaining the historical rate of revenue expansion from existing customers.
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For ServiceTitan (symbol: TTAN), the addressable market for trades services for homes and businesses in the United States and Canada is approximately $1.5 trillion annually.
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ServiceTitan (TTAN) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Growth in Active Customers: ServiceTitan anticipates expanding its customer base by continuing to acquire new trades businesses. The company's focus on providing an essential operating system for the trades and its ability to scale with businesses of varying sizes position it to attract more clients, from small family-owned contractors to large franchises. The increase from approximately 6,800 Active Customers as of January 31, 2023, to approximately 8,000 Active Customers as of January 31, 2024, demonstrates a consistent trend in customer acquisition.
- Increased Adoption and Usage of Add-on Products (Pro and FinTech) by Existing Customers: A significant driver will be the expansion of services utilized by current customers. ServiceTitan employs a "land and expand" strategy, starting with its Core product and then offering value-additive Pro products and FinTech solutions. The company's net dollar retention rate of over 110% for each of the last ten fiscal quarters indicates that existing customers are increasing their spending on the platform through the adoption of these add-on features and increased transaction volumes.
- Expansion of Gross Transaction Volume (GTV) and Deeper Penetration within Existing Markets: ServiceTitan aims to capture a larger share of the substantial $1.5 trillion annual spend on trades services in the United States and Canada. This will be achieved by enabling its customers to grow their businesses, which in turn increases the total Gross Transaction Volume (GTV) processed through the ServiceTitan platform. The GTV has grown from $44.9 billion in fiscal 2023 to $62.0 billion for the 12 months ended July 31, 2024, highlighting the potential for continued growth within its served markets.
- Product Innovation and AI Integration: Ongoing investment in research and development, particularly in artificial intelligence (AI), is expected to enhance ServiceTitan's platform capabilities. By integrating AI into automated workflows and continuously developing new features based on customer interactions and data, ServiceTitan aims to deliver differentiated value, attract new customers, and encourage further adoption of premium services among its existing base.
- Strategic Acquisitions: ServiceTitan explicitly states that it has consistently grown and scaled its business operations both organically and through acquisitions. This inorganic growth strategy allows the company to expand its market reach, acquire new technologies, or integrate complementary services, thereby contributing to overall revenue growth.
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Share Repurchases
- ServiceTitan repurchased approximately $18.963 million in shares for tax withholding related to the settlement of restricted stock units during the fiscal year ended January 31, 2026.
Share Issuance
- In March 2021, ServiceTitan completed a Series F funding round, raising $500 million at a post-money valuation of $7.8 billion.
- The company raised an additional $200 million in a Series G round in June 2021, achieving a post-money valuation of $9.5 billion.
- ServiceTitan launched its initial public offering (IPO) in December 2024, offering 8,800,000 shares of Class A common stock at $71.00 per share and raising $625 million.
Inbound Investments
- Prior to its initial public offering, ServiceTitan raised almost $1.4 billion in total equity capital across eight funding rounds from venture and crossover investors.
- Key investors in these funding rounds included Iconiq Capital, Bessemer Venture Partners, TPG Inc., Index Ventures, and Mucker Capital.
Outbound Investments
- In 2021, ServiceTitan acquired Aspire Software, a company specializing in software for landscapers, and ServicePro, which provides software for pest control and lawn care contractors.
- In January 2022, ServiceTitan acquired FieldRoutes, a mobile software-as-a-service provider for the lawn care and pest control industries.
- The company further expanded with the acquisition of Convex, a sales and marketing platform for construction professionals, in April 2024, and Conduit Tech, an HVAC sales and design platform, in September 2025.
Capital Expenditures
- ServiceTitan's capital expenditures were $89 million in 2023, $44 million in 2024, and $22 million in 2025.
Peer Outperformance in Application Software
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 61.1% | 192.7% | 295.5% | TTMI 850% · FLEX 760% · SANM 426% |
| Semiconductor Materials & Equipment | 27 | 130.8% | 82.2% | 102.6% | AEHR 749% · AXTI 659% · KLAC 470% |
| Technology Distributors | 9 | 29.8% | 72.1% | 88.5% | CLMB 337% · AVT 169% · SNX 125% |
| Communications Equipment | 36 | 20.9% | 81.9% | 74.9% | AAOI 1345% · LITE 1003% · ANET 771% |
| Electronic Components | 26 | 47.9% | 61.2% | 64.2% | CLS 3641% · BELFA 1330% · LPTH 398% |
| Semiconductors | 55 | 27.0% | 28.2% | 25.4% | POET 1940% · MU 1308% · NVDA 921% |
| Technology Hardware, Storage & Peripherals | 21 | 32.7% | 79.9% | 20.0% | DELL 1111% · STX 1102% · SMCI 1004% |
| Internet Services & Infrastructure | 6 | 17.4% | 31.8% | 11.6% | DOCN 83% · VRSN 29% · GDDY 23% |
| Electronic Equipment & Instruments | 27 | -10.4% | 9.0% | -8.7% | PI 217% · OSIS 111% · NSSC 104% |
| IT Consulting & Other Services | 28 | -27.0% | -13.3% | -30.0% | CHRN 554111% · APLD 1316% · TSSI 687% |
| Application Software ← | 123 | -28.2% | -15.0% | -45.9% | VIDA 221718% · INLX 4885% · PLTR 552% |
| Systems Software | 68 | -13.1% | 0.7% | -58.5% | QNC 514% · ZETA 355% · PAYS 338% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| TTAN Stock Falls -32% In A 7-day Losing Spree On Analyst Price Target Cuts | 02/05/2026 | |
| TTAN Stock Falls -28% On 6-Day Spree As Piper Sandler Cuts PT | 02/04/2026 | |
| ServiceTitan (TTAN) Operating Cash Flow Comparison | 02/17/2025 | |
| ServiceTitan (TTAN) Net Income Comparison | 02/16/2025 | |
| ServiceTitan (TTAN) Operating Income Comparison | 02/15/2025 | |
| ServiceTitan (TTAN) Revenue Comparison | 02/14/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 170.11 |
| Mkt Cap | 8.2 |
| Rev LTM | 8,077 |
| Op Inc LTM | 931 |
| FCF LTM | 2,425 |
| FCF 3Y Avg | 2,003 |
| CFO LTM | 2,838 |
| CFO 3Y Avg | 2,437 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 19.2% |
| Rev Chg 3Y Avg | 19.8% |
| Rev Chg Q | 18.5% |
| QoQ Delta Rev Chg LTM | 4.4% |
| Op Inc Chg LTM | 25.6% |
| Op Inc Chg 3Y Avg | 31.8% |
| Op Mgn LTM | 14.5% |
| Op Mgn 3Y Avg | 13.8% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 31.0% |
| CFO/Rev 3Y Avg | 28.7% |
| FCF/Rev LTM | 22.8% |
| FCF/Rev 3Y Avg | 23.8% |
Price Behavior
| Market Price | $81.58 | |
| Market Cap ($ Bil) | 7.8 | |
| First Trading Date | 12/12/2024 | |
| Distance from 52W High | -31.8% | |
| 50 Days | 200 Days | |
| DMA Price | $84.70 | $79.58 |
| DMA Trend | indeterminate | up |
| Distance from DMA | -3.7% | 2.5% |
| 3M | 1YR | |
| Volatility | 60.0% | 54.7% |
| Downside Capture | 15.28 | 124.70 |
| Upside Capture | 78.61 | 55.27 |
| Correlation (SPY) | -2.5% | 13.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.84 | -0.45 | -0.33 | 0.11 | 0.51 | -0.11 |
| Up Beta | 0.54 | -1.98 | -0.88 | -0.17 | 0.22 | 0.29 |
| Down Beta | 0.37 | -2.18 | -1.23 | -0.59 | 0.24 | -0.64 |
| Up Capture | 367% | 169% | 91% | 67% | 50% | 14% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 14 | 25 | 37 | 68 | 125 | 211 |
| Down Capture | 135% | -80% | -64% | 15% | 92% | 77% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 7 | 17 | 27 | 59 | 126 | 216 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TTAN | |
|---|---|---|---|---|
| TTAN | -28.5% | 54.8% | -0.42 | - |
| Sector ETF (XLK) | 43.7% | 26.2% | 1.35 | 8.2% |
| Equity (SPY) | 19.4% | 12.8% | 1.11 | 13.7% |
| Gold (GLD) | 20.8% | 29.2% | 0.65 | 0.1% |
| Commodities (DBC) | 45.0% | 20.4% | 1.72 | -3.8% |
| Real Estate (VNQ) | 7.8% | 13.6% | 0.30 | 5.9% |
| Bitcoin (BTCUSD) | -28.1% | 43.9% | -0.63 | 17.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TTAN | |
|---|---|---|---|---|
| TTAN | -4.3% | 52.2% | -0.07 | - |
| Sector ETF (XLK) | 19.5% | 25.9% | 0.67 | 22.0% |
| Equity (SPY) | 12.6% | 17.2% | 0.56 | 26.8% |
| Gold (GLD) | 18.8% | 18.8% | 0.81 | 1.5% |
| Commodities (DBC) | 10.6% | 19.5% | 0.42 | 2.1% |
| Real Estate (VNQ) | 1.5% | 18.9% | -0.03 | 20.1% |
| Bitcoin (BTCUSD) | 11.1% | 52.6% | 0.39 | 15.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TTAN | |
|---|---|---|---|---|
| TTAN | -2.2% | 52.2% | -0.07 | - |
| Sector ETF (XLK) | 24.4% | 25.0% | 0.88 | 22.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 26.8% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 1.5% |
| Commodities (DBC) | 7.9% | 18.1% | 0.36 | 2.1% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 20.1% |
| Bitcoin (BTCUSD) | 63.6% | 66.2% | 1.03 | 15.6% |
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Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 6/4/2026 | 4.1% | -8.2% | 7.2% |
| 3/12/2026 | -6.4% | -9.4% | -24.2% |
| 12/4/2025 | 10.5% | 10.9% | 10.6% |
| 9/4/2025 | 13.6% | 16.7% | 1.4% |
| 6/5/2025 | -6.9% | -10.2% | -4.0% |
| 3/13/2025 | 12.9% | 14.3% | 22.5% |
| 1/13/2025 | -3.9% | -3.0% | -1.8% |
| SUMMARY STATS | |||
| # Positive | 4 | 3 | 4 |
| # Negative | 3 | 4 | 3 |
| Median Positive | 11.7% | 14.3% | 8.9% |
| Median Negative | -6.4% | -8.8% | -4.0% |
| Max Positive | 13.6% | 16.7% | 22.5% |
| Max Negative | -6.9% | -10.2% | -24.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 6/4/2026 | 4.1% | -8.2% | 7.2% |
| 3/12/2026 | -6.4% | -9.4% | -24.2% |
| 12/4/2025 | 10.5% | 10.9% | 10.6% |
| 9/4/2025 | 13.6% | 16.7% | 1.4% |
| 6/5/2025 | -6.9% | -10.2% | -4.0% |
| 3/13/2025 | 12.9% | 14.3% | 22.5% |
| 1/13/2025 | -3.9% | -3.0% | -1.8% |
| SUMMARY STATS | |||
| # Positive | 4 | 3 | 4 |
| # Negative | 3 | 4 | 3 |
| Median Positive | 11.7% | 14.3% | 8.9% |
| Median Negative | -6.4% | -8.8% | -4.0% |
| Max Positive | 13.6% | 16.7% | 22.5% |
| Max Negative | -6.9% | -10.2% | -24.2% |
Recent Forward Guidance
Updated 9/8/2026Latest: Q2 2027 Earnings Reported 9/8/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2027 Non-GAAP income from operations | Reported | 29.00 Mil | 29.50 Mil | 30.00 Mil | -23.4% | Lower New | Guidance: 38.50 Mil for Q2 2027 | |
| Q3 2027 Total revenue | Reported | 285.00 Mil | 286.00 Mil | 287.00 Mil | 0.4% | Higher New | Guidance: 285.00 Mil for Q2 2027 | |
| 2027 Enrolled Max Locations | Reported | 700 | 700 | |||||
| 2027 Non-GAAP income from operations | Reported | 152.00 Mil | 153.00 Mil | 154.00 Mil | 5.9% | Raised | Guidance: 144.50 Mil for 2027 | |
| 2027 Total revenue | Reported | 1.14 Bil | 1.14 Bil | 1.14 Bil | 0.6% | Raised | Guidance: 1.14 Bil for 2027 | |
Prior: Q1 2027 Earnings Reported 6/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2027 Non-GAAP income from operations | Reported | 38.00 Mil | 38.50 Mil | 39.00 Mil | 40.0% | Higher New | Guidance: 27.50 Mil for Q1 2027 | |
| Q2 2027 Total revenue | Reported | 284.00 Mil | 285.00 Mil | 286.00 Mil | 11.3% | Higher New | Guidance: 256.00 Mil for Q1 2027 | |
| 2027 Non-GAAP income from operations | Reported | 142.00 Mil | 144.50 Mil | 147.00 Mil | 10.7% | Raised | Guidance: 130.50 Mil for 2027 | |
| 2027 Total revenue | Reported | 1.13 Bil | 1.14 Bil | 1.14 Bil | 1.8% | Raised | Guidance: 1.11 Bil for 2027 | |
Q4 2026 Earnings Reported 3/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Non-GAAP income from operations | Reported | 27.00 Mil | 27.50 Mil | 28.00 Mil | 66.7% | Higher New | Guidance: 16.50 Mil for Q4 2026 | |
| Q1 2027 Total revenue | Reported | 255.00 Mil | 256.00 Mil | 257.00 Mil | 4.5% | Higher New | Guidance: 245.00 Mil for Q4 2026 | |
| 2027 Non-GAAP income from operations | Reported | 128.00 Mil | 130.50 Mil | 133.00 Mil | 56.3% | Higher New | Guidance: 83.50 Mil for 2026 | |
| 2027 Total revenue | Reported | 1.11 Bil | 1.11 Bil | 1.12 Bil | 17.1% | Higher New | Guidance: 952.00 Mil for 2026 | |
Q3 2026 Earnings Reported 12/4/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Non-GAAP income from operations | Reported | 16.00 Mil | 16.50 Mil | 17.00 Mil | 13.8% | Higher New | Guidance: 14.50 Mil for Q3 2026 | |
| Q4 2026 Revenue | Reported | 244.00 Mil | 245.00 Mil | 246.00 Mil | 2.9% | Higher New | Guidance: 238.00 Mil for Q3 2026 | |
| 2026 Non-GAAP income from operations | Reported | 83.00 Mil | 83.50 Mil | 84.00 Mil | 11.3% | Raised | Guidance: 75.00 Mil for 2026 | |
| 2026 Revenue | Reported | 951.00 Mil | 952.00 Mil | 953.00 Mil | 1.5% | Raised | Guidance: 937.50 Mil for 2026 | |
Insider Activity
Updated 8/13/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kuzoyan, Vahe | President | the K-A Family Trust dated December 6, 2021 | Sell | 8132026 | 88.95 | 16,388 | Form | ||
| 2 | Kuzoyan, Vahe | President | the K-A Family Trust dated December 6, 2021 | Sell | 8132026 | 88.84 | 114,732 | Form | ||
| 3 | Mahdessian, Ara | Chief Executive Officer | the AMKE Trust dated February 1, 2019 | Sell | 8052026 | 84.89 | 38,287 | Form | ||
| 4 | Mahdessian, Ara | Chief Executive Officer | the AMKE Trust dated February 1, 2019 | Sell | 8052026 | 84.75 | 49,766 | Form | ||
| 5 | Deeter, Byron B | See Footnotes | Sell | 7172026 | 0.00 | 0 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kuzoyan, Vahe | President | the K-A Family Trust dated December 6, 2021 | Sell | 8132026 | 88.95 | 16,388 | Form | ||
| 2 | Kuzoyan, Vahe | President | the K-A Family Trust dated December 6, 2021 | Sell | 8132026 | 88.84 | 114,732 | Form | ||
| 3 | Mahdessian, Ara | Chief Executive Officer | the AMKE Trust dated February 1, 2019 | Sell | 8052026 | 84.89 | 38,287 | Form | ||
| 4 | Mahdessian, Ara | Chief Executive Officer | the AMKE Trust dated February 1, 2019 | Sell | 8052026 | 84.75 | 49,766 | Form | ||
| 5 | Deeter, Byron B | See Footnotes | Sell | 7172026 | 0.00 | 0 | Form | |||
| 6 | Deeter, Byron B | See Footnotes | Sell | 7172026 | 0.00 | 0 | Form | |||
| 7 | Sherry, David | Chief Financial Officer | Direct | Sell | 7162026 | 79.31 | 2,276 | 180,510 | 31,387,468 | Form |
| 8 | Deeter, Byron B | See Footnotes | Sell | 7162026 | 0.00 | 0 | Form | |||
| 9 | Deeter, Byron B | See Footnotes | Sell | 7162026 | 0.00 | 0 | Form | |||
| 10 | Deeter, Byron B | See Footnotes | Sell | 7142026 | 0.00 | 0 | Form | |||
| 11 | Deeter, Byron B | See Footnotes | Sell | 7142026 | 0.00 | 0 | Form | |||
| 12 | Deeter, Byron B | See Footnotes | Sell | 7102026 | 0.00 | 0 | Form | |||
| 13 | Deeter, Byron B | See Footnotes | Sell | 7102026 | 0.00 | 0 | Form | |||
| 14 | Mahdessian, Ara | Chief Executive Officer | the AMKE Trust dated February 1, 2019 | Sell | 7082026 | 80.98 | 51,947 | Form | ||
| 15 | O'Connor, Michele | Chief Accounting Officer | Direct | Sell | 7082026 | 80.93 | 4,910 | 397,366 | 5,800,739 | Form |
| 16 | Deeter, Byron B | See Footnotes | Sell | 7072026 | 0.00 | 0 | Form | |||
| 17 | Deeter, Byron B | See Footnotes | Sell | 7072026 | 0.00 | 0 | Form | |||
| 18 | Deeter, Byron B | See Footnotes | Sell | 7072026 | 0.00 | 0 | Form | |||
| 19 | Deeter, Byron B | See Footnotes | Sell | 7022026 | 0.00 | 0 | Form | |||
| 20 | Deeter, Byron B | See Footnotes | Sell | 7022026 | 0.00 | 0 | Form | |||
| 21 | Deeter, Byron B | See Footnotes | Sell | 6302026 | 0.00 | 0 | Form | |||
| 22 | Deeter, Byron B | See Footnotes | Sell | 6302026 | 0.00 | 0 | Form | |||
| 23 | Deeter, Byron B | Direct | Sell | 6252026 | 65.26 | 8,845 | 577,225 | 322,189 | Form | |
| 24 | Deeter, Byron B | Direct | Sell | 6252026 | 63.35 | 8,845 | 560,331 | 873,090 | Form | |
| 25 | Griffith, William JG | ICONIQ Strategic Partners V, L.P. | Sell | 6242026 | 63.43 | 40,329 | 2,558,003 | 28,112,785 | Form | |
| 26 | Griffith, William JG | ICONIQ Strategic Partners V-B, L.P. | Sell | 6242026 | 63.43 | 54,086 | 3,430,587 | 37,702,137 | Form | |
| 27 | Iconiq, Strategic Partners V, LP | ICONIQ Strategic Partners V, L.P. | Sell | 6242026 | 63.43 | 40,329 | 2,558,003 | 28,112,785 | Form | |
| 28 | Iconiq, Strategic Partners V, LP | ICONIQ Strategic Partners V-B, L.P. | Sell | 6242026 | 63.43 | 54,086 | 3,430,587 | 37,702,137 | Form | |
| 29 | Griffith, William JG | ICONIQ Strategic Partners V, L.P. | Sell | 6242026 | 63.01 | 85 | 5,356 | 30,468,486 | Form | |
| 30 | Griffith, William JG | ICONIQ Strategic Partners V-B, L.P. | Sell | 6242026 | 63.01 | 115 | 7,246 | 40,861,418 | Form | |
| 31 | Iconiq, Strategic Partners V, LP | Direct | Sell | 6242026 | 63.01 | 85 | 5,356 | 30,468,486 | Form | |
| 32 | Iconiq, Strategic Partners V, LP | ICONIQ Strategic Partners V-B, L.P. | Sell | 6242026 | 63.01 | 115 | 7,246 | 40,861,418 | Form | |
| 33 | Mahdessian, Ara | Chief Executive Officer | Direct | Sell | 6172026 | 66.19 | 3,028 | 200,440 | 116 | Form |
| 34 | Kuzoyan, Vahe | President | Direct | Sell | 6172026 | 66.19 | 3,208 | 212,338 | 83 | Form |
| 35 | Sherry, David | Chief Financial Officer | Direct | Sell | 6172026 | 66.19 | 20,192 | 1,336,542 | 26,345,788 | Form |
| 36 | O'Connor, Michele | Chief Accounting Officer | Direct | Sell | 6172026 | 66.19 | 5,304 | 351,105 | 5,069,227 | Form |
| 37 | Deeter, Byron B | See footnote | Sell | 6152026 | 0.00 | 0 | Form | |||
| 38 | O'Connor, Michele | Chief Accounting Officer | Direct | Sell | 6102026 | 69.14 | 10,000 | 691,400 | 5,661,909 | Form |
| 39 | O'Connor, Michele | Chief Accounting Officer | Direct | Sell | 4132026 | 58.93 | 5,000 | 294,650 | 4,680,014 | Form |
| 40 | Mahdessian, Ara | Chief Executive Officer | Direct | Sell | 3182026 | 69.86 | 2,288 | 159,875 | 70 | Form |
| 41 | Kuzoyan, Vahe | President | Direct | Sell | 3182026 | 69.86 | 3,220 | 224,984 | 87 | Form |
| 42 | Sherry, David | Chief Financial Officer | Direct | Sell | 3182026 | 69.86 | 17,778 | 1,241,936 | 21,867,944 | Form |
| 43 | O'Connor, Michele | Chief Accounting Officer | Direct | Sell | 3182026 | 69.86 | 5,154 | 360,076 | 5,897,337 | Form |
| 44 | Sherry, David | Chief Financial Officer | Direct | Sell | 1222026 | 88.26 | 145 | 12,798 | 29,196,651 | Form |
| 45 | Sherry, David | Chief Financial Officer | Direct | Sell | 1222026 | 91.30 | 833 | 76,055 | 30,216,404 | Form |
| 46 | Mahdessian, Ara | Chief Executive Officer | Direct | Sell | 1152026 | 92.49 | 32,000 | 2,959,680 | 46 | Form |
| 47 | Mahdessian, Ara | Chief Executive Officer | Direct | Sell | 1152026 | 98.50 | 32,000 | 3,152,000 | 49 | Form |
| 48 | Kuzoyan, Vahe | President | Direct | Sell | 1072026 | 99.73 | 16,388 | 1,634,375 | 75 | Form |
| 49 | Kuzoyan, Vahe | President | Direct | Sell | 1072026 | 100.62 | 16,388 | 1,649,026 | 75 | Form |
| 50 | Deeter, Byron B | See footnote | Sell | 12232025 | 0.00 | 0 | Form | |||
| 51 | Deeter, Byron B | See footnote | Sell | 12232025 | 0.00 | 0 | Form | |||
| 52 | Deeter, Byron B | See footnote | Sell | 12192025 | 0.00 | 0 | Form | |||
| 53 | Deeter, Byron B | See footnote | Sell | 12192025 | 0.00 | 0 | Form | |||
| 54 | Kuzoyan, Vahe | President | Direct | Sell | 12182025 | 105.30 | 3,038 | 319,954 | 79 | Form |
| 55 | Mahdessian, Ara | Chief Executive Officer | Direct | Sell | 12182025 | 105.30 | 3,038 | 319,954 | 53 | Form |
| 56 | Sherry, David | Chief Financial Officer | Direct | Sell | 12182025 | 105.30 | 11,672 | 1,229,062 | 34,936,513 | Form |
| 57 | O'Connor, Michele | Chief Accounting Officer | Direct | Sell | 12182025 | 105.30 | 1,678 | 176,667 | 9,431,800 | Form |
| 58 | Kuzoyan, Vahe | President | Direct | Sell | 12172025 | 103.99 | 16,388 | 1,704,188 | 26 | Form |
| 59 | Kuzoyan, Vahe | President | Direct | Sell | 12172025 | 102.82 | 16,388 | 1,685,014 | 26 | Form |
| 60 | Mahdessian, Ara | Chief Executive Officer | the AMKE Trust dated February 1, 2019 | Sell | 12112025 | 106.85 | 42,666 | Form | ||
| 61 | Mahdessian, Ara | Chief Executive Officer | the AMKE Trust dated February 1, 2019 | Sell | 12112025 | 107.56 | 88,525 | Form | ||
| 62 | Deeter, Byron B | See footnote | Sell | 12102025 | 0.00 | 0 | Form | |||
| 63 | O'Connor, Michele | Chief Accounting Officer | Direct | Sell | 12102025 | 104.25 | 2,500 | 260,625 | 9,512,656 | Form |
| 64 | Deeter, Byron B | See footnote | Sell | 12102025 | 0.00 | 0 | Form | |||
| 65 | Sherry, David | Chief Financial Officer | Direct | Sell | 12042025 | 92.79 | 833 | 77,294 | 31,868,981 | Form |
| 66 | Sherry, David | Chief Financial Officer | Direct | Sell | 12042025 | 90.05 | 833 | 75,012 | 31,002,932 | Form |
| 67 | Sherry, David | Chief Financial Officer | Direct | Sell | 11192025 | 85.69 | 833 | 71,380 | 29,573,226 | Form |
| 68 | Sherry, David | Chief Financial Officer | Direct | Sell | 11192025 | 86.20 | 833 | 71,805 | 29,821,041 | Form |
| 69 | Kuzoyan, Vahe | President | Direct | Sell | 11132025 | 92.52 | 16,388 | 1,516,218 | 23 | Form |
| 70 | Kuzoyan, Vahe | President | Direct | Sell | 11132025 | 92.03 | 16,388 | 1,508,188 | 23 | Form |
| 71 | Mahdessian, Ara | Chief Executive Officer | the AMKE Trust dated February 1, 2019 | Sell | 11062025 | 91.40 | 46,542 | Form | ||
| 72 | Mahdessian, Ara | Chief Executive Officer | the AMKE Trust dated February 1, 2019 | Sell | 11062025 | 91.72 | 14,263 | Form | ||
| 73 | Sherry, David | Chief Financial Officer | Direct | Sell | 10222025 | 96.39 | 853 | 82,221 | 33,426,582 | Form |
| 74 | Sherry, David | Chief Financial Officer | Direct | Sell | 10222025 | 93.04 | 833 | 77,502 | 32,344,216 | Form |
| 75 | Mahdessian, Ara | Chief Executive Officer | the AMKE Trust dated February 1, 2019 | Sell | 10152025 | 96.03 | 32,000 | Form | ||
| 76 | Mahdessian, Ara | Chief Executive Officer | the AMKE Trust dated February 1, 2019 | Sell | 10152025 | 97.85 | 32,000 | Form | ||
| 77 | Deeter, Byron B | See footnote | Sell | 10142025 | 0.00 | 0 | Form | |||
| 78 | Bessemer, Venture Partners Viii LP | See footnote | Sell | 10142025 | 101.33 | 492 | 49,854 | 718,408,927 | Form | |
| 79 | Deeter, Byron B | See footnote | Sell | 10142025 | 0.00 | 0 | Form | |||
| 80 | Bessemer, Venture Partners Viii LP | See footnote | Sell | 10142025 | 101.37 | 40,763 | 4,132,145 | 718,742,393 | Form | |
| 81 | Kuzoyan, Vahe | President | Direct | Sell | 10092025 | 100.74 | 16,388 | 1,650,927 | 25 | Form |
| 82 | Kuzoyan, Vahe | President | Direct | Sell | 10092025 | 99.95 | 16,388 | 1,637,981 | 25 | Form |
| 83 | Kuzoyan, Vahe | President | Direct | Sell | 9252025 | 104.81 | 16,690 | 1,749,279 | 26 | Form |
| 84 | Kuzoyan, Vahe | President | Direct | Sell | 9252025 | 107.83 | 16,504 | 1,779,626 | 27 | Form |
| 85 | Deeter, Byron B | See footnote | Sell | 9232025 | 0.00 | 0 | Form | |||
| 86 | Bessemer, Venture Partners Viii LP | See footnote | Sell | 9232025 | 118.21 | 28,245 | 3,338,944 | 842,987,271 | Form | |
| 87 | Bessemer, Venture Partners Viii LP | See footnote | Sell | 9182025 | 117.32 | 7,039 | 825,815 | 839,928,489 | Form | |
| 88 | Deeter, Byron B | See footnote | Sell | 9182025 | 0.00 | 0 | Form | |||
| 89 | Kuzoyan, Vahe | President | Direct | Sell | 9182025 | 116.04 | 3,059 | 354,937 | 29 | Form |
| 90 | Mahdessian, Ara | Chief Executive Officer | Direct | Sell | 9182025 | 116.04 | 3,059 | Form | ||
| 91 | Sherry, David | Chief Financial Officer | Direct | Sell | 9182025 | 116.04 | 11,746 | 1,363,064 | 40,373,536 | Form |
| 92 | O'Connor, Michele | Chief Accounting Officer | Direct | Sell | 9182025 | 116.05 | 5,188 | 602,051 | 10,879,208 | Form |
| 93 | Bessemer, Venture Partners Viii LP | See footnote | Sell | 9182025 | 117.18 | 57,688 | 6,759,880 | 839,751,018 | Form | |
| 94 | Deeter, Byron B | See footnote | Sell | 9182025 | 0.00 | 0 | Form | |||
| 95 | Deeter, Byron B | See footnote | Sell | 9162025 | 0.00 | 0 | Form | |||
| 96 | Bessemer, Venture Partners Viii LP | See footnote | Sell | 9162025 | 117.13 | 9,495 | 1,112,149 | 846,149,697 | Form | |
| 97 | Bessemer, Venture Partners Viii LP | See footnote | Sell | 9122025 | 117.10 | 7,048 | 825,307 | 847,030,374 | Form | |
| 98 | Deeter, Byron B | See footnote | Sell | 9122025 | 0.00 | 0 | Form | |||
| 99 | Bessemer, Venture Partners Viii LP | See footnote | Sell | 9122025 | 117.53 | 14,579 | 1,713,478 | 850,987,470 | Form | |
| 100 | Deeter, Byron B | See footnote | Sell | 9122025 | 0.00 | 0 | Form | |||
| 101 | Mahdessian, Ara | Chief Executive Officer | the AMKE Trust dated February 1, 2019 | Sell | 9112025 | 116.01 | 42,666 | Form | ||
| 102 | Mahdessian, Ara | Chief Executive Officer | the AMKE Trust dated February 1, 2019 | Sell | 9112025 | 118.42 | 42,666 | Form | ||
| 103 | Deeter, Byron B | See footnote | Sell | 9102025 | 0.00 | 0 | Form | |||
| 104 | Bessemer, Venture Partners Viii LP | See footnote | Sell | 9102025 | 118.89 | 340,633 | 40,497,925 | 862,565,502 | Form | |
| 105 | Deeter, Byron B | See footnote | Sell | 9102025 | 0.00 | 0 | Form | |||
| 106 | Bessemer, Venture Partners Viii LP | See footnote | Sell | 9102025 | 117.79 | 370,557 | 43,649,326 | 894,735,625 | Form | |
| 107 | Sherry, David | Chief Financial Officer | Direct | Sell | 9042025 | 102.96 | 1,499 | 154,337 | 37,032,061 | Form |
| 108 | Sherry, David | Chief Financial Officer | Direct | Sell | 9042025 | 103.90 | 1,499 | 155,746 | 37,525,901 | Form |
| 109 | Mahdessian, Ara | Chief Executive Officer | the AMKE Trust dated February 1, 2019 | Sell | 8212025 | 103.71 | 45,185 | Form | ||
| 110 | Mahdessian, Ara | Chief Executive Officer | the AMKE Trust dated February 1, 2019 | Sell | 8212025 | 102.71 | 40,147 | Form | ||
| 111 | Sherry, David | Chief Financial Officer | Direct | Sell | 8132025 | 98.60 | 1,499 | 147,801 | 35,759,484 | Form |
| 112 | Sherry, David | Chief Financial Officer | Direct | Sell | 8132025 | 100.33 | 1,499 | 150,395 | 36,537,302 | Form |
| 113 | Kuzoyan, Vahe | President | Direct | Sell | 8062025 | 112.02 | 24,582 | Form | ||
| 114 | Kuzoyan, Vahe | President | Direct | Sell | 8062025 | 114.46 | 24,598 | Form |
Investor Activity (13F)
Updated Sep 9, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Deer Management Co. LLC | $321.6 Mil | 51.7% | 10 | TRIM -12.6% | 13F |
| Battery Management Corp. | $209.4 Mil | 49.2% | 5 | Hold | 13F |
| ICONIQ Capital, LLC | $731.5 Mil | 16.4% | 96 | Hold | 13F |
| Cypress Point Investment Management LP | $25.6 Mil | 6.0% | 32 | ADD +1091.7% | 13F |
| Greenoaks Capital Partners LLC | $79.0 Mil | 3.4% | 10 | TRIM -19.8% | 13F |
| Scge Management, L.P. | $78.0 Mil | 2.4% | 21 | Hold | 13F |
| Dragoneer Investment Group, LLC | $63.5 Mil | 2.1% | 17 | Hold | 13F |
| No Street GP LP | $25.7 Mil | 1.7% | 31 | New | 13F |
| Sands Capital Alternatives, LLC | $5.7 Mil | 1.4% | 21 | Hold | 13F |
| Generation Investment Management LLP | $111.1 Mil | 1.0% | 29 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| ICONIQ Capital, LLC | $731.5 Mil | 16.4% | 96 | Hold | 13F |
| Deer Management Co. LLC | $321.6 Mil | 51.7% | 10 | TRIM -12.6% | 13F |
| Battery Management Corp. | $209.4 Mil | 49.2% | 5 | Hold | 13F |
| Generation Investment Management LLP | $111.1 Mil | 1.0% | 29 | Hold | 13F |
| Greenoaks Capital Partners LLC | $79.0 Mil | 3.4% | 10 | TRIM -19.8% | 13F |
| Scge Management, L.P. | $78.0 Mil | 2.4% | 21 | Hold | 13F |
| Dragoneer Investment Group, LLC | $63.5 Mil | 2.1% | 17 | Hold | 13F |
| No Street GP LP | $25.7 Mil | 1.7% | 31 | New | 13F |
| Cypress Point Investment Management LP | $25.6 Mil | 6.0% | 32 | ADD +1091.7% | 13F |
| Sands Capital Alternatives, LLC | $5.7 Mil | 1.4% | 21 | Hold | 13F |
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