Granahan Investment Management LLC Sells 638,079 Shares of Toast, Inc. $TOST

Granahan Investment Management LLC trimmed its holdings in shares of Toast, Inc. (NYSE:TOST) by 61.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 399,067 shares of the company’s stock after selling 638,079 shares during the quarter. Granahan Investment Management LLC’s holdings in Toast were worth $10,579,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in TOST. Bayban purchased a new stake in Toast during the fourth quarter valued at approximately $25,000. SHP Wealth Management purchased a new position in shares of Toast in the 4th quarter worth approximately $29,000. Strive Financial Group LLC purchased a new position in shares of Toast in the 4th quarter worth approximately $29,000. Silicon Valley Capital Partners purchased a new position in shares of Toast in the 4th quarter worth approximately $36,000. Finally, Quadrant Capital Group LLC increased its position in shares of Toast by 2,083.3% during the 4th quarter. Quadrant Capital Group LLC now owns 1,048 shares of the company’s stock valued at $37,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors own 82.91% of the company’s stock.

Wall Street Analysts Forecast Growth

TOST has been the topic of several recent research reports. Rothschild & Co Redburn restated a “neutral” rating and set a $35.00 price target on shares of Toast in a report on Tuesday, May 12th. Morgan Stanley set a $45.00 price objective on shares of Toast in a research note on Friday, May 8th. The Goldman Sachs Group upgraded shares of Toast from a “neutral” rating to a “buy” rating and set a $36.00 price objective on the stock in a research report on Thursday, July 9th. Robert W. Baird increased their target price on shares of Toast from $30.00 to $33.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Finally, BMO Capital Markets restated an “outperform” rating on shares of Toast in a report on Monday, June 1st. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $37.08.

Toast Stock Performance

Shares of NYSE TOST opened at $29.07 on Friday. The business’s 50 day moving average price is $26.56 and its 200-day moving average price is $28.05. Toast, Inc. has a fifty-two week low of $22.26 and a fifty-two week high of $49.66. The company has a market cap of $15.00 billion, a price-to-earnings ratio of 44.72 and a beta of 1.74.

Toast (NYSE:TOST) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.08). Toast had a return on equity of 20.86% and a net margin of 6.39%.The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the prior year, the business posted $0.09 earnings per share. Toast’s revenue was up 21.9% on a year-over-year basis. Sell-side analysts predict that Toast, Inc. will post 0.97 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Aman Narang sold 14,365 shares of Toast stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total transaction of $414,430.25. Following the completion of the sale, the chief executive officer directly owned 70,451 shares in the company, valued at approximately $2,032,511.35. This trade represents a 16.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Elena Gomez sold 11,605 shares of the business’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total transaction of $334,804.25. Following the sale, the chief financial officer directly owned 185,150 shares of the company’s stock, valued at $5,341,577.50. This represents a 5.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 159,265 shares of company stock valued at $4,278,832. Insiders own 10.03% of the company’s stock.

Toast Profile

Toast, Inc (NYSE: TOST) is a technology company that builds a cloud-based platform for restaurants and other foodservice businesses. Headquartered in Boston, Massachusetts, Toast offers integrated point-of-sale (POS) systems and a suite of software and hardware designed to streamline front-of-house and back-of-house operations. The company went public in 2021 and has positioned itself as a vertically integrated provider for the restaurant industry.

Toast’s product portfolio includes touchscreen POS terminals and handheld order-and-pay devices, kitchen display systems, and peripherals tailored for high-volume foodservice environments.