Lead Edge Capital Management LLC Buys New Position in Toast, Inc. $TOST

Lead Edge Capital Management LLC bought a new position in shares of Toast, Inc. (NYSE:TOST) in the 1st quarter, Holdings Channel reports. The fund bought 1,306,362 shares of the company’s stock, valued at approximately $34,632,000. Toast accounts for 8.5% of Lead Edge Capital Management LLC’s portfolio, making the stock its 6th largest position.

A number of other hedge funds have also added to or reduced their stakes in the business. Renaissance Technologies LLC lifted its stake in Toast by 25.1% in the first quarter. Renaissance Technologies LLC now owns 4,321,437 shares of the company’s stock valued at $114,561,000 after buying an additional 867,509 shares during the period. Pale Fire Capital SE acquired a new stake in shares of Toast during the 1st quarter worth approximately $265,000. Aristides Capital LLC acquired a new stake in shares of Toast during the 1st quarter worth approximately $3,844,000. Lido Advisors LLC increased its stake in shares of Toast by 214.9% in the 1st quarter. Lido Advisors LLC now owns 121,208 shares of the company’s stock valued at $3,213,000 after acquiring an additional 82,714 shares in the last quarter. Finally, Globeflex Capital L P increased its stake in shares of Toast by 31.4% in the 1st quarter. Globeflex Capital L P now owns 162,251 shares of the company’s stock valued at $4,301,000 after acquiring an additional 38,805 shares in the last quarter. 82.91% of the stock is currently owned by institutional investors.

Insider Transactions at Toast

In other news, General Counsel Brian R. Elworthy sold 6,352 shares of the stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total value of $183,255.20. Following the completion of the sale, the general counsel owned 196,909 shares in the company, valued at $5,680,824.65. This represents a 3.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Jonathan Vassil sold 3,150 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $30.03, for a total transaction of $94,594.50. Following the transaction, the executive directly owned 69,966 shares in the company, valued at $2,101,078.98. The trade was a 4.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 159,265 shares of company stock worth $4,278,832. 10.03% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

TOST has been the topic of several research analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Toast in a research note on Wednesday, May 20th. Zacks Research cut shares of Toast from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. DA Davidson decreased their target price on Toast from $33.00 to $28.00 and set a “neutral” rating for the company in a research report on Tuesday, May 12th. Wall Street Zen lowered Toast from a “buy” rating to a “hold” rating in a report on Saturday, July 4th. Finally, UBS Group reduced their price objective on Toast from $40.00 to $34.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $37.08.

Toast Trading Up 2.3%

Shares of Toast stock opened at $29.07 on Friday. The stock has a fifty day simple moving average of $26.56 and a 200 day simple moving average of $28.05. Toast, Inc. has a 12-month low of $22.26 and a 12-month high of $49.66. The company has a market capitalization of $15.00 billion, a P/E ratio of 44.72 and a beta of 1.74.

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

Toast Company 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.