Toast, Inc. $TOST is Firsthand Capital Management Inc.’s 9th Largest Position

Firsthand Capital Management Inc. increased its stake in shares of Toast, Inc. (NYSE:TOST) by 50.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 60,000 shares of the company’s stock after purchasing an additional 20,000 shares during the period. Toast accounts for approximately 3.7% of Firsthand Capital Management Inc.’s investment portfolio, making the stock its 9th biggest position. Firsthand Capital Management Inc.’s holdings in Toast were worth $2,191,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TOST. Quent Capital LLC purchased a new stake in Toast during the 3rd quarter worth approximately $27,000. RiverPark Advisors LLC purchased a new position in shares of Toast in the second quarter valued at approximately $30,000. Alpine Bank Wealth Management acquired a new stake in shares of Toast in the third quarter worth approximately $30,000. Wolff Wiese Magana LLC acquired a new stake in shares of Toast in the third quarter worth approximately $37,000. Finally, Loomis Sayles & Co. L P purchased a new stake in shares of Toast during the second quarter worth approximately $42,000. 82.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. UBS Group set a $40.00 price objective on Toast in a research note on Friday, February 13th. Canaccord Genuity Group set a $37.00 target price on shares of Toast in a report on Friday, February 13th. Wolfe Research cut shares of Toast from an “outperform” rating to a “peer perform” rating in a research report on Thursday, January 8th. Stephens set a $42.00 price target on shares of Toast in a research note on Friday, January 16th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Toast in a research report on Monday, December 29th. Seventeen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $40.46.

Insiders Place Their Bets

In other news, President Stephen Fredette sold 4,866 shares of the stock in a transaction on Monday, January 5th. The stock was sold at an average price of $34.38, for a total transaction of $167,293.08. Following the completion of the transaction, the president directly owned 910,606 shares in the company, valued at approximately $31,306,634.28. This represents a 0.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CRO Jonathan Vassil sold 66,390 shares of the stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $35.86, for a total value of $2,380,745.40. Following the transaction, the executive owned 84,589 shares of the company’s stock, valued at approximately $3,033,361.54. This represents a 43.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 100,856 shares of company stock worth $3,540,449. Corporate insiders own 12.14% of the company’s stock.

Toast Stock Performance

TOST stock opened at $27.54 on Monday. Toast, Inc. has a one year low of $24.35 and a one year high of $49.66. The firm has a market cap of $14.43 billion, a PE ratio of 51.00 and a beta of 1.95. The firm’s 50 day moving average price is $30.45 and its 200-day moving average price is $34.79.

Toast (NYSE:TOST) last issued its quarterly earnings data on Thursday, February 12th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.08). The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.62 billion. Toast had a return on equity of 18.14% and a net margin of 5.56%.The company’s revenue was up 22.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.05 earnings per share. Equities research analysts predict that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Toast announced that its Board of Directors has authorized a share repurchase plan on Thursday, February 12th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

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.