AlTi Global Inc. Buys New Holdings in Toast, Inc. $TOST

AlTi Global Inc. bought a new stake in Toast, Inc. (NYSE:TOST) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 5,969 shares of the company’s stock, valued at approximately $264,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TOST. Principal Financial Group Inc. increased its position in Toast by 14,258.8% in the 1st quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company’s stock valued at $181,587,000 after buying an additional 5,436,317 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Toast by 17.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 23,454,209 shares of the company’s stock valued at $777,978,000 after buying an additional 3,490,686 shares in the last quarter. 1832 Asset Management L.P. bought a new stake in Toast in the 1st quarter valued at about $86,650,000. HMI Capital Management L.P. boosted its stake in Toast by 57.7% during the 1st quarter. HMI Capital Management L.P. now owns 5,203,183 shares of the company’s stock valued at $172,590,000 after purchasing an additional 1,904,040 shares during the last quarter. Finally, Nuveen LLC acquired a new position in Toast during the 1st quarter valued at about $56,473,000. 82.91% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on TOST shares. Truist Financial set a $47.00 price target on Toast in a research note on Friday. Deutsche Bank Aktiengesellschaft started coverage on Toast in a research note on Thursday, July 17th. They set a “buy” rating and a $54.00 price target for the company. JPMorgan Chase & Co. lifted their price target on Toast from $42.00 to $52.00 and gave the company a “neutral” rating in a research note on Wednesday, August 6th. Wells Fargo & Company upgraded Toast to a “strong-buy” rating in a research note on Wednesday. Finally, Barclays reiterated an “overweight” rating on shares of Toast in a research note on Wednesday, July 16th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, Toast currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.17.

Toast Trading Down 1.2%

Toast stock opened at $38.32 on Friday. Toast, Inc. has a 12 month low of $28.12 and a 12 month high of $49.66. The business’s 50 day simple moving average is $39.70 and its 200 day simple moving average is $41.20. The company has a market cap of $19.54 billion, a price-to-earnings ratio of 112.71 and a beta of 1.94.

Toast (NYSE:TOST) last posted its earnings results on Tuesday, August 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.10). The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Toast had a return on equity of 14.19% and a net margin of 4.07%.The company’s revenue was up 24.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.02 EPS. As a group, equities research analysts forecast that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Elena Gomez sold 9,054 shares of the stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $35.56, for a total value of $321,960.24. Following the transaction, the chief financial officer owned 149,572 shares of the company’s stock, valued at $5,318,780.32. This represents a 5.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Brian R. Elworthy sold 4,987 shares of the stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total value of $177,337.72. Following the completion of the transaction, the general counsel directly owned 227,924 shares in the company, valued at approximately $8,104,977.44. This represents a 2.14% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 62,196 shares of company stock valued at $2,398,513 in the last ninety days. 12.14% of the stock is owned by insiders.

Toast Company Profile

Toast, Inc operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, and India. The company offers software products for restaurant operations and point of sale, such as Toast POS, Toast now, multi-location management, kitchen display system, Toast mobile order and pay, Toast catering and events, Toast invoicing, Toast tables, and restaurant retail; and hardware products, including Toast flex, Toast flex for guest, Toast go 2, Toast tap, kiosks, and Delphi by Toast.