12 West Capital Management LP Trims Stock Holdings in Toast, Inc. $TOST

Key Points

• 12 West Capital Management LP has reduced its stake in Toast, Inc. ($TOST) by 42.7%, now holding 1,762,840 shares worth approximately $58.5 million.
• In the fourth quarter, several institutional investors increased their positions in Toast, including Ameriprise Financial, which boosted its stake by 1,801.5% to 487,090 shares.
• Toast's recent earnings report showed a 24.8% year-over-year revenue increase, but the company reported earnings per share of $0.13, missing consensus estimates by $0.10.

12 West Capital Management LP lowered its stake in Toast, Inc. (NYSE:TOST - Free Report) by 42.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,762,840 shares of the company's stock after selling 1,312,000 shares during the period. Toast makes up approximately 8.6% of 12 West Capital Management LP's investment portfolio, making the stock its 5th biggest position. 12 West Capital Management LP owned 0.35% of Toast worth $58,473,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TOST. Tower Research Capital LLC TRC boosted its holdings in shares of Toast by 800.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,412 shares of the company's stock worth $161,000 after purchasing an additional 3,922 shares during the period. AQR Capital Management LLC lifted its position in Toast by 5.9% in the fourth quarter. AQR Capital Management LLC now owns 201,928 shares of the company's stock worth $7,360,000 after buying an additional 11,307 shares during the last quarter. Comerica Bank boosted its stake in Toast by 303.1% during the fourth quarter. Comerica Bank now owns 34,378 shares of the company's stock worth $1,253,000 after buying an additional 25,850 shares during the period. Ameriprise Financial Inc. boosted its stake in Toast by 1,801.5% during the fourth quarter. Ameriprise Financial Inc. now owns 487,090 shares of the company's stock worth $17,754,000 after buying an additional 461,474 shares during the period. Finally, BNP Paribas Financial Markets bought a new position in Toast during the fourth quarter valued at $83,684,000. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Toast

In other news, President Stephen Fredette sold 7,647 shares of the firm's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $42.59, for a total transaction of $325,685.73. Following the transaction, the president owned 889,017 shares in the company, valued at approximately $37,863,234.03. This trade represents a 0.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Elena Gomez sold 34,170 shares of Toast stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $42.56, for a total value of $1,454,275.20. Following the completion of the sale, the chief financial officer owned 139,357 shares of the company's stock, valued at $5,931,033.92. The trade was a 19.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 105,554 shares of company stock worth $4,553,686. Insiders own 12.14% of the company's stock.

Toast Stock Performance

Toast stock opened at $43.82 on Wednesday. The company has a market capitalization of $22.35 billion, a PE ratio of 128.88 and a beta of 2.00. The company has a 50 day moving average price of $44.95 and a 200-day moving average price of $40.38. Toast, Inc. has a fifty-two week low of $22.91 and a fifty-two week high of $49.66.

Toast (NYSE:TOST - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.52 billion. Toast had a return on equity of 14.19% and a net margin of 4.07%.The firm's revenue for the quarter was up 24.8% compared to the same quarter last year. During the same period last year, the company earned $0.02 EPS. On average, analysts forecast that Toast, Inc. will post 0.39 earnings per share for the current year.

Wall Street Analysts Forecast Growth

TOST has been the subject of several analyst reports. Barclays restated an "overweight" rating on shares of Toast in a report on Wednesday, July 16th. Jefferies Financial Group raised their price objective on shares of Toast from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. JPMorgan Chase & Co. boosted their target price on Toast from $42.00 to $52.00 and gave the company a "neutral" rating in a research report on Wednesday, August 6th. Wells Fargo & Company assumed coverage on Toast in a research note on Wednesday, July 16th. They set a "buy" rating on the stock. Finally, Keefe, Bruyette & Woods raised their price target on Toast from $47.00 to $50.00 and gave the stock a "market perform" rating in a research note on Wednesday, August 6th. Fifteen research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $45.54.

Toast 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.

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