Abdiel Capital Advisors LP Has $119.56 Million Position in Toast, Inc. $TOST

Key Points

• Abdiel Capital Advisors LP reduced its holdings in Toast, Inc. by 5.9% in Q1, now owning approximately 3.6 million shares, valued at $119.5 million, making it the 5th largest position in their portfolio.
• Toast's CEO and CFO sold shares on July 2nd, resulting in significant decreases in their ownership, with the CEO now holding 302,498 shares worth about $12.9 million.
• Toast's stock is experiencing volatility, with a current market cap of $22.35 billion and reports a quarterly earnings miss, suggesting mixed investor sentiment and analyst ratings.

Abdiel Capital Advisors LP decreased its holdings in shares of Toast, Inc. (NYSE:TOST - Free Report) by 5.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,604,479 shares of the company's stock after selling 224,991 shares during the quarter. Toast accounts for approximately 12.3% of Abdiel Capital Advisors LP's investment portfolio, making the stock its 5th largest position. Abdiel Capital Advisors LP owned 0.72% of Toast worth $119,561,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of TOST. Tower Research Capital LLC TRC increased its stake in shares of Toast by 800.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,412 shares of the company's stock valued at $161,000 after buying an additional 3,922 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Toast by 5.9% during the 4th 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 in the last quarter. Comerica Bank boosted its holdings in shares of Toast by 303.1% during the 4th quarter. Comerica Bank now owns 34,378 shares of the company's stock worth $1,253,000 after buying an additional 25,850 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Toast by 1,801.5% in the 4th quarter. Ameriprise Financial Inc. now owns 487,090 shares of the company's stock worth $17,754,000 after purchasing an additional 461,474 shares in the last quarter. Finally, BNP Paribas Financial Markets bought a new position in shares of Toast in the 4th quarter worth $83,684,000. Institutional investors and hedge funds own 82.91% of the company's stock.

Insider Transactions at Toast

In other Toast news, CEO Aman Narang sold 13,829 shares of the stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $42.59, for a total value of $588,977.11. Following the completion of the sale, the chief executive officer directly owned 302,498 shares in the company, valued at approximately $12,883,389.82. This trade represents a 4.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Elena Gomez sold 34,170 shares of the company's stock in a transaction dated Wednesday, July 2nd. The stock was 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 in the company, valued at $5,931,033.92. The trade was a 19.69% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 105,554 shares of company stock worth $4,553,686. Company insiders own 12.14% of the company's stock.

Toast Stock Down 2.8%

Shares of TOST opened at $43.82 on Wednesday. The stock has a market cap of $22.35 billion, a price-to-earnings ratio of 128.88 and a beta of 2.00. The business has a 50-day simple moving average of $44.95 and a two-hundred day simple moving average of $40.38. Toast, Inc. has a 52 week low of $22.91 and a 52 week high of $49.66.

Toast (NYSE:TOST - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.10). The firm had revenue of $1.55 billion for the quarter, compared to analysts' expectations of $1.52 billion. Toast had a net margin of 4.07% and a return on equity of 14.19%. The business's quarterly revenue was up 24.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.02 EPS. On average, equities analysts anticipate that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. The Goldman Sachs Group increased their price target on Toast from $45.00 to $51.00 and gave the company a "neutral" rating in a research report on Wednesday, August 6th. Wall Street Zen upgraded Toast from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Morgan Stanley raised their target price on Toast from $50.00 to $54.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. Jefferies Financial Group lifted their price target on Toast from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Finally, Keefe, Bruyette & Woods raised their price objective on Toast from $47.00 to $50.00 and gave the company a "market perform" rating in a report 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.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $45.54.

About Toast

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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