Brasada Capital Management LP Buys 103,903 Shares of Toast, Inc. $TOST

Key Points

• Brasada Capital Management LP increased its holdings in Toast, Inc. by 799.3%, acquiring an additional 103,903 shares during the first quarter, bringing its total ownership to 116,903 shares valued at approximately $3.88 million.
• Toast, Inc. reported earnings of $0.13 per share for the last quarter, missing consensus estimates of $0.23, but saw a 24.8% year-over-year revenue increase to $1.55 billion.
• Analysts maintain a positive outlook on Toast, with the stock having an average rating of "Moderate Buy" and target prices ranging from $50 to $54 by various firms, including Goldman Sachs and Deutsche Bank.

Brasada Capital Management LP raised its position in shares of Toast, Inc. (NYSE:TOST - Free Report) by 799.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 116,903 shares of the company's stock after acquiring an additional 103,903 shares during the quarter. Brasada Capital Management LP's holdings in Toast were worth $3,878,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. grew its position in Toast by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 43,945,584 shares of the company's stock worth $1,457,675,000 after purchasing an additional 1,471,352 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings 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 worth $777,978,000 after acquiring an additional 3,490,686 shares during the period. T. Rowe Price Investment Management Inc. raised its position in shares of Toast by 7.5% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 15,520,360 shares of the company's stock valued at $514,811,000 after purchasing an additional 1,082,958 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Toast by 2.9% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,755,872 shares of the company's stock worth $190,922,000 after purchasing an additional 160,088 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Toast by 14,258.8% in the first quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company's stock worth $181,587,000 after purchasing an additional 5,436,317 shares in the last quarter. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Toast

In related news, Director Richard Kent Bennett sold 9,712 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $43.14, for a total transaction of $418,975.68. Following the completion of the transaction, the director directly owned 534,167 shares in the company, valued at approximately $23,043,964.38. The trade was a 1.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Aman Narang sold 13,829 shares of the business's stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 302,498 shares in the company, valued at approximately $12,883,389.82. This represents a 4.37% 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. 12.14% of the stock is owned by company insiders.

Toast Price Performance

Shares of Toast stock traded down $1.22 on Wednesday, hitting $42.57. 15,358,975 shares of the company's stock traded hands, compared to its average volume of 7,352,810. The company has a fifty day moving average of $44.95 and a two-hundred day moving average of $40.38. Toast, Inc. has a one year low of $22.91 and a one year high of $49.66. The company has a market capitalization of $21.71 billion, a price-to-earnings ratio of 125.21 and a beta of 2.00.

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

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on TOST. JPMorgan Chase & Co. lifted their price target on Toast from $42.00 to $52.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. The Goldman Sachs Group boosted their price target on shares of Toast from $45.00 to $51.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. Needham & Company LLC upped their price objective on shares of Toast from $50.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Morgan Stanley increased their price target on shares of Toast from $50.00 to $54.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Finally, Jefferies Financial Group upped their target price on shares of Toast from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Fifteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat, Toast currently has a consensus rating of "Moderate Buy" and a consensus price target of $45.54.

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.