Campbell Capital Management Inc. Purchases Shares of 276,315 Toast, Inc. $TOST

Key Points

• Campbell Capital Management purchased a new stake of 276,315 shares of Toast (NYSE:TOST) valued at about $9.81 million, making it the fund's 9th-largest holding and roughly 3.3% of its portfolio.
• Several large institutions (including AllianceBernstein, Jennison and Capital International) boosted positions, leaving institutional ownership at about 82.91%, while analysts show a consensus "Moderate Buy" rating with an average target of $39.48.
• Toast's latest quarter missed EPS expectations ($0.16 vs. $0.24) despite 22% revenue growth to $1.63 billion; insiders have sold roughly 46,030 shares (~$1.23M) in the past 90 days and retain about 12.14% ownership.

Campbell Capital Management Inc. purchased a new stake in shares of Toast, Inc. (NYSE:TOST - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 276,315 shares of the company's stock, valued at approximately $9,812,000. Toast comprises 3.3% of Campbell Capital Management Inc.'s investment portfolio, making the stock its 9th biggest holding. Campbell Capital Management Inc. owned 0.05% of Toast at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in TOST. Alliancebernstein L.P. grew its stake in Toast by 2,432.8% during the 3rd quarter. Alliancebernstein L.P. now owns 8,215,758 shares of the company's stock valued at $299,957,000 after purchasing an additional 7,891,383 shares during the last quarter. Jennison Associates LLC grew its stake in Toast by 74.4% during the 3rd quarter. Jennison Associates LLC now owns 15,000,561 shares of the company's stock valued at $547,670,000 after purchasing an additional 6,398,674 shares during the last quarter. ValueAct Holdings L.P. purchased a new stake in Toast during the 3rd quarter valued at about $124,032,000. Capital International Investors grew its stake in Toast by 7.4% during the 3rd quarter. Capital International Investors now owns 48,428,060 shares of the company's stock valued at $1,768,256,000 after purchasing an additional 3,351,545 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in Toast by 35.8% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,517,216 shares of the company's stock valued at $274,454,000 after purchasing an additional 1,982,566 shares during the last quarter. Hedge funds and other institutional investors own 82.91% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on TOST shares. Weiss Ratings reiterated a "hold (c-)" rating on shares of Toast in a research note on Monday, December 29th. Truist Financial set a $36.00 target price on Toast in a research note on Wednesday, February 25th. Jefferies Financial Group set a $35.00 target price on Toast in a research note on Friday, February 13th. The Goldman Sachs Group lowered their target price on Toast from $43.00 to $31.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 17th. Finally, Wells Fargo & Company lowered their target price on Toast from $47.00 to $36.00 and set an "overweight" rating on the stock in a research note on Friday, February 13th. Seventeen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $39.48.

Toast Stock Down 1.8%

Shares of TOST opened at $28.65 on Wednesday. Toast, Inc. has a 52 week low of $24.35 and a 52 week high of $49.66. The company has a market capitalization of $15.01 billion, a price-to-earnings ratio of 53.06 and a beta of 1.90. The stock's 50-day moving average price is $27.45 and its 200-day moving average price is $32.34.

Toast (NYSE:TOST - Get Free Report) last issued its earnings results on Thursday, February 12th. The company reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.24 by ($0.08). The company 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 firm's quarterly revenue was up 22.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.05 EPS. As a group, equities analysts anticipate that Toast, Inc. will post 0.81 EPS for the current fiscal year.

Toast declared that its Board of Directors has initiated a share repurchase program on Thursday, February 12th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

Insider Activity at Toast

In other Toast news, CRO Jonathan Vassil sold 6,438 shares of the stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total transaction of $168,611.22. Following the transaction, the executive owned 146,618 shares in the company, valued at approximately $3,839,925.42. This represents a 4.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Stephen Fredette sold 7,289 shares of the stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $190,898.91. Following the transaction, the president owned 920,985 shares in the company, valued at $24,120,597.15. This represents a 0.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 46,030 shares of company stock valued at $1,231,451 in the last ninety days. 12.14% of the stock is currently owned by company insiders.

Toast Company 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.

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