Driehaus Capital Management LLC Purchases 157,089 Shares of Toast, Inc. $TOST

Key Points

• Driehaus Capital Management LLC increased its stake in Toast, Inc. by 29.6%, owning 688,351 shares worth approximately $22.8 million after purchasing an additional 157,089 shares.
• In the first quarter, multiple hedge funds, including Principal Financial Group Inc. and Price T Rowe Associates Inc., significantly raised their stakes in Toast, resulting in institutional investors owning 82.91% of the company.
• Despite reporting a quarterly revenue increase of 24.8%, Toast, Inc. missed earnings estimates with $0.13 earnings per share compared to the consensus of $0.23.

Driehaus Capital Management LLC raised its position in shares of Toast, Inc. (NYSE:TOST - Free Report) by 29.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 688,351 shares of the company's stock after purchasing an additional 157,089 shares during the quarter. Driehaus Capital Management LLC owned about 0.14% of Toast worth $22,833,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TOST. Wayfinding Financial LLC bought a new position in Toast during the 1st quarter valued at $34,000. Piscataqua Savings Bank boosted its stake in Toast by 57.1% during the 1st quarter. Piscataqua Savings Bank now owns 1,100 shares of the company's stock valued at $36,000 after purchasing an additional 400 shares in the last quarter. West Branch Capital LLC boosted its stake in Toast by 862.1% during the 1st quarter. West Branch Capital LLC now owns 1,116 shares of the company's stock valued at $37,000 after purchasing an additional 1,000 shares in the last quarter. SBI Securities Co. Ltd. boosted its stake in Toast by 29.2% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock valued at $42,000 after purchasing an additional 284 shares in the last quarter. Finally, Signaturefd LLC boosted its stake in Toast by 227.1% during the 1st quarter. Signaturefd LLC now owns 1,472 shares of the company's stock valued at $49,000 after purchasing an additional 1,022 shares in the last quarter. 82.91% of the stock is owned by institutional investors.

Insider Buying and Selling at Toast

In related news, CEO Aman Narang sold 13,829 shares of the business's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $42.59, for a total transaction of $588,977.11. Following the completion of the transaction, the chief executive officer owned 302,498 shares of the company's stock, valued at approximately $12,883,389.82. The trade was a 4.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Elena Gomez sold 34,170 shares of the business'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 transaction, the chief financial officer directly owned 139,357 shares of the company's stock, valued at $5,931,033.92. This represents a 19.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,554 shares of company stock worth $4,553,686 in the last ninety days. 12.14% of the stock is owned by insiders.

Toast Stock Performance

Shares of NYSE:TOST traded down $1.22 during midday trading on Wednesday, hitting $42.57. 12,262,101 shares of the stock were exchanged, compared to its average volume of 7,330,033. Toast, Inc. has a 52-week low of $22.91 and a 52-week high of $49.66. The business's fifty day simple moving average is $44.95 and its two-hundred day simple moving average is $40.38. The company has a market capitalization of $21.71 billion, a PE ratio of 125.21 and a beta of 2.00.

Toast (NYSE:TOST - Get Free Report) last released its quarterly 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 the consensus estimate of $1.52 billion. Toast had a return on equity of 14.19% and a net margin of 4.07%.The business's revenue was up 24.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.02 EPS. As a group, equities analysts anticipate that Toast, Inc. will post 0.39 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on TOST shares. Piper Sandler raised their price objective on Toast from $35.00 to $37.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Needham & Company LLC raised their price objective on Toast from $50.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Citigroup reissued a "buy" rating on shares of Toast in a research note on Wednesday, July 16th. Wall Street Zen raised Toast from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, Jefferies Financial Group raised their price objective on Toast from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Fifteen equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, Toast has an average 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.