Durable Capital Partners LP Sells 4,607,464 Shares of Toast, Inc. $TOST

Key Points

• Durable Capital Partners LP has reduced its stake in Toast, Inc. by selling 4,607,464 shares, which represents a 29.8% decrease in its holdings.
• Other institutional investors, including Vanguard Group Inc. and Price T Rowe Associates Inc., have increased their positions in Toast, indicating renewed interest in the stock.
• Analysts have generally maintained a positive outlook on Toast, with fifteen giving it a Buy rating and a consensus price target of $45.54.

Durable Capital Partners LP lowered its position in Toast, Inc. (NYSE:TOST - Free Report) by 29.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,836,694 shares of the company's stock after selling 4,607,464 shares during the period. Toast comprises about 3.2% of Durable Capital Partners LP's portfolio, making the stock its 11th largest position. Durable Capital Partners LP owned about 2.18% of Toast worth $359,453,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. SBI Securities Co. Ltd. increased its holdings in Toast by 29.2% during the first quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock worth $42,000 after buying an additional 284 shares during the last quarter. Stonekeep Investments LLC increased its holdings in Toast by 4.0% during the first quarter. Stonekeep Investments LLC now owns 7,791 shares of the company's stock worth $258,000 after buying an additional 297 shares during the last quarter. Piscataqua Savings Bank increased its holdings in Toast by 57.1% during the first quarter. Piscataqua Savings Bank now owns 1,100 shares of the company's stock worth $36,000 after buying an additional 400 shares during the last quarter. Legacy Advisors LLC increased its holdings in Toast by 1.7% during the first quarter. Legacy Advisors LLC now owns 26,318 shares of the company's stock worth $873,000 after buying an additional 438 shares during the last quarter. Finally, Garde Capital Inc. increased its holdings in Toast by 13.4% during the first quarter. Garde Capital Inc. now owns 3,812 shares of the company's stock worth $126,000 after buying an additional 450 shares during the last quarter. Hedge funds and other institutional investors own 82.91% of the company's stock.

Insider Buying and Selling

In other news, Director Paul D. Bell sold 12,500 shares of the firm's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $42.38, for a total value of $529,750.00. Following the completion of the transaction, the director directly owned 226,892 shares in the company, valued at approximately $9,615,682.96. This trade represents a 5.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Aman Narang sold 13,829 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The shares were 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 $12,883,389.82. This trade represents a 4.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 105,554 shares of company stock valued at $4,553,686 in the last three months. Insiders own 12.14% of the company's stock.

Analyst Ratings Changes

TOST has been the subject of a number of research analyst reports. Needham & Company LLC raised their price objective on shares of Toast from $50.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. JPMorgan Chase & Co. raised their price objective on shares of Toast from $42.00 to $52.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. Keefe, Bruyette & Woods raised their price objective on shares of Toast from $47.00 to $50.00 and gave the stock a "market perform" rating in a report on Wednesday, August 6th. 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 report on Friday, July 18th. Finally, Canaccord Genuity Group raised their price objective on shares of Toast from $48.00 to $54.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Fifteen equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, Toast has a consensus rating of "Moderate Buy" and a consensus target price of $45.54.

Toast Trading Down 3.1%

Shares of TOST stock traded down $1.32 during trading hours on Thursday, reaching $41.14. The stock had a trading volume of 11,089,322 shares, compared to its average volume of 7,375,083. The stock's fifty day simple moving average is $44.97 and its 200 day simple moving average is $40.39. Toast, Inc. has a 12 month low of $22.91 and a 12 month high of $49.66. The firm has a market capitalization of $20.98 billion, a PE ratio of 120.99 and a beta of 2.00.

Toast (NYSE:TOST - Get Free Report) last released its quarterly earnings data 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 net margin of 4.07% and a return on equity of 14.19%. The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter last year, the business posted $0.02 earnings per share. Toast's revenue was up 24.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Toast, Inc. will post 0.39 EPS for the current fiscal year.

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.