Firsthand Capital Management Inc. Invests $1.33 Million in Toast, Inc. $TOST

Key Points

• Firsthand Capital Management Inc. invested approximately $1.33 million in Toast, Inc., acquiring 40,000 shares, making Toast about 3.2% of its investment portfolio.
• Financial institutions have significantly increased their holdings in Toast, with Principal Financial Group Inc. growing its stake by 14,258.8% during the first quarter.
• Despite despite a revenue increase of 24.8% year-over-year, Toast reported earnings per share of $0.13, missing estimates and highlighting potential challenges in profitability.

Firsthand Capital Management Inc. acquired a new stake in shares of Toast, Inc. (NYSE:TOST - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 40,000 shares of the company's stock, valued at approximately $1,327,000. Toast makes up 3.2% of Firsthand Capital Management Inc.'s investment portfolio, making the stock its 11th largest position.

Other institutional investors have also added to or reduced their stakes in the company. Procyon Advisors LLC acquired a new position in Toast during the first quarter valued at approximately $242,000. Wealth Enhancement Advisory Services LLC raised its position in Toast by 19.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,751 shares of the company's stock valued at $829,000 after purchasing an additional 3,713 shares in the last quarter. Yorktown Management & Research Co Inc acquired a new position in Toast during the first quarter valued at approximately $252,000. Principal Financial Group Inc. raised its position in Toast by 14,258.8% during the first quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company's stock valued at $181,587,000 after purchasing an additional 5,436,317 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Toast by 5.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,092,210 shares of the company's stock valued at $102,569,000 after purchasing an additional 153,723 shares in the last quarter. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Toast Price Performance

Shares of Toast stock traded down $1.22 during trading on Wednesday, hitting $42.57. The company's stock had a trading volume of 15,358,995 shares, compared to its average volume of 7,860,675. Toast, Inc. has a 52 week low of $22.91 and a 52 week high of $49.66. The stock has a market cap of $21.71 billion, a price-to-earnings ratio of 128.86 and a beta of 2.00. The stock has a 50-day moving average price of $44.97 and a two-hundred day moving average price of $40.39.

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. DA Davidson upped their price target on shares of Toast from $40.00 to $46.00 and gave the stock a "neutral" rating in a report on Tuesday, July 29th. Piper Sandler upped their price target on shares of Toast from $35.00 to $37.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Canaccord Genuity Group upped their price target on shares of Toast from $48.00 to $54.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Wells Fargo & Company assumed coverage on shares of Toast in a report on Wednesday, July 16th. They set a "buy" rating for the company. Finally, Keefe, Bruyette & Woods upped their price target 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. Fifteen equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat, Toast presently has a consensus rating of "Moderate Buy" and a consensus price target of $45.54.

Insider Buying and Selling at Toast

In other Toast news, President Stephen Fredette sold 1,720 shares of the company's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $48.38, for a total transaction of $83,213.60. Following the sale, the president owned 890,818 shares of the company's stock, valued at approximately $43,097,774.84. This represents a 0.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Brian R. Elworthy sold 1,051 shares of the company's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $48.38, for a total transaction of $50,847.38. Following the sale, the general counsel directly owned 222,868 shares in the company, valued at $10,782,353.84. This trade represents a 0.47% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 105,554 shares of company stock valued at $4,553,686. 12.14% of the stock is owned by corporate insiders.

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.