Greenhouse Funds LLLP Sells 797,050 Shares of Toast, Inc. $TOST

Key Points

• Greenhouse Funds LLLP sold 797,050 shares of Toast, Inc., reducing its holdings by 43.4% to 1,038,048 shares, with Toast now representing 1.6% of its portfolio.
• Several large investors, including Vanguard Group and Price T Rowe Associates, have increased their stakes in Toast, reflecting strong institutional interest as 82.91% of the stock is owned by institutional investors.
• Despite reporting earnings of $0.13 per share which missed expectations, Toast's revenue of $1.55 billion showed a 24.8% year-over-year increase.

Greenhouse Funds LLLP trimmed its position in Toast, Inc. (NYSE:TOST - Free Report) by 43.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,038,048 shares of the company's stock after selling 797,050 shares during the quarter. Toast makes up 1.6% of Greenhouse Funds LLLP's holdings, making the stock its 28th largest position. Greenhouse Funds LLLP owned about 0.21% of Toast worth $34,432,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Toast by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 43,945,584 shares of the company's stock valued at $1,457,675,000 after acquiring an additional 1,471,352 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Toast by 17.5% during 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 purchasing an additional 3,490,686 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in shares of Toast by 7.5% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 15,520,360 shares of the company's stock worth $514,811,000 after purchasing an additional 1,082,958 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Toast by 2.9% during the 1st 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 in the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Toast by 14,258.8% during the 1st 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 owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Canaccord Genuity Group increased their target price on shares of Toast from $48.00 to $54.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Keefe, Bruyette & Woods increased their target price on shares of Toast from $47.00 to $50.00 and gave the stock a "market perform" rating in a research report on Wednesday, August 6th. DA Davidson increased their price target on shares of Toast from $40.00 to $46.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 29th. JPMorgan Chase & Co. increased their price target on shares of Toast from $42.00 to $52.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. Finally, Truist Financial increased their price target on shares of Toast from $48.00 to $50.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Fifteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $45.54.

Insider Buying and Selling at Toast

In related news, President Stephen Fredette sold 7,647 shares of the company'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 $325,685.73. Following the sale, the president directly owned 889,017 shares in the company, valued at approximately $37,863,234.03. This represents a 0.85% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Elena Gomez sold 34,170 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $42.56, for a total transaction of $1,454,275.20. Following the sale, the chief financial officer owned 139,357 shares in the company, valued at $5,931,033.92. The trade was a 19.69% 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 quarter. 12.14% of the stock is owned by company insiders.

Toast Stock Performance

TOST stock opened at $42.57 on Thursday. Toast, Inc. has a 52-week low of $22.91 and a 52-week high of $49.66. The company has a fifty day moving average price of $44.97 and a 200-day moving average price of $40.39. The company has a market capitalization of $21.71 billion, a P/E 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 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.10). Toast had a net margin of 4.07% and a return on equity of 14.19%. 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 earnings per share. The company's revenue for the quarter was up 24.8% on a year-over-year basis. As a group, sell-side analysts forecast that Toast, Inc. will post 0.39 earnings per share 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.

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