Toast, Inc. $TOST Shares Purchased by ICONIQ Capital LLC

Key Points

• ICONIQ Capital LLC significantly increased its holdings in Toast, Inc., acquiring 622,043 shares and raising its total ownership to 630,294 shares, making Toast its 18th largest holding.
• In a recent earnings report, Toast missed analysts' earnings per share estimates, reporting $0.13 compared to the expected $0.23, though its revenue increased by 24.8% year over year.
• Several analysts have recently raised their price targets for Toast, with an average target price of $45.54 and a consensus rating of "Moderate Buy" from the majority of research analysts.

ICONIQ Capital LLC increased its position in Toast, Inc. (NYSE:TOST - Free Report) by 7,539.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 630,294 shares of the company's stock after purchasing an additional 622,043 shares during the period. Toast accounts for 0.4% of ICONIQ Capital LLC's portfolio, making the stock its 18th biggest position. ICONIQ Capital LLC owned approximately 0.13% of Toast worth $20,907,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Jump Financial LLC raised its holdings in Toast by 186.6% in the 1st quarter. Jump Financial LLC now owns 989,049 shares of the company's stock worth $32,807,000 after acquiring an additional 643,993 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Toast by 4.6% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 36,559 shares of the company's stock worth $1,213,000 after buying an additional 1,618 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Toast by 2.0% in the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 76,568 shares of the company's stock worth $2,540,000 after buying an additional 1,513 shares during the period. Allstate Corp boosted its holdings in Toast by 71.0% in the 1st quarter. Allstate Corp now owns 19,615 shares of the company's stock worth $651,000 after buying an additional 8,142 shares during the period. Finally, 1832 Asset Management L.P. bought a new position in shares of Toast during the 1st quarter valued at about $86,650,000. Institutional investors own 82.91% of the company's stock.

Insider Buying and Selling

In other Toast news, General Counsel Brian R. Elworthy sold 1,051 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $48.38, for a total value of $50,847.38. Following the completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Jonathan Vassil sold 1,427 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $48.38, for a total transaction of $69,038.26. Following the completion of the sale, the executive owned 63,298 shares of the company's stock, valued at approximately $3,062,357.24. This trade represents a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 405,554 shares of company stock valued at $17,333,686 over the last quarter. Insiders own 12.14% of the company's stock.

Toast Stock Performance

TOST traded up $0.03 during trading on Wednesday, hitting $43.91. The stock had a trading volume of 6,916,479 shares, compared to its average volume of 8,643,188. The company has a market capitalization of $22.39 billion, a PE ratio of 125.37 and a beta of 2.01. Toast, Inc. has a twelve month low of $22.91 and a twelve month high of $49.66. The stock has a 50 day simple moving average of $44.83 and a two-hundred day simple moving average of $40.26.

Toast (NYSE:TOST - Get Free Report) last announced its 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). The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.52 billion. Toast had a net margin of 4.07% and a return on equity of 14.19%. Toast's revenue was up 24.8% on a year-over-year basis. During the same quarter last year, the business earned $0.02 earnings per share. On average, equities research analysts anticipate that Toast, Inc. will post 0.39 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently issued reports on TOST shares. Wells Fargo & Company started coverage on shares of Toast in a research report on Wednesday, July 16th. They set a "buy" rating on the stock. DA Davidson increased their price objective 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. The Goldman Sachs Group increased their price objective on shares of Toast from $45.00 to $51.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. JPMorgan Chase & Co. upped their target price on shares of Toast from $42.00 to $52.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 6th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Toast in a research note on Thursday, July 17th. They issued a "buy" rating and a $54.00 target price on the stock. Fifteen 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.com, Toast has a consensus rating of "Moderate Buy" and a consensus target price of $45.54.

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.