Toast, Inc. $TOST Shares Acquired by Ieq Capital LLC

Key Points

• Ieq Capital LLC increased its holdings in Toast, Inc. by 2.4%, purchasing an additional 5,753 shares in the first quarter, bringing its total to 244,109 shares valued at approximately $8.1 million.
• Institutional investors and hedge funds now own 82.91% of Toast's stock, with significant recent activity including a notable increase of 800.4% by Tower Research Capital LLC.
• Toast's stock has seen recent analyst upgrades, with Goldman Sachs raising its price target from $45.00 to $51.00, and a consensus target price established at $45.54.

Ieq Capital LLC increased its holdings in shares of Toast, Inc. (NYSE:TOST - Free Report) by 2.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 244,109 shares of the company's stock after acquiring an additional 5,753 shares during the period. Ieq Capital LLC's holdings in Toast were worth $8,097,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Thematics Asset Management acquired a new position in Toast during the first quarter worth $2,447,000. Comerica Bank boosted its position in Toast by 122.9% during the first quarter. Comerica Bank now owns 76,644 shares of the company's stock worth $2,542,000 after purchasing an additional 42,266 shares in the last quarter. MetLife Investment Management LLC boosted its position in Toast by 1.9% during the first quarter. MetLife Investment Management LLC now owns 28,467 shares of the company's stock worth $944,000 after purchasing an additional 543 shares in the last quarter. ICONIQ Capital LLC boosted its position in Toast by 7,539.0% during the first quarter. ICONIQ Capital LLC now owns 630,294 shares of the company's stock worth $20,907,000 after purchasing an additional 622,043 shares in the last quarter. Finally, Jump Financial LLC boosted its position in Toast by 186.6% during the first quarter. Jump Financial LLC now owns 989,049 shares of the company's stock worth $32,807,000 after purchasing an additional 643,993 shares in the last quarter. Institutional investors and hedge funds own 82.91% of the company's stock.

Analyst Upgrades and Downgrades

TOST has been the topic of a number of research analyst reports. Jefferies Financial Group boosted their target price on Toast from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Barclays reiterated an "overweight" rating on shares of Toast in a research report on Wednesday, July 16th. JPMorgan Chase & Co. boosted their target price on Toast from $42.00 to $52.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. Wall Street Zen upgraded Toast from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Wells Fargo & Company initiated coverage on Toast in a research report on Wednesday, July 16th. They set a "buy" rating on the stock. Fifteen analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $45.54.

Toast Stock Performance

NYSE TOST traded up $0.21 during trading hours on Friday, hitting $45.16. 4,185,696 shares of the company's stock were exchanged, compared to its average volume of 8,269,369. The business's 50 day moving average is $44.94 and its 200-day moving average is $40.32. 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 $23.03 billion, a P/E ratio of 132.83 and a beta of 2.00.

Toast (NYSE:TOST - Get Free Report) last released 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). Toast had a return on equity of 14.19% and a net margin of 4.07%.The business had revenue of $1.55 billion for the quarter, compared to analysts' expectations of $1.52 billion. During the same quarter last year, the company posted $0.02 earnings per share. The business's quarterly 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.

Insider Activity at Toast

In other Toast news, CFO Elena Gomez sold 2,006 shares of the company's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $48.38, for a total transaction of $97,050.28. Following the completion of the sale, the chief financial officer directly owned 141,263 shares in the company, valued at $6,834,303.94. This represents a 1.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Stephen Fredette sold 1,720 shares of the company's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $48.38, for a total value of $83,213.60. Following the sale, the president owned 890,818 shares of the company's stock, valued at $43,097,774.84. This represents a 0.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 405,554 shares of company stock valued at $17,333,686 over the last three months. Insiders own 12.14% of the company's stock.

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.