Kayne Anderson Rudnick Investment Management LLC Trims Stock Position in Toast, Inc. $TOST

Key Points

• Kayne Anderson Rudnick Investment Management LLC reduced its stake in Toast, Inc. by 8.2% in Q1, owning approximately 1,011,440 shares valued at $33.55 million.
• In the fourth quarter, several institutional investors, including Tower Research Capital LLC and Voya Investment Management LLC, significantly increased their positions in Toast, showing growing interest in the company.
• Toast's latest earnings report revealed a 24.8% increase in revenue year-over-year, despite reporting earnings per share that missed consensus estimates.

Kayne Anderson Rudnick Investment Management LLC reduced its stake in shares of Toast, Inc. (NYSE:TOST - Free Report) by 8.2% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,011,440 shares of the company's stock after selling 90,150 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned approximately 0.20% of Toast worth $33,549,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of TOST. Wayfinding Financial LLC purchased a new stake in shares of Toast in the first quarter worth about $34,000. Piscataqua Savings Bank increased its holdings in shares of Toast by 57.1% during the 1st quarter. Piscataqua Savings Bank now owns 1,100 shares of the company's stock valued at $36,000 after purchasing an additional 400 shares in the last quarter. West Branch Capital LLC lifted its stake in shares of Toast by 862.1% in the 1st quarter. West Branch Capital LLC now owns 1,116 shares of the company's stock valued at $37,000 after purchasing an additional 1,000 shares during the period. SBI Securities Co. Ltd. lifted its stake in shares of Toast by 29.2% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock valued at $42,000 after purchasing an additional 284 shares during the period. Finally, Signaturefd LLC boosted its holdings in Toast by 227.1% during the first quarter. Signaturefd LLC now owns 1,472 shares of the company's stock worth $49,000 after buying an additional 1,022 shares in the last quarter. Hedge funds and other institutional investors own 82.91% of the company's stock.

Toast Trading Up 0.1%

TOST stock traded up $0.03 during midday trading on Wednesday, reaching $43.91. The stock had a trading volume of 6,916,479 shares, compared to its average volume of 8,643,188. Toast, Inc. has a 52-week low of $22.91 and a 52-week high of $49.66. The company's fifty day simple moving average is $44.83 and its 200 day simple moving average is $40.26. The company has a market cap of $22.39 billion, a price-to-earnings ratio of 129.13 and a beta of 2.01.

Toast (NYSE:TOST - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.23 by ($0.10). The business had revenue of $1.55 billion for the quarter, compared to analysts' expectations of $1.52 billion. Toast had a return on equity of 14.19% and a net margin of 4.07%.Toast's quarterly revenue was up 24.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.02 EPS. Sell-side analysts predict that Toast, Inc. will post 0.39 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased 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. Truist Financial upped their target price on Toast from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Wells Fargo & Company started coverage on Toast in a research report on Wednesday, July 16th. They set a "buy" rating on the stock. BMO Capital Markets lifted their price target on shares of Toast from $44.00 to $45.00 and gave the company an "outperform" rating in a research note on Monday, May 12th. Finally, DA Davidson upped 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. Fifteen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $45.54.

Insider Buying and Selling

In other Toast news, 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 value of $69,038.26. Following the transaction, the executive directly owned 63,298 shares of the company's stock, valued at $3,062,357.24. This trade represents a 2.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Brian R. Elworthy sold 1,051 shares of the business's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $48.38, for a total value of $50,847.38. Following the transaction, the general counsel owned 222,868 shares in the company, valued at approximately $10,782,353.84. This represents a 0.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 405,554 shares of company stock worth $17,333,686 in the last 90 days. Corporate insiders own 12.14% of the company's stock.

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.