Landscape Capital Management L.L.C. Invests $2.34 Million in Toast, Inc. $TOST

Key Points

• Landscape Capital Management has made a new investment in Toast, Inc., acquiring 70,420 shares valued at approximately $2.336 million during the first quarter.
• Toast reported $1.55 billion in revenue for the latest quarter, exceeding analysts' estimates, but missed EPS expectations with $0.13 per share compared to a forecast of $0.23.
• Institutional investors have a strong presence in Toast, owning 82.91% of the company's stock, with analysts maintaining a largely positive outlook featuring multiple "buy" ratings.

Landscape Capital Management L.L.C. purchased a new position in shares of Toast, Inc. (NYSE:TOST - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 70,420 shares of the company's stock, valued at approximately $2,336,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Toast by 3.5% during the first quarter. Vanguard Group Inc. now owns 43,945,584 shares of the company's stock valued at $1,457,675,000 after buying an additional 1,471,352 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Toast by 17.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 23,454,209 shares of the company's stock valued at $777,978,000 after acquiring an additional 3,490,686 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in Toast by 7.5% in 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 during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Toast by 2.9% in 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 during the last quarter. Finally, Principal Financial Group Inc. boosted 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 worth $181,587,000 after purchasing an additional 5,436,317 shares during the period. Institutional investors and hedge funds own 82.91% of the company's stock.

Insider Buying and Selling

In other news, Director Richard Kent Bennett sold 9,712 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $43.14, for a total value of $418,975.68. Following the transaction, the director directly owned 534,167 shares of the company's stock, valued at $23,043,964.38. The trade was a 1.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Brian R. Elworthy sold 300,000 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $42.60, for a total value of $12,780,000.00. Following the sale, the general counsel owned 216,156 shares in the company, valued at approximately $9,208,245.60. This trade represents a 58.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 405,554 shares of company stock valued at $17,333,686 in the last ninety days. 12.14% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

TOST has been the subject of a number of analyst reports. Wells Fargo & Company began coverage on shares of Toast in a research note on Wednesday, July 16th. They issued a "buy" rating for the company. Morgan Stanley boosted their target price on shares of Toast from $50.00 to $54.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. Needham & Company LLC raised their price target on Toast from $50.00 to $60.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Citigroup reissued a "buy" rating on shares of Toast in a research report on Wednesday, July 16th. Finally, Canaccord Genuity Group raised their target price on Toast from $48.00 to $54.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Fifteen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $45.54.

Toast Stock Performance

Shares of NYSE TOST traded up $0.21 during midday trading on Friday, reaching $45.16. 4,185,696 shares of the company traded hands, compared to its average volume of 8,269,369. The firm has a market cap of $23.03 billion, a PE ratio of 132.83 and a beta of 2.00. The stock's 50-day simple moving average is $44.94 and its 200-day simple moving average is $40.32. Toast, Inc. has a 12 month low of $22.91 and a 12 month high of $49.66.

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

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.