215,309 Shares in Toast, Inc. $TOST Purchased by Night Squared LP

Key Points

• Night Squared LP has acquired 215,309 shares of Toast, Inc. valued at approximately $7.14 million, making it the fund's second-largest holding.
• Insiders at Toast have sold a total of 405,554 shares in recent months, and they collectively own 12.14% of the company's stock.
• Toast recently reported earnings, with a loss per share of $0.10 compared to expectations, although revenue rose by 24.8% year-over-year to $1.55 billion.

Night Squared LP acquired a new position in shares of Toast, Inc. (NYSE:TOST - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm acquired 215,309 shares of the company's stock, valued at approximately $7,142,000. Toast accounts for 4.2% of Night Squared LP's investment portfolio, making the stock its 2nd biggest position.

Several other institutional investors also recently bought and sold shares of TOST. Tower Research Capital LLC TRC increased its holdings in Toast by 800.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,412 shares of the company's stock worth $161,000 after purchasing an additional 3,922 shares during the period. Northern Trust Corp boosted its position in Toast by 26.6% during the 4th quarter. Northern Trust Corp now owns 2,791,741 shares of the company's stock valued at $101,759,000 after acquiring an additional 585,926 shares in the last quarter. AQR Capital Management LLC boosted its position in Toast by 5.9% during the 4th quarter. AQR Capital Management LLC now owns 201,928 shares of the company's stock valued at $7,360,000 after acquiring an additional 11,307 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in Toast during the 4th quarter valued at $4,075,000. Finally, Utah Retirement Systems boosted its position in Toast by 2.5% during the 4th quarter. Utah Retirement Systems now owns 24,400 shares of the company's stock valued at $889,000 after acquiring an additional 600 shares in the last quarter. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TOST. Morgan Stanley increased their target price on Toast from $50.00 to $54.00 and gave the company an "overweight" rating in a research report on Wednesday, August 6th. Citigroup reaffirmed a "buy" rating on shares of Toast in a research report on Wednesday, July 16th. Jefferies Financial Group increased their target price on Toast from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Friday, July 18th. BMO Capital Markets raised their price objective on Toast from $44.00 to $45.00 and gave the stock an "outperform" rating in a research report on Monday, May 12th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Toast in a research report on Thursday, July 17th. They issued a "buy" rating and a $54.00 price objective for the company. Fifteen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, Toast currently has a consensus rating of "Moderate Buy" and an average target price of $45.54.

Insider Buying and Selling at Toast

In related news, CFO Elena Gomez sold 34,170 shares of the company's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $42.56, for a total value of $1,454,275.20. Following the completion of the transaction, the chief financial officer owned 139,357 shares of the company's stock, valued at approximately $5,931,033.92. This represents a 19.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Paul D. Bell sold 12,500 shares of the company's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $42.38, for a total value of $529,750.00. Following the completion of the transaction, the director directly owned 226,892 shares of the company's stock, valued at $9,615,682.96. The trade was a 5.22% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 105,554 shares of company stock worth $4,553,686. Insiders own 12.14% of the company's stock.

Toast Price Performance

TOST traded down $1.28 on Tuesday, reaching $43.82. 8,637,621 shares of the stock were exchanged, compared to its average volume of 7,860,675. The company's 50-day moving average price is $44.95 and its 200 day moving average price is $40.38. Toast, Inc. has a fifty-two week low of $22.91 and a fifty-two week high of $49.66. The firm has a market capitalization of $22.35 billion, a PE ratio of 128.86 and a beta of 2.00.

Toast (NYSE:TOST - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.23 by ($0.10). The company had revenue of $1.55 billion for the quarter, compared to analysts' expectations of $1.52 billion. Toast had a net margin of 4.07% and a return on equity of 14.19%. The business's quarterly revenue was up 24.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.02 EPS. As a group, equities 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.