Toast, Inc. $TOST Shares Acquired by Park West Asset Management LLC

Key Points

• Park West Asset Management LLC increased its holdings in Toast, Inc. by 124.8%, acquiring an additional 364,500 shares, bringing its total to 656,575 shares.
• Toast reported a net margin of 4.07% and a year-over-year revenue growth of 24.8%, but missed EPS estimates with a reported $0.13 compared to expectations of $0.23.
• Research firms have optimistic views on Toast, with several analysts increasing their target price, including a shift from $45.00 to $51.00 by Goldman Sachs and from $50.00 to $60.00 by Needham & Company LLC.

Park West Asset Management LLC raised its holdings in Toast, Inc. (NYSE:TOST - Free Report) by 124.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 656,575 shares of the company's stock after acquiring an additional 364,500 shares during the period. Toast makes up approximately 1.8% of Park West Asset Management LLC's investment portfolio, making the stock its 24th largest position. Park West Asset Management LLC owned about 0.13% of Toast worth $21,779,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Procyon Advisors LLC acquired a new stake in shares of Toast in the first quarter valued at approximately $242,000. Wealth Enhancement Advisory Services LLC grew its holdings in Toast by 19.5% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 22,751 shares of the company's stock valued at $829,000 after buying an additional 3,713 shares in the last quarter. Yorktown Management & Research Co Inc acquired a new stake in shares of Toast in the 1st quarter worth $252,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Toast by 5.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,092,210 shares of the company's stock worth $102,569,000 after acquiring an additional 153,723 shares during the period. Finally, Principal Financial Group Inc. boosted its position in shares of Toast by 14,258.8% during the 1st quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company's stock valued at $181,587,000 after acquiring an additional 5,436,317 shares during the last quarter. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TOST has been the subject of several recent analyst reports. Truist Financial raised their price objective on shares of Toast from $48.00 to $50.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. The Goldman Sachs Group increased their price target on shares of Toast from $45.00 to $51.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Morgan Stanley lifted their price target on shares of Toast from $50.00 to $54.00 and gave the company an "overweight" rating in a research report on Wednesday, August 6th. Wells Fargo & Company assumed coverage on Toast in a research report on Wednesday, July 16th. They issued a "buy" rating for the company. Finally, Barclays reissued an "overweight" rating on shares of Toast in a research note on Wednesday, July 16th. Fifteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $45.54.

Insiders Place Their Bets

In related news, CEO Aman Narang sold 1,719 shares of Toast stock in a transaction on Monday, August 4th. The stock was sold at an average price of $48.38, for a total value of $83,165.22. Following the completion of the transaction, the chief executive officer directly owned 304,300 shares in the company, valued at approximately $14,722,034. This trade represents a 0.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible 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 sale, the director owned 226,892 shares in the company, valued at approximately $9,615,682.96. This trade represents a 5.22% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 88,342 shares of company stock valued at $3,804,710. 12.14% of the stock is owned by company insiders.

Toast Stock Up 0.4%

NYSE:TOST traded up $0.15 on Tuesday, reaching $40.90. 9,067,253 shares of the company's stock were exchanged, compared to its average volume of 7,590,497. The firm has a market capitalization of $20.86 billion, a price-to-earnings ratio of 120.29 and a beta of 2.00. Toast, Inc. has a 52-week low of $23.06 and a 52-week high of $49.66. The business has a fifty day moving average of $44.78 and a 200-day moving average of $40.42.

Toast (NYSE:TOST - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.10). The business had revenue of $1.55 billion during 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 company's revenue for the quarter was up 24.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.02 EPS. As a group, equities analysts anticipate that Toast, Inc. will post 0.39 earnings per share 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.