Toast, Inc. $TOST Shares Purchased by Wellington Management Group LLP

Key Points

• Wellington Management increased its Toast stake by 131.9% in the second quarter, adding 1.4 million shares to own approximately 2.46 million shares valued at $68.3 million. Institutional investors collectively own 82.91% of the company.
• Toast reported quarterly revenue of $1.91 billion, up 23.1% year over year and above expectations, but earnings per share of $0.26 missed the consensus estimate of $0.32.
• Analyst sentiment remains favorable, with a “Moderate Buy” consensus and an average price target of $39.12 versus the stock’s reported $34.03 price; meanwhile, insiders sold roughly $17.7 million of shares during the quarter under pre-arranged trading plans.

Wellington Management Group LLP raised its holdings in shares of Toast, Inc. (NYSE:TOST - Free Report) by 131.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,456,114 shares of the company's stock after acquiring an additional 1,397,021 shares during the period. Wellington Management Group LLP owned approximately 0.48% of Toast worth $68,329,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank acquired a new stake in Toast in the fourth quarter worth about $202,808,000. ValueAct Holdings L.P. raised its position in shares of Toast by 135.9% during the 4th quarter. ValueAct Holdings L.P. now owns 8,015,277 shares of the company's stock worth $284,622,000 after buying an additional 4,618,077 shares in the last quarter. XN LP lifted its stake in shares of Toast by 50.8% in the 4th quarter. XN LP now owns 8,988,386 shares of the company's stock worth $319,178,000 after acquiring an additional 3,029,856 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Toast by 36.0% in the 1st quarter. Principal Financial Group Inc. now owns 7,977,244 shares of the company's stock worth $211,478,000 after acquiring an additional 2,111,009 shares during the period. Finally, Worldquant Millennium Advisors LLC increased its stake in shares of Toast by 343.6% during the second quarter. Worldquant Millennium Advisors LLC now owns 1,792,209 shares of the company's stock valued at $79,377,000 after acquiring an additional 1,388,210 shares during the period. Institutional investors own 82.91% of the company's stock.

Toast Trading Up 1.3%

NYSE TOST opened at $34.03 on Thursday. Toast, Inc. has a 1 year low of $22.26 and a 1 year high of $42.78. The company has a market cap of $17.49 billion, a PE ratio of 43.62 and a beta of 1.72. The stock's 50-day moving average price is $32.11 and its two-hundred day moving average price is $28.45.

Toast (NYSE:TOST - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.06). The firm had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.87 billion. Toast had a return on equity of 23.90% and a net margin of 7.14%.The business's revenue was up 23.1% on a year-over-year basis. During the same period last year, the business earned $0.13 earnings per share. Research analysts forecast that Toast, Inc. will post 1 EPS for the current fiscal year.

Insider Activity

In related news, CRO Jonathan Vassil sold 85,280 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $36.34, for a total value of $3,099,075.20. Following the completion of the sale, the executive directly owned 69,966 shares of the company's stock, valued at approximately $2,542,564.44. This represents a 54.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Elena Gomez sold 5,761 shares of Toast stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $35.37, for a total value of $203,766.57. Following the transaction, the chief financial officer directly owned 160,150 shares in the company, valued at approximately $5,664,505.50. This trade represents a 3.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 508,253 shares of company stock worth $17,688,694 over the last quarter. Corporate insiders own 10.03% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on TOST shares. Evercore reaffirmed an "outperform" rating on shares of Toast in a research note on Wednesday, August 5th. DA Davidson boosted their price objective on Toast from $30.00 to $34.00 and gave the stock a "neutral" rating in a research note on Monday, August 10th. Canaccord Genuity Group set a $40.00 price objective on Toast in a report on Wednesday, August 5th. BTIG Research reaffirmed a "neutral" rating on shares of Toast in a report on Thursday, August 27th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Toast from $30.00 to $35.00 and gave the stock a "market perform" rating in a research report on Wednesday, August 5th. Sixteen research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $39.12.

About Toast

Toast, Inc NYSE: TOST is a technology company that builds a cloud-based platform for restaurants and other foodservice businesses. Headquartered in Boston, Massachusetts, Toast offers integrated point-of-sale (POS) systems and a suite of software and hardware designed to streamline front-of-house and back-of-house operations. The company went public in 2021 and has positioned itself as a vertically integrated provider for the restaurant industry.

Toast's product portfolio includes touchscreen POS terminals and handheld order-and-pay devices, kitchen display systems, and peripherals tailored for high-volume foodservice environments.

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