Toast, Inc. $TOST Shares Sold by SCS Capital Management LLC

Key Points

• SCS Capital Management LLC reduced its stake in Toast, Inc. by 24.5%, now holding 298,910 shares valued at approximately $9.9 million.
• Toast reported a net revenue of $1.55 billion for the quarter, exceeding expectations, but its earnings per share missed estimates.
• Institutional investors own 82.91% of Toast's stock, indicating significant interest from large investors in the company.

SCS Capital Management LLC lessened its stake in shares of Toast, Inc. (NYSE:TOST - Free Report) by 24.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 298,910 shares of the company's stock after selling 96,862 shares during the quarter. SCS Capital Management LLC owned approximately 0.06% of Toast worth $9,915,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Toast by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 43,945,584 shares of the company's stock worth $1,457,675,000 after purchasing an additional 1,471,352 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Toast by 17.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 23,454,209 shares of the company's stock worth $777,978,000 after purchasing an additional 3,490,686 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its position in Toast by 7.5% during 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 in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Toast by 2.9% during 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 in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Toast by 14,258.8% in the 1st quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company's stock valued at $181,587,000 after buying an additional 5,436,317 shares during the period. Hedge funds and other institutional investors own 82.91% of the company's stock.

Wall Street Analysts Forecast Growth

TOST has been the subject of several recent analyst reports. Barclays restated an "overweight" rating on shares of Toast in a report on Wednesday, July 16th. Deutsche Bank Aktiengesellschaft initiated coverage on Toast in a report on Thursday, July 17th. They issued a "buy" rating and a $54.00 price target for the company. Truist Financial lifted their price target on Toast from $48.00 to $50.00 and gave the company a "buy" rating in a report on Thursday, July 17th. DA Davidson lifted their price target on Toast from $40.00 to $46.00 and gave the company a "neutral" rating in a report on Tuesday, July 29th. Finally, Wells Fargo & Company initiated coverage on Toast in a report on Wednesday, July 16th. They issued a "buy" rating for the company. Fifteen investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $45.54.

Toast Stock Performance

Shares of NYSE:TOST traded down $0.79 during trading on Friday, reaching $40.00. 6,598,182 shares of the stock were exchanged, compared to its average volume of 7,817,246. Toast, Inc. has a 12-month low of $25.96 and a 12-month high of $49.66. The firm has a market cap of $20.40 billion, a price-to-earnings ratio of 117.65 and a beta of 2.00. The firm's 50-day moving average price is $44.60 and its 200 day moving average price is $40.46.

Toast (NYSE:TOST - Get Free Report) last issued 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 analysts' expectations of $1.52 billion. During the same quarter in the previous year, the firm posted $0.02 EPS. The firm's revenue for the quarter was up 24.8% compared to the same quarter last year. As a group, equities research analysts forecast that Toast, Inc. will post 0.39 EPS for the current year.

Insider Buying and Selling at Toast

In related news, CEO Aman Narang sold 1,719 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 transaction of $83,165.22. Following the transaction, the chief executive officer directly owned 304,300 shares of the company's stock, valued at approximately $14,722,034. The trade was a 0.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, President Stephen Fredette sold 1,720 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 $83,213.60. Following the transaction, the president directly owned 890,818 shares in the company, valued at $43,097,774.84. This trade represents a 0.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 88,342 shares of company stock worth $3,804,710. Company 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.