Toast, Inc. $TOST Shares Sold by Zevenbergen Capital Investments LLC

Key Points

• Zevenbergen Capital Investments LLC reduced its stake in Toast, Inc. by 3.1% during the second quarter, retaining approximately 2,156,167 shares valued at $95 million.
• Toast's CEO Aman Narang and President Stephen Fredette sold shares on August 4th, with the CEO holding 304,300 shares worth nearly $14.7 million after his sale.
• The company's stock is currently priced at $40.00, with a market cap of $20.40 billion and a P/E ratio of 117.65, after reporting a 24.8% year-over-year revenue increase for the latest quarter.

Zevenbergen Capital Investments LLC cut its position in shares of Toast, Inc. (NYSE:TOST - Free Report) by 3.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,156,167 shares of the company's stock after selling 68,174 shares during the quarter. Toast accounts for 1.9% of Zevenbergen Capital Investments LLC's investment portfolio, making the stock its 17th biggest holding. Zevenbergen Capital Investments LLC owned approximately 0.43% of Toast worth $95,497,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wayfinding Financial LLC acquired a new position in Toast during the first quarter worth $34,000. Piscataqua Savings Bank raised its holdings in Toast by 57.1% during the first quarter. Piscataqua Savings Bank now owns 1,100 shares of the company's stock worth $36,000 after purchasing an additional 400 shares during the last quarter. West Branch Capital LLC raised its holdings in Toast by 862.1% during the first quarter. West Branch Capital LLC now owns 1,116 shares of the company's stock worth $37,000 after purchasing an additional 1,000 shares during the last quarter. SBI Securities Co. Ltd. raised its holdings in Toast by 29.2% during the first quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock worth $42,000 after purchasing an additional 284 shares during the last quarter. Finally, Signaturefd LLC raised its holdings in Toast by 227.1% during the first quarter. Signaturefd LLC now owns 1,472 shares of the company's stock worth $49,000 after purchasing an additional 1,022 shares during the last quarter. 82.91% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other 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 sale, the chief executive officer owned 304,300 shares of the company's stock, valued at $14,722,034. The trade was a 0.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Stephen Fredette sold 1,720 shares of Toast stock in a transaction on Monday, August 4th. The shares were sold at an average price of $48.38, for a total value of $83,213.60. Following the completion of the sale, the president directly owned 890,818 shares of the company's stock, valued at approximately $43,097,774.84. This represents a 0.19% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 88,342 shares of company stock valued at $3,804,710. 12.14% of the stock is currently owned by company insiders.

Toast Stock Down 1.9%

Shares of NYSE:TOST opened at $40.00 on Friday. The company has a market cap of $20.40 billion, a P/E ratio of 117.65 and a beta of 2.00. Toast, Inc. has a 52 week low of $25.96 and a 52 week high of $49.66. The business has a fifty day simple moving average of $44.60 and a 200-day simple moving average of $40.48.

Toast (NYSE:TOST - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.13 EPS for the quarter, missing analysts' consensus estimates 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%. Toast's revenue for the quarter was up 24.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.02 EPS. Sell-side analysts expect that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TOST. Needham & Company LLC lifted their price objective on Toast from $50.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Jefferies Financial Group raised their price target on Toast from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Canaccord Genuity Group raised their price target on Toast from $48.00 to $54.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. DA Davidson raised their price target on Toast from $40.00 to $46.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 29th. Finally, Barclays reissued an "overweight" rating on shares of Toast in a research report on Wednesday, July 16th. Fifteen analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $45.54.

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.

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