Westfield Capital Management Co. LP Invests $7.63 Million in Toast, Inc. (NYSE:TOST)

Key Points

• Westfield Capital Management Co. LP invested $7.63 million in Toast, Inc., acquiring 229,968 shares as reported in its recent SEC filing.
• Several hedge funds, including Blair William & Co. IL and Manchester Capital Management LLC, increased their stakes in Toast during the same quarter, indicating growing institutional interest.
• Toast's stock has received multiple analyst ratings with a consensus of "Moderate Buy" and an average price target of $43.42, reflecting positive growth prospects.

Westfield Capital Management Co. LP acquired a new position in Toast, Inc. (NYSE:TOST - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The fund acquired 229,968 shares of the company's stock, valued at approximately $7,628,000.

A number of other institutional investors have also recently added to or reduced their stakes in TOST. SBI Securities Co. Ltd. grew its position in shares of Toast by 29.2% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock valued at $42,000 after buying an additional 284 shares during the last quarter. Stonekeep Investments LLC lifted its stake in shares of Toast by 4.0% in the 1st quarter. Stonekeep Investments LLC now owns 7,791 shares of the company's stock worth $258,000 after acquiring an additional 297 shares during the period. Keel Point LLC lifted its stake in shares of Toast by 2.7% in the 4th quarter. Keel Point LLC now owns 12,269 shares of the company's stock worth $447,000 after acquiring an additional 326 shares during the period. Piscataqua Savings Bank lifted its stake in Toast by 57.1% during the first quarter. Piscataqua Savings Bank now owns 1,100 shares of the company's stock valued at $36,000 after purchasing an additional 400 shares during the last quarter. Finally, Legacy Advisors LLC lifted its stake in Toast by 1.7% during the first quarter. Legacy Advisors LLC now owns 26,318 shares of the company's stock valued at $873,000 after purchasing an additional 438 shares during the last quarter. Institutional investors and hedge funds own 82.91% of the company's stock.

Insider Transactions at Toast

In other news, CRO Jonathan Vassil sold 1,427 shares of the company's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $48.38, for a total value of $69,038.26. Following the completion of the sale, the executive owned 63,298 shares in the company, valued at $3,062,357.24. This represents a 2.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Brian R. Elworthy sold 1,051 shares of the stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $48.38, for a total transaction of $50,847.38. Following the transaction, the general counsel owned 222,868 shares of the company's stock, valued at approximately $10,782,353.84. The trade was a 0.47% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 474,054 shares of company stock worth $20,432,166. 13.32% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on TOST. Wolfe Research upgraded shares of Toast from a "peer perform" rating to an "outperform" rating and set a $44.00 price objective on the stock in a research report on Wednesday, April 23rd. The Goldman Sachs Group increased their price target on shares of Toast from $45.00 to $51.00 and gave the stock a "neutral" rating in a research note on Wednesday. Piper Sandler raised their target price on shares of Toast from $35.00 to $37.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Truist Financial raised their price target 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. Finally, Barclays restated an "overweight" rating on shares of Toast in a research report on Wednesday, July 16th. Twelve research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $45.54.

Toast Stock Down 3.5%

TOST stock traded down $1.68 during midday trading on Wednesday, reaching $46.03. 21,521,596 shares of the company's stock traded hands, compared to its average volume of 8,380,847. The company has a market cap of $22.92 billion, a price-to-earnings ratio of 135.38 and a beta of 2.01. The firm's fifty day moving average price is $44.60 and its 200-day moving average price is $39.89. Toast, Inc. has a 52 week low of $22.10 and a 52 week high of $49.66.

Toast (NYSE:TOST - Get Free Report) last announced its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $1.52 billion. Toast had a net margin of 4.07% and a return on equity of 14.81%. The business's revenue for the quarter was up 24.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.02 EPS. Analysts forecast that Toast, Inc. will post 0.39 earnings per share for the current year.

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.