Zevenbergen Capital Investments LLC Grows Stake in Toast, Inc. (NYSE:TOST)

Key Points

• Zevenbergen Capital Investments LLC increased its stake in Toast, Inc. by 1.0%, now holding 2,224,341 shares worth approximately $73.78 million, making it the firm's 19th largest position.
• Other institutional investors, including Vanguard Group Inc. and Principal Financial Group Inc., also grew their stakes significantly, indicating strong institutional interest in Toast.
• Despite reporting lower-than-expected earnings per share of $0.13, Toast's revenue increased by 24.8% year-over-year, reaching $1.55 billion for the quarter.

Zevenbergen Capital Investments LLC lifted its stake in shares of Toast, Inc. (NYSE:TOST - Free Report) by 1.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,224,341 shares of the company's stock after purchasing an additional 21,606 shares during the period. Toast comprises 1.8% of Zevenbergen Capital Investments LLC's investment portfolio, making the stock its 19th biggest position. Zevenbergen Capital Investments LLC owned about 0.45% of Toast worth $73,781,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its stake in Toast by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 43,945,584 shares of the company's stock valued at $1,457,675,000 after acquiring an additional 1,471,352 shares in the last quarter. Capital International Investors grew its stake in Toast by 1.9% during the 4th quarter. Capital International Investors now owns 41,961,233 shares of the company's stock valued at $1,529,657,000 after acquiring an additional 785,641 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake 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 valued at $190,922,000 after acquiring an additional 160,088 shares in the last quarter. Principal Financial Group Inc. grew its stake in 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 in the last quarter. Finally, Nikko Asset Management Americas Inc. grew its stake in Toast by 3.2% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 5,002,752 shares of the company's stock valued at $165,941,000 after acquiring an additional 155,831 shares in the last quarter. Hedge funds and other institutional investors own 82.91% of the company's stock.

Insider Activity at Toast

In other Toast news, CRO Jonathan Vassil sold 1,427 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $48.38, for a total transaction of $69,038.26. Following the sale, the executive directly 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 filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Brian R. Elworthy sold 1,051 shares of the 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 $50,847.38. Following the sale, the general counsel owned 222,868 shares in the company, valued at approximately $10,782,353.84. This trade represents a 0.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 474,054 shares of company stock worth $20,432,166 over the last 90 days. 13.32% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Canaccord Genuity Group upped their price objective on shares of Toast from $48.00 to $54.00 and gave the company a "buy" rating in a research note on Wednesday. Jefferies Financial Group upped their price objective on shares of Toast from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Barclays reaffirmed an "overweight" rating on shares of Toast in a research note on Wednesday, July 16th. Morgan Stanley increased their price target on shares of Toast from $50.00 to $54.00 and gave the company an "overweight" rating in a research note on Wednesday. Finally, Truist Financial increased their price target on shares of Toast from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Eleven equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $45.54.

Toast Stock Performance

NYSE:TOST opened at $43.13 on Friday. The stock has a market capitalization of $22.00 billion, a P/E ratio of 126.85 and a beta of 2.01. Toast, Inc. has a fifty-two week low of $22.91 and a fifty-two week high of $49.66. The company has a 50 day moving average price of $44.68 and a 200 day moving average price of $39.98.

Toast (NYSE:TOST - Get Free Report) last released 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). The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.52 billion. Toast had a return on equity of 14.19% and a net margin of 4.07%. Toast's quarterly revenue was up 24.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.02 earnings per share. Research analysts forecast that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

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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