HMI Capital Management L.P. Cuts Position in Toast, Inc. (NYSE:TOST)

HMI Capital Management L.P. cut its stake in Toast, Inc. (NYSE:TOST - Free Report) by 63.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,299,143 shares of the company's stock after selling 5,775,279 shares during the period. Toast makes up approximately 6.0% of HMI Capital Management L.P.'s holdings, making the stock its 9th largest holding. HMI Capital Management L.P. owned about 0.70% of Toast worth $120,254,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Lord Abbett & CO. LLC increased its stake in shares of Toast by 524.9% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,633,386 shares of the company's stock worth $59,537,000 after purchasing an additional 1,372,021 shares in the last quarter. Voya Investment Management LLC increased its stake in shares of Toast by 236.8% during the 4th quarter. Voya Investment Management LLC now owns 761,499 shares of the company's stock worth $27,757,000 after purchasing an additional 535,374 shares in the last quarter. Harvest Investment Services LLC purchased a new position in shares of Toast during the 4th quarter worth approximately $218,000. Hsbc Holdings PLC increased its stake in shares of Toast by 12.5% during the 4th quarter. Hsbc Holdings PLC now owns 152,922 shares of the company's stock worth $5,576,000 after purchasing an additional 16,945 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in shares of Toast by 800.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,412 shares of the company's stock worth $161,000 after purchasing an additional 3,922 shares in the last quarter. 82.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on TOST. Wells Fargo & Company raised shares of Toast from an "underweight" rating to an "overweight" rating and lifted their target price for the stock from $30.00 to $39.00 in a research note on Thursday, April 10th. Robert W. Baird lifted their target price on shares of Toast from $38.00 to $40.00 and gave the stock a "neutral" rating in a research note on Thursday, February 20th. BNP Paribas set a $37.00 target price on shares of Toast and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Wolfe Research raised shares of Toast from a "peer perform" rating to an "outperform" rating and set a $44.00 target price for the company in a research note on Wednesday, April 23rd. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $50.00 price target on shares of Toast in a report on Thursday, February 20th. Thirteen equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $40.26.

Insiders Place Their Bets

In other Toast news, CFO Elena Gomez sold 2,052 shares of the stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $39.63, for a total transaction of $81,320.76. Following the transaction, the chief financial officer now owns 160,498 shares of the company's stock, valued at $6,360,535.74. This trade represents a 1.26 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Stephen Fredette sold 1,068 shares of the stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $39.63, for a total value of $42,324.84. Following the transaction, the president now directly owns 1,644,656 shares in the company, valued at approximately $65,177,717.28. This represents a 0.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 340,770 shares of company stock valued at $11,803,911 in the last quarter. Insiders own 13.32% of the company's stock.

Toast Trading Down 1.9 %

NYSE TOST traded down $0.68 during mid-day trading on Wednesday, reaching $35.53. 2,367,437 shares of the company's stock traded hands, compared to its average volume of 6,819,019. Toast, Inc. has a 1-year low of $21.32 and a 1-year high of $44.12. The company has a fifty day simple moving average of $34.68 and a 200-day simple moving average of $36.46. The company has a market cap of $17.55 billion, a price-to-earnings ratio of -3,549.45, a P/E/G ratio of 2.16 and a beta of 2.00.

Toast (NYSE:TOST - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $0.05 earnings per share for the quarter, missing analysts' consensus estimates of $0.06 by ($0.01). Toast had a net margin of 0.40% and a return on equity of 1.54%. The business had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.32 billion. Equities research analysts forecast that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Toast 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.