AlTi Global Inc. Makes New $264,000 Investment in Toast, Inc. $TOST

AlTi Global Inc. acquired a new position in shares of Toast, Inc. (NYSE:TOST) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 5,969 shares of the company’s stock, valued at approximately $264,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its holdings in shares of 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 purchasing an additional 5,436,317 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Toast by 17.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 23,454,209 shares of the company’s stock valued at $777,978,000 after purchasing an additional 3,490,686 shares in the last quarter. 1832 Asset Management L.P. acquired a new stake in shares of Toast in the 1st quarter valued at $86,650,000. HMI Capital Management L.P. boosted its holdings in shares of Toast by 57.7% in the 1st quarter. HMI Capital Management L.P. now owns 5,203,183 shares of the company’s stock valued at $172,590,000 after purchasing an additional 1,904,040 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Toast in the 1st quarter valued at $56,473,000. Institutional investors own 82.91% of the company’s stock.

Insider Buying and Selling at Toast

In related news, Director Paul D. Bell sold 12,500 shares of the firm’s stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $42.38, for a total transaction of $529,750.00. Following the completion of the transaction, the director directly owned 226,892 shares of the company’s stock, valued at $9,615,682.96. This trade represents a 5.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Aman Narang sold 13,652 shares of the firm’s stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $35.56, for a total value of $485,465.12. Following the transaction, the chief executive officer directly owned 318,150 shares of the company’s stock, valued at approximately $11,313,414. This represents a 4.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 62,196 shares of company stock worth $2,398,513 over the last 90 days. Company insiders own 12.14% of the company’s stock.

Toast Stock Down 1.2%

Shares of NYSE:TOST opened at $38.32 on Friday. The firm has a market cap of $19.54 billion, a P/E ratio of 112.71 and a beta of 1.94. Toast, Inc. has a 12-month low of $28.12 and a 12-month high of $49.66. The business has a fifty day simple moving average of $39.70 and a 200 day simple moving average of $41.20.

Toast (NYSE:TOST) last announced its earnings results on Tuesday, August 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.10). The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.52 billion. Toast had a return on equity of 14.19% and a net margin of 4.07%.The firm’s revenue for the quarter was up 24.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.02 earnings per share. As a group, equities research analysts expect that Toast, Inc. will post 0.39 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on TOST shares. Wall Street Zen raised Toast from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. JPMorgan Chase & Co. raised their price objective on Toast from $42.00 to $52.00 and gave the company a “neutral” rating in a report on Wednesday, August 6th. Morgan Stanley raised their price objective on Toast from $50.00 to $54.00 and gave the company an “overweight” rating in a report on Wednesday, August 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Toast in a report on Friday. Finally, Needham & Company LLC raised their price objective on Toast from $50.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.17.

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.