NZS Capital LLC Raises Position in Toast, Inc. $TOST

NZS Capital LLC grew its holdings in Toast, Inc. (NYSE:TOST) by 6.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,286,284 shares of the company’s stock after buying an additional 74,047 shares during the quarter. Toast comprises about 1.4% of NZS Capital LLC’s investment portfolio, making the stock its 29th largest holding. NZS Capital LLC’s holdings in Toast were worth $46,962,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. AustralianSuper Pty Ltd boosted its holdings in Toast by 9.9% in the third quarter. AustralianSuper Pty Ltd now owns 1,100,256 shares of the company’s stock valued at $40,170,000 after purchasing an additional 98,763 shares during the period. Wisconsin Capital Management LLC raised its position in Toast by 0.3% in the 3rd quarter. Wisconsin Capital Management LLC now owns 127,843 shares of the company’s stock valued at $4,668,000 after purchasing an additional 384 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Toast by 207.8% in the 3rd quarter. Victory Capital Management Inc. now owns 777,861 shares of the company’s stock valued at $28,400,000 after buying an additional 525,159 shares during the period. Elo Mutual Pension Insurance Co grew its position in shares of Toast by 26.0% during the third quarter. Elo Mutual Pension Insurance Co now owns 72,668 shares of the company’s stock worth $2,653,000 after buying an additional 14,990 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Toast by 192.8% during the third quarter. American Century Companies Inc. now owns 1,485,601 shares of the company’s stock worth $54,239,000 after buying an additional 978,225 shares during the period. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, General Counsel Brian R. Elworthy sold 3,303 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $34.38, for a total transaction of $113,557.14. Following the transaction, the general counsel directly owned 235,757 shares in the company, valued at approximately $8,105,325.66. This trade represents a 1.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Elena Gomez sold 6,672 shares of the company’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $34.38, for a total transaction of $229,383.36. Following the completion of the sale, the chief financial officer owned 162,153 shares of the company’s stock, valued at approximately $5,574,820.14. This trade represents a 3.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 100,856 shares of company stock worth $3,540,449 over the last ninety days. 12.14% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

TOST has been the subject of a number of recent research reports. Wells Fargo & Company decreased their price target on shares of Toast from $47.00 to $36.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. Citigroup decreased their price objective on shares of Toast from $51.00 to $42.00 and set a “buy” rating for the company in a research report on Friday, February 13th. Stephens set a $42.00 target price on Toast in a report on Friday, January 16th. The Goldman Sachs Group cut their price target on Toast from $43.00 to $31.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 17th. Finally, DA Davidson lowered their price objective on Toast from $36.00 to $33.00 and set a “neutral” rating for the company in a research report on Tuesday, February 17th. Seventeen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $40.46.

Toast Price Performance

Shares of TOST opened at $29.17 on Wednesday. Toast, Inc. has a 1-year low of $24.35 and a 1-year high of $49.66. The stock has a market cap of $15.29 billion, a PE ratio of 54.02 and a beta of 1.95. The firm has a fifty day moving average price of $31.53 and a 200 day moving average price of $35.58.

Toast (NYSE:TOST) last issued its quarterly earnings data on Thursday, February 12th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.08). Toast had a return on equity of 18.14% and a net margin of 5.56%.The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same period in the previous year, the business posted $0.05 EPS. The business’s revenue for the quarter was up 22.0% compared to the same quarter last year. As a group, equities analysts expect that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Toast announced that its Board of Directors has approved a share repurchase plan on Thursday, February 12th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

About Toast

Toast, Inc (NYSE: TOST) is a technology company that builds a cloud-based platform for restaurants and other foodservice businesses. Headquartered in Boston, Massachusetts, Toast offers integrated point-of-sale (POS) systems and a suite of software and hardware designed to streamline front-of-house and back-of-house operations. The company went public in 2021 and has positioned itself as a vertically integrated provider for the restaurant industry.

Toast’s product portfolio includes touchscreen POS terminals and handheld order-and-pay devices, kitchen display systems, and peripherals tailored for high-volume foodservice environments.