Toast, Inc. $TOST Shares Sold by Zevenbergen Capital Investments LLC

Zevenbergen Capital Investments LLC cut its stake in Toast, Inc. (NYSE:TOST) by 2.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,938,736 shares of the company’s stock after selling 53,290 shares during the quarter. Toast makes up 1.3% of Zevenbergen Capital Investments LLC’s portfolio, making the stock its 25th biggest holding. Zevenbergen Capital Investments LLC’s holdings in Toast were worth $56,204,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of TOST. Valeo Financial Advisors LLC acquired a new stake in shares of Toast during the 3rd quarter valued at about $230,000. Toth Financial Advisory Corp increased its holdings in Toast by 16.9% in the third quarter. Toth Financial Advisory Corp now owns 3,561 shares of the company’s stock worth $103,000 after buying an additional 516 shares during the last quarter. Congress Asset Management Co. increased its holdings in Toast by 46.3% in the third quarter. Congress Asset Management Co. now owns 1,755,072 shares of the company’s stock worth $50,880,000 after buying an additional 555,568 shares during the last quarter. Moody National Bank Trust Division raised its position in Toast by 17.0% during the third quarter. Moody National Bank Trust Division now owns 50,298 shares of the company’s stock valued at $1,458,000 after acquiring an additional 7,298 shares in the last quarter. Finally, Hickory Point Bank & Trust increased its stake in shares of Toast by 10.0% during the 3rd quarter. Hickory Point Bank & Trust now owns 5,500 shares of the company’s stock worth $159,000 after purchasing an additional 500 shares during the last quarter. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Toast Trading Down 0.2%

TOST traded down $0.06 during trading on Thursday, hitting $30.49. The stock had a trading volume of 7,634,946 shares, compared to its average volume of 11,104,178. The firm has a market cap of $15.67 billion, a PE ratio of 39.09 and a beta of 1.74. Toast, Inc. has a 12 month low of $22.26 and a 12 month high of $39.72. The company has a 50 day simple moving average of $32.96 and a 200-day simple moving average of $29.01.

Toast (NYSE:TOST) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.06). The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.87 billion. Toast had a net margin of 7.14% and a return on equity of 23.90%. The firm’s revenue was up 23.1% on a year-over-year basis. During the same quarter last year, the company earned $0.13 earnings per share. As a group, sell-side analysts anticipate that Toast, Inc. will post 1 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on TOST. UBS Group raised their target price on Toast from $34.00 to $39.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Needham & Company LLC upped their price target on Toast from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Sanford C. Bernstein increased their price objective on Toast from $39.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. The Goldman Sachs Group raised Toast from a “neutral” rating to a “buy” rating and set a $36.00 price objective on the stock in a research note on Thursday, July 9th. Finally, Keefe, Bruyette & Woods boosted their target price on Toast from $30.00 to $35.00 and gave the stock a “market perform” rating in a report on Wednesday, August 5th. Sixteen investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat.com, Toast currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.12.

Insider Transactions at Toast

In other Toast news, CEO Aman Narang sold 14,713 shares of Toast stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $29.35, for a total value of $431,826.55. Following the transaction, the chief executive officer directly owned 86,543 shares of the company’s stock, valued at $2,540,037.05. The trade was a 14.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Stephen Fredette sold 9,368 shares of the company’s stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $29.35, for a total value of $274,950.80. Following the transaction, the president owned 941,692 shares of the company’s stock, valued at approximately $27,638,660.20. This trade represents a 0.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 534,830 shares of company stock worth $18,566,600. Insiders own 10.03% of the company’s stock.

Toast Profile

Toast, Inc (NYSE:TOST) provides a cloud-based technology platform designed for restaurants and other foodservice businesses. Its platform combines point-of-sale hardware and software with tools for payment processing, menu and order management, employee operations, inventory, reporting and customer engagement.

The company’s products and services support in-restaurant, online and delivery orders, as well as gift cards, loyalty programs, marketing and payroll-related functions. Toast also offers restaurant-specific hardware, including terminals, handheld devices, kitchen display systems and self-service kiosks, allowing businesses to manage operations through an integrated technology ecosystem.

Founded in 2011 and headquartered in Boston, Toast initially focused on helping restaurants replace traditional point-of-sale systems with cloud-based technology.