Zevenbergen Capital Investments LLC Cuts Stake in Toast, Inc. $TOST

Zevenbergen Capital Investments LLC trimmed its holdings in Toast, Inc. (NYSE:TOST) by 2.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,938,736 shares of the company’s stock after selling 53,290 shares during the quarter. Toast comprises 1.3% of Zevenbergen Capital Investments LLC’s portfolio, making the stock its 25th largest holding. Zevenbergen Capital Investments LLC owned about 0.38% of Toast worth $56,204,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in TOST. Principal Financial Group Inc. lifted its holdings in Toast by 36.0% in the first quarter. Principal Financial Group Inc. now owns 7,977,244 shares of the company’s stock worth $211,478,000 after purchasing an additional 2,111,009 shares during the period. Junto Capital Management LP acquired a new position in Toast during the 2nd quarter valued at about $54,320,000. Wellington Management Group LLP increased its stake in Toast by 131.9% during the 2nd quarter. Wellington Management Group LLP now owns 2,456,114 shares of the company’s stock valued at $68,329,000 after buying an additional 1,397,021 shares during the period. Lead Edge Capital Management LLC bought a new stake in shares of Toast during the 1st quarter worth about $34,632,000. Finally, Capital Impact Advisors LLC raised its position in shares of Toast by 492.4% during the 4th quarter. Capital Impact Advisors LLC now owns 1,409,764 shares of the company’s stock worth $50,061,000 after buying an additional 1,171,802 shares in the last quarter. Institutional investors and hedge funds own 82.91% of the company’s stock.

Toast Trading Down 0.2%

Shares of NYSE TOST traded down $0.06 during mid-day trading on Thursday, reaching $30.49. The company had a trading volume of 7,634,946 shares, compared to its average volume of 11,104,178. The stock has a market cap of $15.67 billion, a PE ratio of 39.09 and a beta of 1.74. The company has a 50-day moving average price of $32.96 and a two-hundred day moving average price of $29.01. Toast, Inc. has a 1-year low of $22.26 and a 1-year high of $39.72.

Toast (NYSE:TOST) last announced its earnings results on Tuesday, August 4th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.06). Toast had a net margin of 7.14% and a return on equity of 23.90%. The company had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same period in the prior year, the company earned $0.13 earnings per share. The company’s revenue for the quarter was up 23.1% on a year-over-year basis. On average, research analysts expect that Toast, Inc. will post 1 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on TOST shares. Evercore reiterated an “outperform” rating on shares of Toast in a research note on Wednesday, August 5th. Wall Street Zen lowered Toast from a “buy” rating to a “hold” rating in a research note on Sunday. Keefe, Bruyette & Woods lifted their price target on Toast from $30.00 to $35.00 and gave the company a “market perform” rating in a research report on Wednesday, August 5th. DA Davidson boosted their price objective on Toast from $30.00 to $34.00 and gave the stock a “neutral” rating in a research note on Monday, August 10th. Finally, BMO Capital Markets upped their price objective on Toast from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, August 5th. Sixteen analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $39.12.

Insider Activity at Toast

In related news, President Stephen Fredette sold 9,368 shares of the company’s stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $29.35, for a total transaction of $274,950.80. Following the transaction, the president directly owned 941,692 shares of the company’s stock, valued at approximately $27,638,660.20. The trade was a 0.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Brian R. Elworthy sold 6,507 shares of the stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $29.35, for a total value of $190,980.45. Following the completion of the sale, the general counsel directly owned 204,023 shares of the company’s stock, valued at approximately $5,988,075.05. This represents a 3.09% 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 90 days, insiders 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.