Keenan Capital LLC Invests $31.05 Million in Toast, Inc. $TOST

Keenan Capital LLC acquired a new position in Toast, Inc. (NYSE:TOST) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,115,979 shares of the company’s stock, valued at approximately $31,047,000. Toast makes up about 6.1% of Keenan Capital LLC’s investment portfolio, making the stock its 8th largest holding.

Other hedge funds have also recently modified their holdings of the company. California State Teachers Retirement System increased its position in shares of Toast by 2,643.0% during the second quarter. California State Teachers Retirement System now owns 17,903,895 shares of the company’s stock valued at $498,086,000 after acquiring an additional 17,251,171 shares during the last quarter. Norges Bank bought a new position in Toast in the 4th quarter valued at $202,808,000. ValueAct Holdings L.P. grew its stake in Toast by 135.9% in the 4th quarter. ValueAct Holdings L.P. now owns 8,015,277 shares of the company’s stock valued at $284,622,000 after purchasing an additional 4,618,077 shares during the period. XN LP increased its position in shares of Toast by 50.8% during the 4th quarter. XN LP now owns 8,988,386 shares of the company’s stock valued at $319,178,000 after purchasing an additional 3,029,856 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Toast by 36.0% during the 1st quarter. Principal Financial Group Inc. now owns 7,977,244 shares of the company’s stock valued at $211,478,000 after purchasing an additional 2,111,009 shares during the last quarter. Institutional investors own 82.91% of the company’s stock.

Insider Activity at Toast

In related news, CFO Elena Gomez sold 5,761 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $35.37, for a total value of $203,766.57. Following the completion of the transaction, the chief financial officer directly owned 160,150 shares in the company, valued at approximately $5,664,505.50. The trade was a 3.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Jonathan Vassil sold 14,280 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $33.90, for a total value of $484,092.00. Following the completion of the transaction, the executive owned 69,966 shares of the company’s stock, valued at $2,371,847.40. The trade was a 16.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 522,533 shares of company stock valued at $18,172,786. Company insiders own 10.03% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on TOST shares. BMO Capital Markets lifted their price objective on shares of Toast from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 5th. Weiss Ratings reissued a “hold (c)” rating on shares of Toast in a research report on Monday, August 17th. Oppenheimer raised their price target on shares of Toast from $36.00 to $38.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 5th. Piper Sandler lifted their price target on shares of Toast from $32.00 to $39.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. Finally, Rothschild & Co Redburn reiterated a “neutral” rating and issued a $35.00 price objective on shares of Toast in a research note on Tuesday, May 12th. Sixteen equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $39.12.

Toast Stock Down 1.9%

Shares of NYSE:TOST opened at $33.29 on Wednesday. The firm has a market capitalization of $17.11 billion, a PE ratio of 42.68 and a beta of 1.72. The company has a 50-day moving average price of $32.63 and a two-hundred day moving average price of $28.63. Toast, Inc. has a twelve month low of $22.26 and a twelve month high of $42.15.

Toast (NYSE:TOST) last issued its 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 business 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 company’s revenue was up 23.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.13 EPS. Analysts anticipate that Toast, Inc. will post 1 earnings per share for the current fiscal year.

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.