Seven Eight Capital LP Makes New Investment in Toast, Inc. (NYSE:TOST)

Seven Eight Capital LP acquired a new position in Toast, Inc. (NYSE:TOST) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 175,260 shares of the company’s stock, valued at approximately $4,516,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Whale Rock Capital Management LLC acquired a new position in shares of Toast in the 1st quarter valued at $179,111,000. Norges Bank acquired a new position in shares of Toast in the 4th quarter valued at $76,699,000. Meritage Group LP acquired a new position in shares of Toast in the 4th quarter valued at $70,270,000. Capital International Investors lifted its stake in shares of Toast by 12.2% in the 1st quarter. Capital International Investors now owns 32,924,082 shares of the company’s stock valued at $820,468,000 after purchasing an additional 3,574,397 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Toast by 21.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 19,524,700 shares of the company’s stock valued at $486,557,000 after purchasing an additional 3,445,788 shares during the last quarter. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, President Stephen Fredette sold 3,810 shares of the stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $25.64, for a total value of $97,688.40. Following the transaction, the president now owns 2,847,315 shares in the company, valued at approximately $73,005,156.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, President Stephen Fredette sold 3,810 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $25.64, for a total transaction of $97,688.40. Following the transaction, the president now owns 2,847,315 shares in the company, valued at approximately $73,005,156.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Christopher P. Comparato sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $24.35, for a total value of $2,435,000.00. Following the transaction, the director now owns 120,107 shares in the company, valued at approximately $2,924,605.45. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 651,612 shares of company stock worth $16,191,520. 13.32% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 price target on shares of Toast in a research note on Wednesday, August 7th. Morgan Stanley upped their price target on Toast from $29.00 to $30.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Robert W. Baird lowered Toast from an “outperform” rating to a “neutral” rating and set a $28.00 target price on the stock. in a research note on Tuesday, May 21st. Baird R W lowered Toast from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 21st. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $27.00 target price on shares of Toast in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Toast currently has an average rating of “Moderate Buy” and a consensus target price of $28.33.

Toast Stock Performance

TOST opened at $26.75 on Wednesday. Toast, Inc. has a one year low of $13.77 and a one year high of $27.90. The company has a market cap of $12.12 billion, a P/E ratio of -53.50 and a beta of 1.75. The business’s 50-day simple moving average is $24.93 and its 200-day simple moving average is $24.53.

Toast (NYSE:TOST) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.04. Toast had a negative return on equity of 11.27% and a negative net margin of 3.10%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the prior year, the business posted ($0.19) EPS. The business’s revenue for the quarter was up 27.0% on a year-over-year basis. As a group, analysts predict that Toast, Inc. will post -0.1 earnings per share for the current fiscal year.

Toast Company Profile

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.