Los Angeles Capital Management LLC Takes $221,000 Position in Toast, Inc. (NYSE:TOST)

Los Angeles Capital Management LLC bought a new stake in Toast, Inc. (NYSE:TOST) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,562 shares of the company’s stock, valued at approximately $221,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Whale Rock Capital Management LLC bought a new position in Toast during the first quarter valued at about $179,111,000. Norges Bank bought a new position in Toast during the fourth quarter valued at about $76,699,000. Meritage Group LP bought a new position in Toast during the fourth quarter valued at about $70,270,000. Capital International Investors grew its position in Toast by 12.2% during the first quarter. Capital International Investors now owns 32,924,082 shares of the company’s stock valued at $820,468,000 after buying an additional 3,574,397 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its position in Toast by 21.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 19,524,700 shares of the company’s stock valued at $486,557,000 after buying an additional 3,445,788 shares during the period. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on TOST. Royal Bank of Canada restated a “sector perform” rating and set a $27.00 price target on shares of Toast in a research report on Wednesday, August 7th. Mizuho upgraded shares of Toast from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $21.00 to $33.00 in a research report on Thursday, July 18th. Bank of America cut their target price on shares of Toast from $28.00 to $26.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. increased their target price on shares of Toast from $25.00 to $28.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $29.00 target price on shares of Toast in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $28.22.

Insider Activity at Toast

In related news, Director Christopher P. Comparato sold 80,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $24.23, for a total value of $1,938,400.00. Following the sale, the director now directly owns 97,762 shares of the company’s stock, valued at $2,368,773.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Toast news, President Stephen Fredette sold 3,810 shares of Toast stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $25.64, for a total transaction of $97,688.40. Following the transaction, the president now directly owns 2,847,315 shares of the company’s stock, valued at $73,005,156.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Christopher P. Comparato sold 80,000 shares of Toast stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $24.23, for a total transaction of $1,938,400.00. Following the transaction, the director now directly owns 97,762 shares in the company, valued at $2,368,773.26. The disclosure for this sale can be found here. Insiders have sold 731,612 shares of company stock valued at $18,129,920 over the last three months. 13.32% of the stock is owned by corporate insiders.

Toast Price Performance

Shares of TOST opened at $26.19 on Monday. The firm’s 50 day simple moving average is $24.87 and its 200 day simple moving average is $24.47. The company has a market capitalization of $11.86 billion, a P/E ratio of -52.38 and a beta of 1.75. Toast, Inc. has a 1-year low of $13.77 and a 1-year high of $27.90.

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

About Toast

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.