Dragoneer Investment Group LLC Lowers Holdings in Toast, Inc. (NYSE:TOST)

Dragoneer Investment Group LLC lowered its holdings in shares of Toast, Inc. (NYSE:TOST) by 54.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,473,838 shares of the company’s stock after selling 4,091,314 shares during the quarter. Toast makes up 1.7% of Dragoneer Investment Group LLC’s portfolio, making the stock its 18th biggest holding. Dragoneer Investment Group LLC’s holdings in Toast were worth $89,521,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. West Branch Capital LLC purchased a new stake in Toast in the 2nd quarter worth $26,000. LRI Investments LLC bought a new stake in shares of Toast in the first quarter worth about $27,000. Cape Investment Advisory Inc. purchased a new stake in shares of Toast in the fourth quarter worth about $31,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Toast during the 2nd quarter valued at approximately $33,000. Finally, 1620 Investment Advisors Inc. bought a new stake in Toast in the 2nd quarter worth approximately $34,000. Institutional investors own 82.91% of the company’s stock.

Analyst Upgrades and Downgrades

TOST has been the subject of a number of research reports. Stephens reiterated an “equal weight” rating and set a $28.00 target price on shares of Toast in a research report on Thursday, May 30th. Mizuho raised shares of Toast from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $21.00 to $33.00 in a research note on Thursday, July 18th. Morgan Stanley upped their target price on shares of Toast from $29.00 to $30.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Bank of America increased their price target on shares of Toast from $26.00 to $28.00 and gave the company a “neutral” rating in a report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. boosted their price objective on Toast from $25.00 to $28.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $28.33.

Toast Stock Down 3.2 %

Shares of Toast stock opened at $27.10 on Thursday. Toast, Inc. has a 52 week low of $13.77 and a 52 week high of $28.19. The company has a market capitalization of $12.49 billion, a PE ratio of -54.20 and a beta of 1.75. The stock’s fifty day moving average is $25.14 and its two-hundred day moving average is $24.65.

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

Insider Transactions at Toast

In related news, President Stephen Fredette sold 211,686 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $23.57, for a total value of $4,989,439.02. Following the completion of the sale, the president now owns 2,638,023 shares in the company, valued at $62,178,202.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Toast news, Director Christopher P. Comparato sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $24.35, for a total transaction of $2,435,000.00. Following the transaction, the director now owns 120,107 shares of the company’s stock, valued at approximately $2,924,605.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Stephen Fredette sold 211,686 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $23.57, for a total transaction of $4,989,439.02. Following the completion of the sale, the president now directly owns 2,638,023 shares of the company’s stock, valued at approximately $62,178,202.11. The disclosure for this sale can be found here. Over the last three months, insiders have sold 804,707 shares of company stock valued at $20,382,344. 13.32% of the stock is currently owned by company insiders.

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.