Makena Capital Management LLC Takes Position in Toast, Inc. (NYSE:TOST)

Makena Capital Management LLC bought a new position in shares of 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 firm bought 255,021 shares of the company’s stock, valued at approximately $6,572,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Park Avenue Securities LLC grew its holdings in Toast by 1.0% during the 1st quarter. Park Avenue Securities LLC now owns 43,357 shares of the company’s stock valued at $1,080,000 after buying an additional 436 shares in the last quarter. Wellington Shields & Co. LLC increased its holdings in Toast by 3.1% in the 1st quarter. Wellington Shields & Co. LLC now owns 16,700 shares of the company’s stock valued at $416,000 after acquiring an additional 500 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in Toast by 8.4% in the 2nd quarter. Parkside Financial Bank & Trust now owns 6,742 shares of the company’s stock worth $174,000 after purchasing an additional 520 shares in the last quarter. Comerica Bank lifted its stake in Toast by 10.9% in the 1st quarter. Comerica Bank now owns 6,167 shares of the company’s stock worth $154,000 after purchasing an additional 607 shares in the last quarter. Finally, Values First Advisors Inc. boosted its holdings in shares of Toast by 2.7% during the 2nd quarter. Values First Advisors Inc. now owns 31,342 shares of the company’s stock valued at $808,000 after purchasing an additional 811 shares during the last quarter. Institutional investors own 82.91% of the company’s stock.

Insider Activity at Toast

In other news, President Stephen Fredette sold 211,686 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were 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 approximately $62,178,202.11. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, President Stephen Fredette sold 211,686 shares of the business’s stock in a transaction 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 transaction, the president now directly owns 2,638,023 shares of the company’s stock, valued at approximately $62,178,202.11. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CRO Jonathan Vassil sold 1,541 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $24.00, for a total value of $36,984.00. Following the sale, the executive now owns 33,312 shares of the company’s stock, valued at $799,488. The disclosure for this sale can be found here. Insiders sold 804,707 shares of company stock worth $20,382,344 over the last three months. 13.32% of the stock is owned by corporate insiders.

Toast Stock Performance

Shares of TOST stock opened at $27.32 on Friday. The stock has a 50 day moving average price of $25.16 and a 200 day moving average price of $24.67. Toast, Inc. has a 52-week low of $13.77 and a 52-week high of $28.19. The firm has a market capitalization of $12.59 billion, a P/E ratio of -54.64 and a beta of 1.75.

Toast (NYSE:TOST) last issued its 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. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.22 billion. Toast had a negative net margin of 3.10% and a negative return on equity of 11.27%. The company’s quarterly revenue was up 27.0% compared to the same quarter last year. During the same period last year, the company posted ($0.19) earnings per share. As a group, sell-side analysts forecast that Toast, Inc. will post -0.1 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. lifted their target price on Toast from $25.00 to $28.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Bank of America lifted their price objective on Toast from $26.00 to $28.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 17th. Morgan Stanley increased their target price on Toast from $29.00 to $30.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Wedbush upgraded shares of Toast to a “strong-buy” rating in a research report on Friday, September 6th. Finally, Mizuho raised shares of Toast from a “neutral” rating to an “outperform” rating and upped their price target for the company from $21.00 to $33.00 in a research note on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $28.33.

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.