Mainstream Capital Management LLC Makes New Investment in Toast, Inc. $TOST

Mainstream Capital Management LLC purchased a new stake in shares of Toast, Inc. (NYSE:TOST) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 57,404 shares of the company’s stock, valued at approximately $1,522,000. Toast makes up approximately 1.0% of Mainstream Capital Management LLC’s holdings, making the stock its 29th biggest holding.

A number of other hedge funds have also bought and sold shares of the business. Alliancebernstein L.P. lifted its position in shares of Toast by 2,432.8% during the third quarter. Alliancebernstein L.P. now owns 8,215,758 shares of the company’s stock worth $299,957,000 after acquiring an additional 7,891,383 shares in the last quarter. Norges Bank bought a new stake in shares of Toast during the 4th quarter valued at $202,808,000. ValueAct Holdings L.P. lifted its holdings in Toast by 135.9% during the 4th quarter. ValueAct Holdings L.P. now owns 8,015,277 shares of the company’s stock worth $284,622,000 after purchasing an additional 4,618,077 shares in the last quarter. Capital International Investors boosted its stake in Toast by 7.4% in the 3rd quarter. Capital International Investors now owns 48,428,060 shares of the company’s stock worth $1,768,256,000 after purchasing an additional 3,351,545 shares during the period. Finally, XN LP boosted its stake in Toast by 50.8% in the 4th quarter. XN LP now owns 8,988,386 shares of the company’s stock worth $319,178,000 after purchasing an additional 3,029,856 shares during the period. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, General Counsel Brian R. Elworthy sold 108,000 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.89, for a total value of $2,796,120.00. Following the transaction, the general counsel owned 189,642 shares of the company’s stock, valued at $4,909,831.38. This represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Aman Narang sold 13,463 shares of the stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total value of $352,595.97. Following the completion of the transaction, the chief executive officer directly owned 54,013 shares in the company, valued at approximately $1,414,600.47. This represents a 19.95% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 147,783 shares of company stock worth $3,838,037. 10.03% of the stock is owned by corporate insiders.

Toast Trading Up 1.1%

TOST stock opened at $24.53 on Wednesday. The company’s 50 day moving average is $25.76 and its 200 day moving average is $29.08. The stock has a market cap of $12.66 billion, a price-to-earnings ratio of 37.74 and a beta of 1.76. Toast, Inc. has a 1-year low of $22.26 and a 1-year high of $49.66.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Mizuho decreased their price target on Toast from $45.00 to $38.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. UBS Group cut their price objective on shares of Toast from $40.00 to $34.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Citigroup reduced their price objective on shares of Toast from $42.00 to $36.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Zacks Research raised shares of Toast from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 26th. Finally, Truist Financial lowered their target price on shares of Toast from $36.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $37.62.

Toast Company Profile

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.