Granahan Investment Management LLC Sells 638,079 Shares of Toast, Inc. $TOST

Granahan Investment Management LLC lessened its holdings in shares of Toast, Inc. (NYSE:TOST) by 61.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 399,067 shares of the company’s stock after selling 638,079 shares during the quarter. Granahan Investment Management LLC owned approximately 0.08% of Toast worth $10,579,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the stock. NewEdge Advisors LLC grew its stake in shares of Toast by 1,555.5% during the 1st quarter. NewEdge Advisors LLC now owns 17,432 shares of the company’s stock valued at $578,000 after acquiring an additional 16,379 shares during the period. Cerity Partners LLC raised its stake in Toast by 24.0% during the 2nd quarter. Cerity Partners LLC now owns 81,574 shares of the company’s stock worth $3,613,000 after acquiring an additional 15,774 shares during the period. State Street Corp lifted its holdings in Toast by 2.7% during the second quarter. State Street Corp now owns 9,212,889 shares of the company’s stock valued at $408,039,000 after purchasing an additional 245,276 shares in the last quarter. Frontier Capital Management Co. LLC bought a new position in shares of Toast in the second quarter worth approximately $4,479,000. Finally, Sei Investments Co. boosted its position in shares of Toast by 24.6% in the second quarter. Sei Investments Co. now owns 1,030,007 shares of the company’s stock worth $45,619,000 after purchasing an additional 203,404 shares during the period. 82.91% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on TOST shares. Zacks Research downgraded shares of Toast from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. The Goldman Sachs Group upgraded Toast from a “neutral” rating to a “buy” rating and set a $36.00 price objective on the stock in a research report on Thursday, July 9th. Piper Sandler started coverage on Toast in a research report on Wednesday, June 10th. They set an “overweight” rating and a $32.00 target price for the company. Truist Financial boosted their price target on Toast from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Friday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Toast in a report on Wednesday, May 20th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $37.08.

Toast Stock Up 2.3%

TOST opened at $29.07 on Friday. The company has a market capitalization of $15.00 billion, a PE ratio of 44.72 and a beta of 1.74. The firm has a 50-day simple moving average of $26.56 and a two-hundred day simple moving average of $28.05. Toast, Inc. has a 52 week low of $22.26 and a 52 week high of $49.66.

Toast (NYSE:TOST) last issued its earnings results on Thursday, May 7th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.08). The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. Toast had a return on equity of 20.86% and a net margin of 6.39%.The company’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same period last year, the firm posted $0.09 earnings per share. As a group, sell-side analysts expect that Toast, Inc. will post 0.97 earnings per share for the current year.

Insider Buying and Selling at Toast

In other news, CFO Elena Gomez sold 11,605 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total transaction of $334,804.25. Following the sale, the chief financial officer directly owned 185,150 shares of the company’s stock, valued at $5,341,577.50. This represents a 5.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Stephen Fredette sold 9,146 shares of the stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total value of $263,862.10. Following the transaction, the president owned 931,449 shares of the company’s stock, valued at $26,872,303.65. This represents a 0.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 159,265 shares of company stock worth $4,278,832 over the last three months. 10.03% of the stock is owned by company insiders.

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.