Dragoneer Investment Group LLC Sells 4,091,314 Shares of Toast, Inc. (NYSE:TOST)

Dragoneer Investment Group LLC trimmed its stake in shares of Toast, Inc. (NYSE:TOST) by 54.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,473,838 shares of the company’s stock after selling 4,091,314 shares during the quarter. Toast accounts for about 1.7% of Dragoneer Investment Group LLC’s holdings, making the stock its 18th largest position. Dragoneer Investment Group LLC owned about 0.77% of Toast worth $89,521,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in TOST. Park Avenue Securities LLC boosted its holdings in Toast by 1.0% in the 1st quarter. Park Avenue Securities LLC now owns 43,357 shares of the company’s stock valued at $1,080,000 after purchasing an additional 436 shares during the period. Wellington Shields & Co. LLC raised its position in Toast by 3.1% during the 1st quarter. Wellington Shields & Co. LLC now owns 16,700 shares of the company’s stock valued at $416,000 after purchasing an additional 500 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in Toast by 8.4% in the second quarter. Parkside Financial Bank & Trust now owns 6,742 shares of the company’s stock worth $174,000 after acquiring an additional 520 shares during the period. Comerica Bank boosted its holdings in Toast by 10.9% in the first quarter. Comerica Bank now owns 6,167 shares of the company’s stock valued at $154,000 after acquiring an additional 607 shares in the last quarter. Finally, Values First Advisors Inc. increased its position in 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 period. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Wall Street Analysts Forecast Growth

TOST has been the subject of several research analyst reports. Morgan Stanley raised their target price on shares of Toast from $29.00 to $30.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $26.00 price objective on shares of Toast in a research report on Wednesday, May 29th. The Goldman Sachs Group reissued a “buy” rating and issued a $29.00 target price on shares of Toast in a research report on Thursday, September 12th. Wedbush upgraded Toast to a “strong-buy” rating in a research report on Friday, September 6th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $27.00 price objective on shares of Toast in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Toast presently has a consensus rating of “Moderate Buy” and an average target price of $28.33.

Insider Transactions at Toast

In related news, President Stephen Fredette sold 8,057 shares of Toast stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $28.02, for a total value of $225,757.14. Following the completion of the sale, the president now directly owns 2,152,442 shares in the company, valued at approximately $60,311,424.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Toast news, President Stephen Fredette sold 8,057 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $28.02, for a total transaction of $225,757.14. Following the completion of the sale, the president now directly owns 2,152,442 shares in the company, valued at approximately $60,311,424.84. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CRO Jonathan Vassil sold 1,541 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $24.00, for a total transaction of $36,984.00. Following the completion of the transaction, the executive now directly owns 33,312 shares in the company, valued at approximately $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 quarter. 13.32% of the stock is currently owned by insiders.

Toast Stock Performance

Shares of NYSE TOST opened at $27.10 on Thursday. The firm’s 50 day moving average price is $25.14 and its 200-day moving average price is $24.65. Toast, Inc. has a 52-week low of $13.77 and a 52-week high of $28.19. The company has a market cap of $12.49 billion, a PE ratio of -54.20 and a beta of 1.75.

Toast (NYSE:TOST) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.02 earnings per share 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 company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period in the previous year, the business earned ($0.19) EPS. The firm’s revenue for the quarter was up 27.0% on a year-over-year basis. On average, analysts forecast that Toast, Inc. will post -0.1 earnings per share for the current fiscal year.

Toast 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.