Pathway Capital Management LP Makes New Investment in Toast, Inc. $TOST

Pathway Capital Management LP acquired a new position in shares of Toast, Inc. (NYSE:TOST) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 246,582 shares of the company’s stock, valued at approximately $10,921,000. Toast accounts for 12.0% of Pathway Capital Management LP’s portfolio, making the stock its 2nd largest position.

A number of other large investors also recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its position in shares of Toast by 38.7% in the first quarter. GAMMA Investing LLC now owns 3,861 shares of the company’s stock valued at $128,000 after buying an additional 1,077 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Toast by 14.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 26,106 shares of the company’s stock valued at $866,000 after buying an additional 3,355 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of Toast by 17.5% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 15,418 shares of the company’s stock valued at $511,000 after buying an additional 2,294 shares during the last quarter. Illinois Municipal Retirement Fund acquired a new stake in shares of Toast in the first quarter valued at about $644,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Toast by 1,584.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 52,840 shares of the company’s stock valued at $1,753,000 after buying an additional 49,703 shares during the last quarter. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Toast Trading Down 3.7%

Shares of TOST opened at $34.40 on Friday. Toast, Inc. has a 12-month low of $28.12 and a 12-month high of $49.66. The firm has a 50-day moving average price of $39.24 and a 200 day moving average price of $41.27. The firm has a market capitalization of $17.54 billion, a P/E ratio of 101.18 and a beta of 1.94.

Toast (NYSE:TOST) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.10). The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Toast had a net margin of 4.07% and a return on equity of 14.19%. The company’s revenue for the quarter was up 24.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.02 EPS. Equities research analysts predict that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on TOST shares. Keefe, Bruyette & Woods reduced their target price on shares of Toast from $50.00 to $42.00 and set a “market perform” rating for the company in a research report on Wednesday, October 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Toast in a research report on Wednesday, October 8th. Wells Fargo & Company upgraded shares of Toast to a “strong-buy” rating in a research report on Wednesday, October 22nd. Robert W. Baird dropped their price objective on shares of Toast from $48.00 to $36.00 and set a “neutral” rating for the company in a report on Monday, October 6th. Finally, Needham & Company LLC upped their price objective on shares of Toast from $50.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Toast currently has an average rating of “Moderate Buy” and an average target price of $46.17.

Insider Activity at Toast

In other Toast news, President Stephen Fredette sold 7,550 shares of the stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total transaction of $268,478.00. Following the completion of the transaction, the president owned 898,475 shares of the company’s stock, valued at $31,949,771. This trade represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Paul D. Bell sold 12,500 shares of the stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $42.38, for a total transaction of $529,750.00. Following the transaction, the director directly owned 226,892 shares of the company’s stock, valued at approximately $9,615,682.96. This trade represents a 5.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 62,196 shares of company stock valued at $2,398,513 over the last quarter. 12.14% of the stock is owned by insiders.

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.