Granahan Investment Management LLC Cuts Holdings in Toast, Inc. $TOST

Granahan Investment Management LLC decreased its stake in shares of Toast, Inc. (NYSE:TOST) by 16.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,037,146 shares of the company’s stock after selling 200,466 shares during the quarter. Toast makes up 1.6% of Granahan Investment Management LLC’s investment portfolio, making the stock its 20th biggest holding. Granahan Investment Management LLC owned approximately 0.18% of Toast worth $36,829,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of TOST. Alliancebernstein L.P. increased its holdings in Toast by 2,432.8% during the 3rd quarter. Alliancebernstein L.P. now owns 8,215,758 shares of the company’s stock worth $299,957,000 after purchasing an additional 7,891,383 shares during the period. Norges Bank purchased a new position in shares of Toast in the 4th quarter valued at about $202,808,000. ValueAct Holdings L.P. purchased a new position in shares of Toast in the 3rd quarter valued at about $124,032,000. Capital International Investors increased its holdings in shares of Toast by 7.4% in the 3rd quarter. Capital International Investors now owns 48,428,060 shares of the company’s stock valued at $1,768,256,000 after acquiring an additional 3,351,545 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC increased its holdings in shares of Toast by 343.6% in the 2nd quarter. Worldquant Millennium Advisors LLC now owns 1,792,209 shares of the company’s stock valued at $79,377,000 after acquiring an additional 1,388,210 shares during the last quarter. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Toast Trading Down 0.1%

Toast stock opened at $25.02 on Wednesday. Toast, Inc. has a twelve month low of $22.26 and a twelve month high of $49.66. The stock has a 50 day moving average of $25.92 and a two-hundred day moving average of $29.43. The stock has a market capitalization of $12.91 billion, a price-to-earnings ratio of 38.49 and a beta of 1.76.

Analyst Ratings Changes

TOST has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Toast from a “hold” rating to a “buy” rating in a report on Saturday. Rothschild & Co Redburn reiterated a “neutral” rating and issued a $35.00 price objective on shares of Toast in a report on Tuesday, May 12th. Citigroup dropped their price objective on Toast from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Truist Financial dropped their price objective on Toast from $36.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $36.00 price objective on shares of Toast in a report on Friday, May 8th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $37.62.

Insider Activity at Toast

In other news, CFO Elena Gomez sold 8,929 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $233,850.51. Following the completion of the sale, the chief financial officer directly owned 173,064 shares of the company’s stock, valued at $4,532,546.16. This trade represents a 4.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Brian R. Elworthy sold 108,000 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $25.89, for a total value of $2,796,120.00. Following the completion of the sale, the general counsel directly 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 147,783 shares of company stock worth $3,838,037 in the last ninety days. Company insiders own 10.03% of the company’s stock.

Toast 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.