Toast (TOST)

• Market cap: $24.1B
• 1 day: -0.33%
• 5 days: 5.61%
• 1 month: 43.50%
• 3 months: 74.97%
• 6 months: 59.67%
• Year to date: 134.55%
• 1 year: 206.51%
• 5 years: -32.23%
• 10 years: -32.23%
• Sector: Information Technology
• Industry: Computer Processing & Data Preparation

About: Toast is a us-based restaurant technology company that provides point-of-sale, payment processing, and various software services to 127,000 restaurant locations across the United States as of September 2024. The firm generates sales from software subscription fees, as a percentage take rate from each financial transaction it processes, from loan origination and servicing fees from its Toast Capital arm, and from hardware installation and professional services. Unlike competitors, Toast intermediates every payment transaction on its platform, processing some $126 billion in gross platform volume in 2023. The firm's product offerings span point-of-sale systems, inventory and payroll management, delivery integration, e-commerce ordering, reservation management, and loyalty programs.

Employees: 5,500

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

61% more call options, than puts

Call options by funds: $296M | Put options by funds: $183M

14% more capital invested

Capital invested by funds: $10B [Q2] → $11.4B (+$1.42B) [Q3]

12% more repeat investments, than reductions

Existing positions increased: 181 | Existing positions reduced: 161

12% more first-time investments, than exits

New positions opened: 73 | Existing positions closed: 65

1.82% more ownership

Funds ownership: 85.91% [Q2] → 87.73% (+1.82%) [Q3]

2% more funds holding

Funds holding: 497 [Q2] → 505 (+8) [Q3]

12% less funds holding in top 10

Funds holding in top 10: 17 [Q2] → 15 (-2) [Q3]

Research analyst outlook

17 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $25 41% downside
• Avg. target: $35 17% downside
• High target: $49 16% upside

17 analyst ratings

• positive: 7 41%
• neutral: 9 53%
• negative: 1 6%

Compass Point Dominick Gabriele 0 / 0 met price target	16% upside $49	Buy Initiated	20 Nov 2024
Exane BNP Paribas Thomas Poutrieux 0 / 0 met price target	13% downside $37	Neutral Downgraded	20 Nov 2024
DA Davidson Peter Heckmann 0 / 0 met price target	4% upside $44	Buy Maintained	12 Nov 2024
Piper Sandler Clarke Jeffries 7% 1-year accuracy 1 / 15 met price target	17% downside $35	Neutral Maintained	11 Nov 2024
RBC Capital Daniel Perlin 0 / 0 met price target	6% downside $40	Sector Perform Maintained	8 Nov 2024