Toast (TOST)

• Market cap: $21.6B
• 1 day: -6.36%
• 5 days: -6.29%
• 1 month: -2.46%
• 3 months: -11.00%
• 6 months: 55.72%
• Year to date: 3.63%
• 1 year: 81.69%
• 5 years: -39.69%
• 10 years: -39.69%
• 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 Q4 regulatory filings by fund managers ($100M+ AUM)

231% more first-time investments, than exits

New positions opened: 162 | Existing positions closed: 49

31% more capital invested

Capital invested by funds: $11.6B [Q3] → $15.2B (+$3.57B) [Q4]

24% more call options, than puts

Call options by funds: $474M | Put options by funds: $382M

17% more funds holding

Funds holding: 510 [Q3] → 599 (+89) [Q4]

15% more repeat investments, than reductions

Existing positions increased: 198 | Existing positions reduced: 172

7% more funds holding in top 10

Funds holding in top 10: 15 [Q3] → 16 (+1) [Q4]

0.51% less ownership

Funds ownership: 88.76% [Q3] → 88.25% (-0.51%) [Q4]

Research analyst outlook

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

• Low target: $30 20% downside
• Avg. target: $44 15% upside
• High target: $50 33% upside

13 analyst ratings

• positive: 6 46%
• neutral: 6 46%
• negative: 1 8%

RBC Capital Daniel Perlin 77% 1-year accuracy 41 / 53 met price target	19% upside $45	Sector Perform Maintained	20 Feb 2025
Canaccord Genuity David Hynes 64% 1-year accuracy 67 / 104 met price target	27% upside $48	Buy Maintained	20 Feb 2025
JP Morgan Tien-Tsin Huang 69% 1-year accuracy 69 / 100 met price target	11% upside $42	Neutral Maintained	20 Feb 2025
UBS Timothy Chiodo 62% 1-year accuracy 8 / 13 met price target	25% upside $47	Buy Maintained	20 Feb 2025
BMO Capital Rufus Hone 83% 1-year accuracy 20 / 24 met price target	27% upside $48	Outperform Maintained	20 Feb 2025