Toast (TOST)

• Market cap: $23.3B
• 1 day: -0.65%
• 5 days: -2.66%
• 1 month: -5.98%
• 3 months: -6.26%
• 6 months: 14.73%
• Year to date: 9.84%
• 1 year: 50.4%
• 5 years: -36.07%
• 10 years: -36.07%
• Sector: Technology
• Industry: Software - Infrastructure

About: Toast is an end-to-end technology platform designed to address the complex needs of the restaurant industry. The company generates point-in-time revenue through sales of its restaurant-grade hardware and recurring revenue in the form of take rates on restaurant transaction volume as well as subscriptions to its software solutions. As of fiscal 2024, the company provided services to 134,000 restaurant locations primarily in the US. Toast's typical customer is a mid-market restaurant generating slightly more than $1 million in revenue annually.

Employees: 5,700

Fund manager confidence

Based on 2025 Q2 regulatory disclosures by fund managers ($100M+ AUM)

181% more first-time investments, than exits

New positions opened: 152 | Existing positions closed: 54

80% more repeat investments, than reductions

Existing positions increased: 317 | Existing positions reduced: 176

41% more capital invested

Capital invested by funds: $13.9B [Q1] → $19.6B (+$5.69B) [Q2]

31% more funds holding in top 10

Funds holding in top 10: 13 [Q1] → 17 (+4) [Q2]

15% more call options, than puts

Call options by funds: $641M | Put options by funds: $557M

14% more funds holding

Funds holding: 648 [Q1] → 736 (+88) [Q2]

4.1% more ownership

Funds ownership: 84.86% [Q1] → 88.96% (+4.1%) [Q2]

Research analyst outlook

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

• Low target: $46
• Avg. target: $53
• High target: $60

10 analyst ratings

• positive: 6 60%
• neutral: 4 40%
• negative: 0 0%

JP Morgan Tien-Tsin Huang	$52	Neutral Maintained	6 Aug 2025
Canaccord Genuity David Hynes	$54	Buy Maintained	6 Aug 2025
Goldman Sachs Will Nance	$51	Neutral Maintained	6 Aug 2025
Needham Mayank Tandon	$60	Buy Maintained	6 Aug 2025
Keefe, Bruyette & Woods Sanjay Sakhrani	$50	Market Perform Maintained	6 Aug 2025