During the third quarter, Abacus FCF Advisors LLC purchased 354,272 shares of Toast, Inc., representing a new position valued at approximately $12.93 million according to its latest 13F filing with the Securities and Exchange Commission. This investment accounts for 1.7% of the firm’s overall portfolio, making Toast its 29th largest holding, and reflects a 0.07% ownership of the company at period end.

Several other funds adjusted their exposure to Toast in recent quarters. IFM Investors Pty Ltd increased its stake by 29.2%, adding 18,950 shares to reach 83,803 shares. Comerica Bank more than doubled its position with a 122.9% increase to hold 76,644 shares, while Graham Capital Management L.P. expanded its stake by 373.5% to 43,778 shares. New entrants included K.J. Harrison & Partners Inc and Reliant Investment Partners LLC, which invested roughly $1.33 million and $472,000, respectively. Institutional ownership now stands at 82.91% of Toast’s outstanding shares.

In its most recent quarterly report, Toast generated $1.63 billion in revenue, up 25.1% year-over-year and exceeding analyst estimates by $50 million. Adjusted earnings per share came in at $0.16, below consensus by $0.08, while return on equity reached 15.77% and net margin was 4.68%. The company closed the quarter with $1.8 billion in cash and equivalents and reported free cash flow of $574.5 million, underscoring continued positive operating leverage in its shift toward higher-margin software offerings.

Insiders have trimmed positions recently, with General Counsel Brian R. Elworthy selling 1,059 shares and CRO Jonathan Vassil disposing of 1,442 shares on the same day, contributing to insider sales totaling 49,759 shares valued at $1.77 million over three months. On the analyst front, BNP Paribas Exane upgraded Toast to outperform with a target of 40.00, while Wells Fargo initiated a strong-buy rating. Consensus among 24 research firms tilts toward a moderate buy posture, with an average price target of 45.18.