Toast

TOST • NYSE

Toast is a software - infrastructure company in the technology sector on NYSE, led by Aman Narang, with a market cap of $20.7B. As of Q3 2025, 75% of shares are held by 710 institutional investors, with Capital International Investors as the largest holder at 8.31%.

Chief Executive OfficerAman Narang

Market Cap$20.7B

Software - Infrastructure

Technology

Employees5.5K

Websitetoasttab.com

Country

United States of America

Overview

Overview of institutional ownership in TOST as of Q3 2025 with a market cap of $21.3B

All Institutions

Institutions: 710
Value Held: $16.0B
Shares Held: 437.2M
Avg Position: $22.5M
Median Position: $784.2K

Hedge Funds

Hedge Funds: 68
Value Held: $1.6B
Shares Held: 44.3M
Avg Position: $23.8M
Median Position: $3.7M

Ownership Breakdown

Institutional (non-HF)

67.41%

$14.3B

Hedge Funds

7.59%

$1.6B

Retail & Other

25.0%

$5.3B

Based on market cap of $21.3B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in TOST as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
C Capital International Investors Institution	-	$1.8B 0.29% of portfolio	8.31% 48.4M shares	Q3 2021 Held for 4y 2m	$615.90B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$1.6B 0.02% of portfolio	7.68% 44.8M shares	Q3 2021 Held for 4y 2m	$6.69T
FMR LLC Institution	-	$998.5M 0.05% of portfolio	4.69% 27.3M shares	Q3 2021 Held for 4y 2m	$1.92T
B BlackRock, Inc. Institution	-	$966.7M 0.02% of portfolio	4.54% 26.5M shares	Q3 2021 Held for 4y 2m	$5.67T
JENNISON ASSOCIATES LLC Long Only Manager	Jeffrey Todd Becker CEO	$547.7M 0.32% of portfolio	2.57% 15.0M shares	Q4 2024 Held for 11 months	$171.73B
T T. Rowe Price Investment Management, Inc. Insurance Manager	John Edward Robison President	$390.2M 0.24% of portfolio	1.83% 10.7M shares	Q3 2022 Held for 3y 2m	$161.58B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$362.0M 0.02% of portfolio	1.70% 9.9M shares	Q3 2021 Held for 4y 2m	$1.56T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$354.8M 0.02% of portfolio	1.67% 9.7M shares	Q3 2021 Held for 4y 2m	$1.65T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$348.2M 0.01% of portfolio	1.64% 9.5M shares	Q4 2021 Held for 3y 11m	$2.88T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$309.7M 0.02% of portfolio	1.46% 8.5M shares	Q4 2021 Held for 3y 11m	$1.57T

Net Capital Flow

Institutional buying and selling activity for TOST in Q3 2025

Net Flow: −$245.4M
Buyers: 295
Sellers: 325
Total Bought: +$1.8B
Total Sold: −$2.0B
Avg Position: $21.6M

Biggest Buyers

Institution	Net Bought	Current Position
ALLIANCEBERNSTEIN L.P. Long Only Manager	+$288.1M +7.9M shares	$300.0M 8.2M shares
JENNISON ASSOCIATES LLC Long Only Manager	+$233.6M +6.4M shares	$547.7M 15.0M shares
V ValueAct Holdings, L.P. Institution	+$124.0M +3.4M shares	$124.0M 3.4M shares
C Capital International Investors Institution	+$122.4M +3.4M shares	$1.8B 48.4M shares
S Sumitomo Mitsui Trust Holdings, Inc. Institution	+$72.4M +2.0M shares	$274.5M 7.5M shares
WORLDQUANT MILLENNIUM QUANTITATIVE STRATEGIES LLC Hedge Fund•Multi-Strategy	+$57.6M +1.6M shares	$123.1M 3.4M shares
V Vontobel Holding Ltd. Institution	+$39.8M +1.1M shares	$40.2M 1.1M shares
A AMERICAN CENTURY COMPANIES INC Institution	+$35.7M +978.2K shares	$54.2M 1.5M shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	+$31.6M +865.3K shares	$158.6M 4.3M shares
B BNP PARIBAS ARBITRAGE, SA Institution	+$31.2M +854.8K shares	$56.5M 1.5M shares

Biggest Sellers

Institution	Net Sold	Current Position
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	−$250.1M −6.8M shares	$190.6M 5.2M shares
G GCIC Ltd. Institution	−$191.1M −4.3M shares	Sold Off 0 shares
Durable Capital Partners LP Hedge Fund•Long/Short	−$141.8M −3.9M shares	$232.2M 6.4M shares
Abdiel Capital Advisors, LP Hedge Fund•Long/Short	−$137.4M −3.1M shares	Sold Off 0 shares
T T. Rowe Price Investment Management, Inc. Insurance Manager	−$129.3M −3.5M shares	$390.2M 10.7M shares
Marshall Wace LLP Institution	−$102.0M −2.8M shares	$186.0M 5.1M shares
D D. E. Shaw & Co., Inc. Institution	−$60.5M −1.7M shares	$45.1M 1.2M shares
UBS Group AG Institution	−$58.3M −1.6M shares	$164.1M 4.5M shares
P Perpetual Ltd Institution	−$54.0M −1.2M shares	Sold Off 0 shares
MANE GLOBAL CAPITAL MANAGEMENT LP Hedge Fund•Long/Short	−$49.6M −1.4M shares	$257.0K 7.0K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited TOST in Q3 2025

New Positions: 73
New Value: $100.1M
Exited Positions: 116
Exited Value: $603.9M

New Positions

Institution	Position Value
CONGRESS ASSET MANAGEMENT CO /MA Long Only Manager	$44.4M 1.2M shares
TrimTabs Asset Management, LLC Long Only Manager	$12.9M 354.3K shares
C Capitolis Liquid Global Markets LLC Private Equity	$10.4M 285.0K shares
S STATE TREASURER STATE OF MICHIGAN Institution	$6.7M 183.0K shares
PRIMECAP MANAGEMENT CO/CA/ Long Only Manager	$2.9M 80.5K shares
Summit Financial, LLC RIA/Wealth	$2.5M 68.7K shares
P PineBridge Investments Ltd Institution	$2.5M 67.4K shares
G Generali Asset Management SPA SGR Institution	$1.9M 51.5K shares
Alaethes Wealth LLC RIA/Wealth	$1.5M 39.8K shares
O OXFORD ASSET MANAGEMENT Institution	$1.2M 33.0K shares

Exited Positions

Institution	Previous Position
G GCIC Ltd. Institution	$191.1M 4.3M shares
Abdiel Capital Advisors, LP Hedge Fund•Long/Short	$137.4M 3.1M shares
P Perpetual Ltd Institution	$54.0M 1.2M shares
G GENERATION INVESTMENT MANAGEMENT LLP Institution	$40.4M 912.8K shares
Polar Capital Holdings Plc Long Only Manager	$21.0M 475.0K shares
DRIEHAUS CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	$20.3M 458.9K shares
Holocene Advisors, LP Hedge Fund•Long/Short	$16.5M 372.2K shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC Hedge Fund•Multi-Strategy	$11.1M 251.3K shares
PATHWAY CAPITAL MANAGEMENT, LP Fund of Funds	$10.9M 246.6K shares
H HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Institution	$9.1M 204.8K shares

Options Activity

Institutions with the largest Call and Put options positions in TOST as of Q3 2025

Call Positions: 34
Call Value: $575.4M
Put Positions: 25
Put Value: $468.2M

Call Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$140.5M 38.5K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$140.3M 38.4K contracts
Walleye Trading LLC RIA/Wealth	$71.3M 19.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$51.7M 14.2K contracts
P PEAK6 LLC Institution	$20.7M 5.7K contracts
D D. E. Shaw & Co., Inc. Institution	$20.6M 5.6K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$19.5M 5.4K contracts
BANK OF AMERICA CORP /DE/ Institution	$18.3M 5.0K contracts
W WOLVERINE TRADING, LLC Institution	$14.4M 3.9K contracts
B BNP PARIBAS ARBITRAGE, SA Institution	$12.8M 35.0 contracts

Put Positions

Institution	Position Value
GOLDMAN SACHS GROUP INC Institution	$205.2M 56.2K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$58.5M 16.0K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$37.4M 10.2K contracts
UBS Group AG Institution	$37.0M 10.1K contracts
J JANE STREET GROUP, LLC Institution	$30.8M 8.4K contracts
Walleye Trading LLC RIA/Wealth	$27.5M 7.5K contracts
D D. E. Shaw & Co., Inc. Institution	$13.2M 3.6K contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$10.4M 2.9K contracts
W WOLVERINE TRADING, LLC Institution	$10.0M 2.7K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$9.4M 2.6K contracts

Most Committed Institutions

Institutions with TOST as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
HMI Capital, LLC Hedge Fund•Value	Justin Carr Nyweide CIO	7.05% $122.0M	0.57% 3.3M shares	Q3 2021 Held for 4y 2m	$1.7B
1 12 West Capital Management LP Hedge Fund•Long/Short	Joel Nmn Ramin Managing Partner	6.75% $65.1M	0.31% 1.8M shares	Q4 2021 Held for 3y 11m	$964.1M
X XN LP Hedge Fund•Long/Short	Gaurav Kirit Kapadia CEO	6.40% $217.5M	1.02% 6.0M shares	Q4 2023 Held for 1y 11m	$3.4B
G GLYNN CAPITAL MANAGEMENT LLC Venture Capital	Yiyi Xie CFO	4.47% $13.4M	0.06% 367.3K shares	Q3 2021 Held for 4y 2m	$299.9M
Independent Family Office, LLC Family Office	William Michael Reickert Managing Partner	4.17% $9.9M	0.05% 270.0K shares	Q3 2022 Held for 3y 2m	$236.3M
Firsthand Capital Management, Inc. Institution	Kevin Michael Landis CEO	3.72% $2.2M	0.01% 60.0K shares	Q1 2025 Held for 8 months	$58.8M
Whetstone Capital Advisors, LLC Hedge Fund•Long/Short	David Alan Atterbury President	3.39% $12.2M	0.06% 335.0K shares	Q3 2023 Held for 2y 2m	$361.1M
D Delta Global Management LP Hedge Fund•Market Neutral	Andrew Farid Komery CIO	2.80% $38.2M	0.18% 1.0M shares	Q1 2025 Held for 8 months	$1.4B
Crawford Fund Management, LLC Hedge Fund•Long/Short	Jonathan Richard Saunders Managing Partner	2.49% $4.6M	0.02% 126.1K shares	Q4 2024 Held for 11 months	$185.0M
WISCONSIN CAPITAL MANAGEMENT LLC RIA/Wealth	Thomas Gerald Plumb President	2.38% $4.7M	0.02% 127.8K shares	Q2 2022 Held for 3y 5m	$195.9M

Hedge Fund Spotlight

Discover hedge funds investing in TOST

RENAISSANCE TECHNOLOGIES LLC

Hedge Fund • Quant

Portfolio ManagerDavid Allen Lippe

Portfolio Value: $75.8B
Positions: 3,419
Last Reported: Q3 2025

Sector Allocation

Position in Toast

Market Value: $89.8M
Shares Held: 2.5M
Portfolio Weight: 0.12%
Owned Since: 2021-Q4

Top Holding	Sector	Market Value	Weight
1 Palantir Technologies Inc. PLTR	Software - Infrastructure Technology	$1.6B	2.06%
2 Nvidia NVDA	Semiconductors Technology	$1.1B	1.39%
3 Roblox RBLX	Electronic Gaming & Multimedia Technology	$953.5M	1.26%