Tiger Global’s 15 Long-Term Stock Picks

14. Toast, Inc. (NYSE:TOST)

Number of Hedge Fund Holders: 43

Toast, Inc. (NYSE:TOST) runs a cloud-based technology platform for the restaurant industry. At the end of the third quarter of 2024, Tiger Global owned more than 78,000 shares in the company worth close to $2.2 million. As a constant feature in the 13F portfolio of the fund for the past three years, the firm is considered a long-term stock pick of Tiger Global. Over the years, the company has come to represent a small portion of the total 13F portfolio of the fund. For example, at the end of the second quarter of 2022, Tiger Global’s stake in the firm represented nearly 1.6% of the entire 13F portfolio. This has decreased to below 0.01% this year.

Wall Street analysts are keeping a close eye on Toast, Inc. (NYSE:TOST), just like Tiger Global. RBC Capital recently maintained a Sector Perform rating and $40 price target on the stock. In an investor note, the advisory noted that the stock’s run-up had likely already captured the upside as it remained the most expensive payments stock in its coverage. The advisory added that FY25 sales and marketing expense assumption was increased to $567 million from $489 million to reflect the investments the company was making in its international and vertical expansion initiatives, with the changes driving a reduction of the adjusted EBITDA estimate to $494 million from $517 million.