Riverbridge Partners LLC Sells 138,438 Shares of Toast, Inc. $TOST

Riverbridge Partners LLC reduced its position in shares of Toast, Inc. (NYSE:TOST) by 11.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,034,995 shares of the company’s stock after selling 138,438 shares during the period. Riverbridge Partners LLC owned about 0.21% of Toast worth $45,840,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TOST. Principal Financial Group Inc. increased its position in Toast by 14,258.8% in the 1st quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company’s stock valued at $181,587,000 after acquiring an additional 5,436,317 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Toast by 17.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 23,454,209 shares of the company’s stock valued at $777,978,000 after acquiring an additional 3,490,686 shares in the last quarter. 1832 Asset Management L.P. acquired a new stake in Toast in the 1st quarter valued at about $86,650,000. HMI Capital Management L.P. increased its position in Toast by 57.7% in the 1st quarter. HMI Capital Management L.P. now owns 5,203,183 shares of the company’s stock valued at $172,590,000 after acquiring an additional 1,904,040 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in Toast in the 1st quarter valued at about $56,473,000. Institutional investors and hedge funds own 82.91% of the company’s stock.

Toast Stock Performance

Shares of NYSE TOST opened at $37.48 on Thursday. The stock has a market cap of $19.12 billion, a P/E ratio of 110.24 and a beta of 2.00. The firm has a 50 day moving average price of $43.86 and a 200 day moving average price of $40.65. Toast, Inc. has a 52-week low of $26.75 and a 52-week high of $49.66.

Toast (NYSE:TOST) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.10). Toast had a net margin of 4.07% and a return on equity of 14.19%. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the firm posted $0.02 EPS. The business’s quarterly revenue was up 24.8% compared to the same quarter last year. Analysts predict that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on TOST shares. Robert W. Baird set a $48.00 price objective on shares of Toast in a research report on Monday. Truist Financial raised their price objective on shares of Toast from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, July 17th. Wall Street Zen cut shares of Toast from a “buy” rating to a “hold” rating in a research report on Monday. DA Davidson lifted their price target on shares of Toast from $40.00 to $46.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 29th. Finally, Morgan Stanley lifted their price target on shares of Toast from $50.00 to $54.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 6th. Fifteen analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat.com, Toast currently has a consensus rating of “Moderate Buy” and an average price target of $46.65.

Insider Transactions at Toast

In other Toast news, CFO Elena Gomez sold 34,170 shares of Toast stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $42.56, for a total value of $1,454,275.20. Following the transaction, the chief financial officer owned 139,357 shares of the company’s stock, valued at approximately $5,931,033.92. The trade was a 19.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Aman Narang sold 13,829 shares of the business’s stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $42.59, for a total transaction of $588,977.11. Following the completion of the sale, the chief executive officer directly owned 302,498 shares in the company, valued at approximately $12,883,389.82. This represents a 4.37% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 88,342 shares of company stock valued at $3,804,710. 12.14% of the stock is currently owned by insiders.

Toast Company Profile

Toast, Inc operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, and India. The company offers software products for restaurant operations and point of sale, such as Toast POS, Toast now, multi-location management, kitchen display system, Toast mobile order and pay, Toast catering and events, Toast invoicing, Toast tables, and restaurant retail; and hardware products, including Toast flex, Toast flex for guest, Toast go 2, Toast tap, kiosks, and Delphi by Toast.