Police & Firemen s Retirement System of New Jersey Reduces Stock Holdings in Toast, Inc. $TOST

Police & Firemen s Retirement System of New Jersey cut its position in shares of Toast, Inc. (NYSE:TOST) by 58.9% during the second quarter, Holdings Channel.com reports. The firm owned 68,710 shares of the company’s stock after selling 98,520 shares during the quarter. Police & Firemen s Retirement System of New Jersey’s holdings in Toast were worth $3,043,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Jennison Associates LLC increased its holdings in shares of Toast by 331.0% during the 2nd quarter. Jennison Associates LLC now owns 8,601,887 shares of the company’s stock worth $380,978,000 after buying an additional 6,606,245 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Toast by 17.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 23,454,209 shares of the company’s stock worth $777,978,000 after acquiring an additional 3,490,686 shares during the period. 1832 Asset Management L.P. acquired a new stake in Toast during the first quarter worth $86,650,000. HMI Capital Management L.P. increased its stake in Toast by 57.7% during the first quarter. HMI Capital Management L.P. now owns 5,203,183 shares of the company’s stock worth $172,590,000 after acquiring an additional 1,904,040 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in Toast in the first quarter valued at $56,473,000. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Toast news, CRO Jonathan Vassil sold 1,442 shares of the company’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $35.54, for a total transaction of $51,248.68. Following the sale, the executive owned 71,424 shares in the company, valued at $2,538,408.96. This represents a 1.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Aman Narang sold 1,732 shares of the stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $35.54, for a total value of $61,555.28. Following the completion of the sale, the chief executive officer directly owned 319,939 shares in the company, valued at $11,370,632.06. This represents a 0.54% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 62,259 shares of company stock valued at $2,299,020. 12.14% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TOST. Keefe, Bruyette & Woods lowered their price target on Toast from $50.00 to $42.00 and set a “market perform” rating for the company in a report on Wednesday, October 1st. Robert W. Baird decreased their target price on shares of Toast from $48.00 to $36.00 and set a “neutral” rating on the stock in a research report on Monday, October 6th. Jefferies Financial Group dropped their price target on shares of Toast from $54.00 to $45.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Morgan Stanley boosted their price target on shares of Toast from $54.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. Finally, The Goldman Sachs Group lowered their price objective on shares of Toast from $51.00 to $41.00 and set a “neutral” rating for the company in a research report on Monday, October 13th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, Toast has an average rating of “Moderate Buy” and an average price target of $45.45.

Toast Stock Performance

NYSE TOST opened at $34.72 on Tuesday. The firm has a 50 day simple moving average of $37.66 and a 200-day simple moving average of $41.51. Toast, Inc. has a one year low of $28.12 and a one year high of $49.66. The firm has a market cap of $17.88 billion, a price-to-earnings ratio of 80.74 and a beta of 1.94.

Toast (NYSE:TOST) last announced its earnings results on Tuesday, November 4th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.08). Toast had a return on equity of 15.77% and a net margin of 4.68%.The business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the previous year, the company earned $0.07 earnings per share. Toast’s quarterly revenue was up 25.1% on a year-over-year basis. Equities analysts predict that Toast, Inc. will post 0.39 EPS for the current fiscal year.

About Toast

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.