Delta Global Management LP Sells 203,119 Shares of Toast, Inc. $TOST

Delta Global Management LP reduced its holdings in Toast, Inc. (NYSE:TOST) by 17.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 938,753 shares of the company’s stock after selling 203,119 shares during the period. Toast accounts for about 2.0% of Delta Global Management LP’s portfolio, making the stock its 15th largest holding. Delta Global Management LP owned about 0.18% of Toast worth $24,886,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TOST. BOKF NA raised its holdings in Toast by 4.5% during the third quarter. BOKF NA now owns 8,023 shares of the company’s stock worth $293,000 after acquiring an additional 345 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its stake in Toast by 0.5% in the first quarter. Fifth Third Wealth Advisors LLC now owns 67,909 shares of the company’s stock valued at $1,800,000 after purchasing an additional 358 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Toast by 1.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,857 shares of the company’s stock worth $1,012,000 after purchasing an additional 380 shares during the last quarter. Seven Mile Advisory increased its position in shares of Toast by 3.1% during the 3rd quarter. Seven Mile Advisory now owns 12,689 shares of the company’s stock worth $463,000 after purchasing an additional 381 shares during the last quarter. Finally, HM Payson & Co. raised its stake in shares of Toast by 6.2% during the 4th quarter. HM Payson & Co. now owns 6,742 shares of the company’s stock worth $239,000 after purchasing an additional 392 shares in the last quarter. 82.91% of the stock is owned by institutional investors.

Insider Activity at Toast

In related news, President Stephen Fredette sold 9,146 shares of Toast stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total transaction of $263,862.10. Following the completion of the sale, the president owned 931,449 shares of the company’s stock, valued at approximately $26,872,303.65. The trade was a 0.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Elena Gomez sold 11,605 shares of the company’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total transaction of $334,804.25. Following the completion of the transaction, the chief financial officer owned 185,150 shares in the company, valued at approximately $5,341,577.50. This trade represents a 5.90% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 159,265 shares of company stock worth $4,278,832 in the last quarter. 10.03% of the stock is owned by corporate insiders.

Toast Trading Up 2.3%

TOST stock opened at $29.07 on Friday. Toast, Inc. has a 1-year low of $22.26 and a 1-year high of $49.66. The business’s 50 day simple moving average is $26.56 and its 200 day simple moving average is $28.05. The firm has a market capitalization of $15.00 billion, a PE ratio of 44.72 and a beta of 1.74.

Toast (NYSE:TOST) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.08). Toast had a return on equity of 20.86% and a net margin of 6.39%.The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period last year, the firm earned $0.09 earnings per share. The company’s revenue for the quarter was up 21.9% compared to the same quarter last year. As a group, sell-side analysts predict that Toast, Inc. will post 0.97 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Wall Street Zen downgraded Toast from a “buy” rating to a “hold” rating in a report on Saturday, July 4th. Rothschild & Co Redburn restated a “neutral” rating and set a $35.00 target price on shares of Toast in a report on Tuesday, May 12th. Piper Sandler started coverage on shares of Toast in a research report on Wednesday, June 10th. They set an “overweight” rating and a $32.00 price target on the stock. Loop Capital started coverage on shares of Toast in a research note on Tuesday, March 31st. They issued a “hold” rating and a $26.00 price target for the company. Finally, UBS Group decreased their price objective on shares of Toast from $40.00 to $34.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $37.08.

Toast Profile

Toast, Inc (NYSE: TOST) is a technology company that builds a cloud-based platform for restaurants and other foodservice businesses. Headquartered in Boston, Massachusetts, Toast offers integrated point-of-sale (POS) systems and a suite of software and hardware designed to streamline front-of-house and back-of-house operations. The company went public in 2021 and has positioned itself as a vertically integrated provider for the restaurant industry.

Toast’s product portfolio includes touchscreen POS terminals and handheld order-and-pay devices, kitchen display systems, and peripherals tailored for high-volume foodservice environments.