Renaissance Technologies LLC Acquires 867,509 Shares of Toast, Inc. $TOST

Renaissance Technologies LLC increased its holdings in Toast, Inc. (NYSE:TOST) by 25.1% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,321,437 shares of the company’s stock after purchasing an additional 867,509 shares during the period. Renaissance Technologies LLC owned approximately 0.84% of Toast worth $114,561,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Bayban bought a new stake in Toast in the fourth quarter worth $25,000. SHP Wealth Management purchased a new stake in Toast during the fourth quarter valued at about $29,000. Strive Financial Group LLC bought a new position in shares of Toast during the fourth quarter valued at about $29,000. Silicon Valley Capital Partners bought a new position in shares of Toast during the fourth quarter valued at about $36,000. Finally, Quadrant Capital Group LLC grew its stake in shares of Toast by 2,083.3% during the fourth quarter. Quadrant Capital Group LLC now owns 1,048 shares of the company’s stock valued at $37,000 after buying an additional 1,000 shares during the last quarter. Institutional investors own 82.91% of the company’s stock.

Insider Buying and Selling

In other Toast news, President Stephen Fredette sold 9,146 shares of the business’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total transaction of $263,862.10. Following the transaction, the president directly 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Aman Narang sold 14,365 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total transaction of $414,430.25. Following the completion of the sale, the chief executive officer directly owned 70,451 shares of the company’s stock, valued at approximately $2,032,511.35. This represents a 16.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 valued at $4,278,832 over the last three months. Insiders own 10.03% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on TOST shares. Rothschild & Co Redburn reissued a “neutral” rating and issued a $35.00 target price on shares of Toast in a research note on Tuesday, May 12th. Morgan Stanley set a $45.00 price target on Toast in a research report on Friday, May 8th. Wall Street Zen cut Toast from a “buy” rating to a “hold” rating in a research note on Saturday, July 4th. Weiss Ratings reiterated a “hold (c)” rating on shares of Toast in a research report on Wednesday, May 20th. Finally, UBS Group dropped their price objective on Toast from $40.00 to $34.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, Toast currently has an average rating of “Moderate Buy” and a consensus price target of $37.08.

Toast Price Performance

TOST opened at $29.07 on Friday. The business has a 50 day simple moving average of $26.56 and a two-hundred day simple moving average of $28.05. The firm has a market capitalization of $15.00 billion, a price-to-earnings ratio of 44.72 and a beta of 1.74. Toast, Inc. has a one year low of $22.26 and a one year high of $49.66.

Toast (NYSE:TOST) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.20 earnings per share 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 business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the prior year, the business posted $0.09 earnings per share. Toast’s quarterly revenue was up 21.9% compared to the same quarter last year. As a group, sell-side analysts expect that Toast, Inc. will post 0.97 EPS for the current fiscal year.

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.