Toast, Inc. $TOST Shares Sold by First Trust Advisors LP

First Trust Advisors LP lowered its stake in shares of Toast, Inc. (NYSE:TOST) by 15.3% during the first quarter, Holdings Channel reports. The fund owned 1,033,066 shares of the company’s stock after selling 186,721 shares during the period. First Trust Advisors LP’s holdings in Toast were worth $27,387,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. NewEdge Advisors LLC increased its holdings in Toast by 1,555.5% during the 1st quarter. NewEdge Advisors LLC now owns 17,432 shares of the company’s stock worth $578,000 after purchasing an additional 16,379 shares during the period. Cerity Partners LLC boosted its stake in shares of Toast by 24.0% in the 2nd quarter. Cerity Partners LLC now owns 81,574 shares of the company’s stock valued at $3,613,000 after buying an additional 15,774 shares during the period. State Street Corp grew its position in shares of Toast by 2.7% during the second quarter. State Street Corp now owns 9,212,889 shares of the company’s stock worth $408,039,000 after buying an additional 245,276 shares in the last quarter. Frontier Capital Management Co. LLC acquired a new position in shares of Toast during the second quarter worth about $4,479,000. Finally, Sei Investments Co. increased its stake in shares of Toast by 24.6% during the second quarter. Sei Investments Co. now owns 1,030,007 shares of the company’s stock worth $45,619,000 after buying an additional 203,404 shares during the period. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Toast Stock Up 4.6%

Shares of Toast stock opened at $32.27 on Wednesday. Toast, Inc. has a 52 week low of $22.26 and a 52 week high of $49.66. The firm’s 50 day moving average is $26.90 and its two-hundred day moving average is $27.93. The firm has a market capitalization of $16.65 billion, a P/E ratio of 49.65 and a beta of 1.74.

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 the consensus estimate 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 analysts’ expectations of $1.63 billion. During the same quarter in the prior year, the firm posted $0.09 EPS. The firm’s quarterly revenue was up 21.9% compared to the same quarter last year. As a group, research analysts expect that Toast, Inc. will post 0.97 earnings per share for the current fiscal year.

Insider Transactions at Toast

In other Toast news, CRO Jonathan Vassil sold 3,150 shares of the company’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $30.03, for a total value of $94,594.50. Following the completion of the transaction, the executive owned 69,966 shares in the company, valued at $2,101,078.98. This represents a 4.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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 value of $414,430.25. Following the transaction, the chief executive officer directly owned 70,451 shares in the company, valued at approximately $2,032,511.35. The trade was a 16.94% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 159,265 shares of company stock valued at $4,278,832 over the last quarter. 10.03% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

TOST has been the topic of several analyst reports. Piper Sandler started coverage on shares of Toast in a report on Wednesday, June 10th. They issued an “overweight” rating and a $32.00 target price on the stock. Robert W. Baird increased their price objective on shares of Toast from $30.00 to $33.00 and gave the company a “neutral” rating in a research report on Wednesday, July 8th. The Goldman Sachs Group upgraded shares of Toast from a “neutral” rating to a “buy” rating and set a $36.00 price objective on the stock in a report on Thursday, July 9th. Barclays initiated coverage on shares of Toast in a research report on Tuesday, July 7th. They set an “overweight” rating and a $35.00 price objective for the company. Finally, Rothschild & Co Redburn reiterated a “neutral” rating and set a $35.00 target price on shares of Toast in a research note on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.