NewEdge Advisors LLC Decreases Stake in Toast, Inc. $TOST

NewEdge Advisors LLC cut its stake in shares of Toast, Inc. (NYSE:TOST) by 58.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,037 shares of the company’s stock after selling 13,958 shares during the quarter. NewEdge Advisors LLC’s holdings in Toast were worth $266,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Cerity Partners LLC grew its holdings in Toast by 24.0% during the 2nd quarter. Cerity Partners LLC now owns 81,574 shares of the company’s stock worth $3,613,000 after acquiring an additional 15,774 shares in the last quarter. State Street Corp raised its holdings in shares of Toast by 2.7% in the 2nd quarter. State Street Corp now owns 9,212,889 shares of the company’s stock valued at $408,039,000 after purchasing an additional 245,276 shares in the last quarter. Frontier Capital Management Co. LLC purchased a new stake in shares of Toast during the 2nd quarter worth $4,479,000. Sei Investments Co. lifted its position in shares of Toast by 24.6% during the 2nd quarter. Sei Investments Co. now owns 1,030,007 shares of the company’s stock worth $45,619,000 after purchasing an additional 203,404 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Toast by 1.7% during the second 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 in the last quarter. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on TOST shares. Wells Fargo & Company increased their target price on Toast from $36.00 to $40.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Barclays upped their price objective on Toast from $35.00 to $39.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Citigroup increased their price objective on Toast from $36.00 to $39.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Zacks Research lowered Toast from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Finally, Keefe, Bruyette & Woods upped their price target on Toast from $30.00 to $35.00 and gave the company a “market perform” rating in a report on Wednesday, August 5th. Seventeen analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, Toast has an average rating of “Moderate Buy” and an average target price of $39.00.

Toast Price Performance

Shares of TOST opened at $36.69 on Tuesday. Toast, Inc. has a 1-year low of $22.26 and a 1-year high of $45.64. The stock has a market cap of $18.86 billion, a PE ratio of 47.03 and a beta of 1.72. The firm has a fifty day moving average price of $30.66 and a 200 day moving average price of $28.10.

Toast (NYSE:TOST) last posted its earnings results on Tuesday, August 4th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.06). Toast had a return on equity of 23.90% and a net margin of 7.14%.The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same quarter last year, the firm posted $0.13 EPS. The firm’s revenue for the quarter was up 23.1% on a year-over-year basis. As a group, equities analysts expect that Toast, Inc. will post 1 EPS for the current fiscal year.

Insider Transactions at Toast

In other Toast news, CFO Elena Gomez sold 16,176 shares of Toast stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $35.29, for a total transaction of $570,851.04. Following the transaction, the chief financial officer owned 168,974 shares of the company’s stock, valued at $5,963,092.46. The trade was a 8.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Jonathan Vassil sold 14,280 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $32.89, for a total value of $469,669.20. Following the completion of the sale, the executive owned 69,966 shares of the company’s stock, valued at approximately $2,301,181.74. This represents a 16.95% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 530,973 shares of company stock worth $17,385,739. 10.03% of the stock is owned by corporate insiders.

About Toast

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.