Hawk Ridge Capital Management LP purchased a new position in Toast, Inc. (NYSE:TOST – Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 257,700 shares of the company’s stock, valued at approximately $6,832,000.
Other hedge funds also recently made changes to their positions in the company. NewEdge Advisors LLC boosted its stake in Toast by 1,555.5% in 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 position in shares of Toast by 24.0% in the second quarter. Cerity Partners LLC now owns 81,574 shares of the company’s stock valued at $3,613,000 after acquiring an additional 15,774 shares during the period. State Street Corp grew its stake in Toast by 2.7% during the second quarter. State Street Corp now owns 9,212,889 shares of the company’s stock valued at $408,039,000 after acquiring an additional 245,276 shares in the last quarter. Frontier Capital Management Co. LLC bought a new position in Toast in the 2nd quarter valued at $4,479,000. Finally, Sei Investments Co. grew 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 valued at $45,619,000 after purchasing an additional 203,404 shares in the last quarter. 82.91% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
TOST has been the topic of several recent analyst reports. Piper Sandler started coverage on Toast in a report on Wednesday, June 10th. They issued an “overweight” rating and a $32.00 price target on the stock. UBS Group cut their price objective on Toast from $40.00 to $34.00 and set a “buy” rating for the company in a report on Friday, May 8th. Weiss Ratings restated a “hold (c)” rating on shares of Toast in a research report on Wednesday, May 20th. Mizuho lowered their target price on shares of Toast from $45.00 to $38.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Finally, Morgan Stanley set a $45.00 target price on shares of Toast in a research report on Friday, May 8th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $37.08.
Toast Stock Up 6.2%
NYSE TOST opened at $30.83 on Tuesday. The company has a 50-day simple moving average of $26.72 and a two-hundred day simple moving average of $27.96. Toast, Inc. has a 12-month low of $22.26 and a 12-month high of $49.66. The firm has a market cap of $15.91 billion, a price-to-earnings ratio of 47.43 and a beta of 1.74.
Toast (NYSE:TOST – Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.20 EPS 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 during 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% on a year-over-year basis. Equities analysts expect that Toast, Inc. will post 0.97 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, CRO Jonathan Vassil sold 6,647 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total value of $191,765.95. Following the transaction, the executive owned 69,966 shares in the company, valued at approximately $2,018,519.10. This trade represents a 8.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 that occurred on 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 transaction, the chief executive officer owned 70,451 shares in the company, valued at $2,032,511.35. This represents a 16.94% 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. Over the last ninety days, insiders sold 159,265 shares of company stock worth $4,278,832. 10.03% of the stock is currently owned by corporate insiders.
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.
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