WCM Investment Management LLC Takes Position in Toast, Inc. $TOST

WCM Investment Management LLC acquired a new stake in shares of Toast, Inc. (NYSE:TOST) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 33,341 shares of the company’s stock, valued at approximately $1,463,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Ritholtz Wealth Management bought a new position in shares of Toast during the second quarter valued at about $394,000. Harbour Investments Inc. grew its stake in shares of Toast by 43.1% during the second quarter. Harbour Investments Inc. now owns 1,827 shares of the company’s stock valued at $81,000 after buying an additional 550 shares during the last quarter. Jag Capital Management LLC bought a new position in shares of Toast during the second quarter valued at about $232,000. Envestnet Portfolio Solutions Inc. grew its stake in shares of Toast by 7.5% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 16,697 shares of the company’s stock valued at $740,000 after buying an additional 1,164 shares during the last quarter. Finally, Sequoia Financial Advisors LLC bought a new position in shares of Toast during the second quarter valued at about $250,000. 82.91% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Canaccord Genuity Group raised their target price on Toast from $48.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. raised their target price on Toast from $42.00 to $52.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 6th. Keefe, Bruyette & Woods cut their target price on Toast from $50.00 to $42.00 and set a “market perform” rating on the stock in a research note on Wednesday, October 1st. Robert W. Baird cut their target price on Toast from $48.00 to $36.00 and set a “neutral” rating on the stock in a research note on Monday, October 6th. Finally, Needham & Company LLC raised their target price on Toast from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, August 6th. Fifteen analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $45.35.

Toast Stock Performance

Toast stock opened at $37.36 on Friday. The stock’s 50 day simple moving average is $40.33 and its two-hundred day simple moving average is $40.88. The stock has a market cap of $19.05 billion, a price-to-earnings ratio of 109.88 and a beta of 1.94. Toast, Inc. has a fifty-two week low of $28.12 and a fifty-two week high of $49.66.

Toast (NYSE:TOST) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.10). Toast had a net margin of 4.07% and a return on equity of 14.19%. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the firm posted $0.02 earnings per share. The business’s revenue was up 24.8% compared to the same quarter last year. On average, analysts predict that Toast, Inc. will post 0.39 earnings per share for the current year.

Insider Activity

In other news, CEO Aman Narang sold 13,652 shares of the business’s stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total transaction of $485,465.12. Following the completion of the sale, the chief executive officer owned 318,150 shares of the company’s stock, valued at $11,313,414. The trade was a 4.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Jonathan Vassil sold 6,530 shares of the business’s stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total transaction of $232,206.80. Following the sale, the executive directly owned 69,932 shares of the company’s stock, valued at approximately $2,486,781.92. The trade was a 8.54% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 62,196 shares of company stock worth $2,398,513. Company insiders own 12.14% of the company’s stock.

About Toast

Toast, Inc operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, and India. The company offers software products for restaurant operations and point of sale, such as Toast POS, Toast now, multi-location management, kitchen display system, Toast mobile order and pay, Toast catering and events, Toast invoicing, Toast tables, and restaurant retail; and hardware products, including Toast flex, Toast flex for guest, Toast go 2, Toast tap, kiosks, and Delphi by Toast.