Toast, Inc. $TOST Shares Sold by Pier 88 Investment Partners LLC

Pier 88 Investment Partners LLC reduced its stake in Toast, Inc. (NYSE:TOST) by 40.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,680 shares of the company’s stock after selling 13,780 shares during the quarter. Pier 88 Investment Partners LLC’s holdings in Toast were worth $916,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of TOST. Vanguard Group Inc. boosted its position in shares of Toast by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 43,945,584 shares of the company’s stock valued at $1,457,675,000 after acquiring an additional 1,471,352 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Toast by 17.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 23,454,209 shares of the company’s stock worth $777,978,000 after purchasing an additional 3,490,686 shares during the period. T. Rowe Price Investment Management Inc. raised its stake in Toast by 7.5% during the first quarter. T. Rowe Price Investment Management Inc. now owns 15,520,360 shares of the company’s stock worth $514,811,000 after purchasing an additional 1,082,958 shares during the period. Jennison Associates LLC boosted its holdings in Toast by 331.0% in the 2nd quarter. Jennison Associates LLC now owns 8,601,887 shares of the company’s stock valued at $380,978,000 after purchasing an additional 6,606,245 shares during the last quarter. Finally, HMI Capital Management L.P. grew its stake in shares of Toast by 57.7% in the 1st quarter. HMI Capital Management L.P. now owns 5,203,183 shares of the company’s stock valued at $172,590,000 after buying an additional 1,904,040 shares during the period. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Toast in a report on Wednesday, October 8th. Royal Bank Of Canada set a $45.00 target price on Toast in a research report on Wednesday. Needham & Company LLC increased their price target on Toast from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, August 6th. The Goldman Sachs Group cut their price objective on Toast from $51.00 to $41.00 and set a “neutral” rating for the company in a research report on Monday, October 13th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Toast from $52.00 to $43.00 and set a “neutral” rating on the stock in a research report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $45.64.

Insiders Place Their Bets

In other Toast news, Director Paul D. Bell sold 12,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $42.38, for a total value of $529,750.00. Following the completion of the transaction, the director owned 226,892 shares of the company’s stock, valued at $9,615,682.96. This trade represents a 5.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Elena Gomez sold 9,054 shares of the business’s stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $35.56, for a total transaction of $321,960.24. Following the completion of the transaction, the chief financial officer owned 149,572 shares of the company’s stock, valued at approximately $5,318,780.32. This trade represents a 5.71% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 62,259 shares of company stock valued at $2,299,020. 12.14% of the stock is owned by company insiders.

Toast Trading Up 1.7%

TOST stock opened at $36.99 on Friday. The company has a market capitalization of $19.05 billion, a PE ratio of 86.02 and a beta of 1.94. Toast, Inc. has a 12-month low of $28.12 and a 12-month high of $49.66. The business’s fifty day moving average price is $38.33 and its 200 day moving average price is $41.42.

Toast (NYSE:TOST) last announced its earnings results on Tuesday, November 4th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Toast had a net margin of 4.68% and a return on equity of 15.77%. The business’s revenue was up 25.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.07 earnings per share. Research analysts predict that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Toast Company Profile

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.