Westfield Capital Management Co. LP Sells 568,349 Shares of Toast, Inc. $TOST

Westfield Capital Management Co. LP lessened its holdings in shares of Toast, Inc. (NYSE:TOST) by 35.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,034,305 shares of the company’s stock after selling 568,349 shares during the quarter. Westfield Capital Management Co. LP owned about 0.20% of Toast worth $37,762,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TOST. Cim LLC raised its position in shares of Toast by 0.7% during the second quarter. Cim LLC now owns 38,302 shares of the company’s stock valued at $1,696,000 after buying an additional 273 shares during the last quarter. Bridgewater Advisors Inc. grew its stake in Toast by 2.3% during the third quarter. Bridgewater Advisors Inc. now owns 13,107 shares of the company’s stock valued at $472,000 after acquiring an additional 294 shares in the last quarter. Trinity Financial Advisors LLC increased its holdings in Toast by 2.5% in the 3rd quarter. Trinity Financial Advisors LLC now owns 12,094 shares of the company’s stock valued at $442,000 after acquiring an additional 296 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in Toast by 4.6% in the 2nd quarter. Parkside Financial Bank & Trust now owns 6,921 shares of the company’s stock worth $307,000 after purchasing an additional 306 shares in the last quarter. Finally, Purus Wealth Management LLC lifted its stake in Toast by 5.8% in the 3rd quarter. Purus Wealth Management LLC now owns 6,002 shares of the company’s stock worth $219,000 after purchasing an additional 330 shares in the last quarter. 82.91% of the stock is currently owned by institutional investors.

Toast Price Performance

TOST stock opened at $27.76 on Friday. Toast, Inc. has a 12 month low of $24.35 and a 12 month high of $49.66. The firm’s 50-day moving average is $32.05 and its 200 day moving average is $36.01. The company has a market capitalization of $14.55 billion, a PE ratio of 51.41 and a beta of 1.93.

Toast (NYSE:TOST) last posted its quarterly earnings results on Thursday, February 12th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.08). Toast had a net margin of 5.56% and a return on equity of 18.14%. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same period in the prior year, the firm posted $0.05 EPS. The business’s revenue was up 22.0% on a year-over-year basis. Sell-side analysts forecast that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Toast announced that its board has authorized a share repurchase program on Thursday, February 12th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Toast in a research report on Monday, December 29th. Evercore upgraded Toast from an “in-line” rating to an “outperform” rating and set a $40.00 target price for the company in a research report on Tuesday, January 20th. Sanford C. Bernstein set a $39.00 price target on shares of Toast in a research report on Monday, February 16th. UBS Group set a $40.00 price objective on shares of Toast in a research report on Friday, February 13th. Finally, Canaccord Genuity Group set a $37.00 target price on shares of Toast in a report on Friday, February 13th. Seventeen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $40.46.

Insider Buying and Selling at Toast

In related news, CRO Jonathan Vassil sold 66,390 shares of the company’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $35.86, for a total value of $2,380,745.40. Following the completion of the sale, the executive directly owned 84,589 shares of the company’s stock, valued at $3,033,361.54. This represents a 43.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Brian R. Elworthy sold 3,303 shares of the firm’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $34.38, for a total transaction of $113,557.14. Following the transaction, the general counsel directly owned 235,757 shares in the company, valued at $8,105,325.66. This trade represents a 1.38% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 100,856 shares of company stock worth $3,540,449. Insiders own 12.14% of the company’s stock.

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.