NewEdge Advisors LLC Decreases Stock Position in Toast, Inc. $TOST

NewEdge Advisors LLC cut its position in Toast, Inc. (NYSE:TOST) by 58.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,037 shares of the company’s stock after selling 13,958 shares during the period. NewEdge Advisors LLC’s holdings in Toast were worth $266,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Bayban acquired a new position in Toast during the fourth quarter worth about $25,000. SHP Wealth Management acquired a new stake in Toast in the 4th quarter valued at about $29,000. Strive Financial Group LLC acquired a new stake in Toast in the 4th quarter valued at about $29,000. Silicon Valley Capital Partners purchased a new position in Toast in the 4th quarter worth approximately $36,000. Finally, Quadrant Capital Group LLC lifted its stake in Toast by 2,083.3% in the 4th quarter. Quadrant Capital Group LLC now owns 1,048 shares of the company’s stock worth $37,000 after purchasing an additional 1,000 shares in the last quarter. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Toast Stock Performance

NYSE:TOST opened at $36.69 on Tuesday. The stock has a market capitalization of $18.86 billion, a P/E ratio of 47.03 and a beta of 1.72. The company has a 50 day moving average price of $30.66 and a 200 day moving average price of $28.10. Toast, Inc. has a fifty-two week low of $22.26 and a fifty-two week high of $45.64.

Toast (NYSE:TOST) last announced its earnings results on Tuesday, August 4th. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.06). Toast had a net margin of 7.14% and a return on equity of 23.90%. The firm had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same period in the previous year, the firm earned $0.13 EPS. The firm’s revenue for the quarter was up 23.1% compared to the same quarter last year. Research analysts forecast that Toast, Inc. will post 1 earnings per share for the current fiscal year.

Insider Activity at Toast

In related news, CEO Aman Narang sold 119,843 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $35.38, for a total transaction of $4,240,045.34. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Jonathan Vassil sold 13,931 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $36.01, for a total value of $501,655.31. Following the transaction, the executive owned 69,966 shares of the company’s stock, valued at $2,519,475.66. This trade represents a 16.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 530,973 shares of company stock worth $17,385,739. 10.03% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Rothschild & Co Redburn reaffirmed a “neutral” rating and issued a $35.00 target price on shares of Toast in a research note on Tuesday, May 12th. Evercore reissued an “outperform” rating on shares of Toast in a report on Wednesday, August 5th. Morgan Stanley set a $45.00 price objective on shares of Toast in a research report on Friday, May 8th. Sanford C. Bernstein lifted their target price on shares of Toast from $39.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Toast from $30.00 to $35.00 and gave the company a “market perform” rating in a research note on Wednesday, August 5th. Seventeen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Toast presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

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.