123,280 Shares in Toast, Inc. $TOST Bought by Ellerson Group Inc. ADV

Key Points

• Ellerson Group Inc. ADV initiated a new position in Toast, buying 123,280 shares valued at about $3.27 million in the first quarter. The stake now represents 2.1% of its portfolio.
• Institutional ownership remains heavy, with hedge funds and other investors holding about 82.91% of Toast shares. Several firms, including State Street and Sei Investments, also increased their positions during the period.
• Wall Street sentiment is still broadly positive: Toast has a Moderate Buy consensus rating and an average price target of $37.59. At the same time, recent insider sales by the president and CFO were disclosed as transactions tied to tax withholding on equity awards.

Ellerson Group Inc. ADV acquired a new stake in shares of Toast, Inc. (NYSE:TOST - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 123,280 shares of the company's stock, valued at approximately $3,268,000. Toast makes up 2.1% of Ellerson Group Inc. ADV's investment portfolio, making the stock its 21st largest holding.

A number of other hedge funds also recently made changes to their positions in the company. NewEdge Advisors LLC grew its holdings in Toast by 1,555.5% during the 1st quarter. NewEdge Advisors LLC now owns 17,432 shares of the company's stock valued at $578,000 after buying an additional 16,379 shares in the last quarter. Cerity Partners LLC grew its holdings 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 purchasing an additional 15,774 shares in the last quarter. State Street Corp increased its holdings in shares of Toast by 2.7% in the 2nd quarter. State Street Corp now owns 9,212,889 shares of the company's stock worth $408,039,000 after buying an additional 245,276 shares during the last quarter. Frontier Capital Management Co. LLC purchased a new position in Toast in the second quarter worth about $4,479,000. Finally, Sei Investments Co. grew its position in Toast by 24.6% in the second quarter. Sei Investments Co. now owns 1,030,007 shares of the company's stock worth $45,619,000 after acquiring an additional 203,404 shares in the last quarter. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Rothschild & Co Redburn restated a "neutral" rating and set a $35.00 price objective on shares of Toast in a research report on Tuesday, May 12th. Mizuho dropped their target price on Toast from $45.00 to $38.00 and set an "outperform" rating for the company in a report on Tuesday, May 12th. DA Davidson cut their target price on Toast from $33.00 to $28.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 12th. Loop Capital initiated coverage on Toast in a research report on Tuesday, March 31st. They set a "hold" rating and a $26.00 target price on the stock. Finally, Truist Financial decreased their price target on Toast from $36.00 to $30.00 and set a "buy" rating on the stock in a report on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $37.59.

Toast Stock Performance

Shares of NYSE TOST opened at $30.04 on Wednesday. The business's 50 day moving average price is $25.75 and its 200-day moving average price is $28.33. Toast, Inc. has a fifty-two week low of $22.26 and a fifty-two week high of $49.66. The company has a market cap of $15.50 billion, a price-to-earnings ratio of 46.21 and a beta of 1.74.

Insider Buying and Selling

In other Toast news, President Stephen Fredette sold 9,146 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total value of $263,862.10. Following the sale, the president owned 931,449 shares in the company, valued at $26,872,303.65. This trade represents a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Elena Gomez sold 11,605 shares of Toast stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total value of $334,804.25. Following the sale, the chief financial officer owned 185,150 shares of the company's stock, valued at approximately $5,341,577.50. This trade represents a 5.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 159,265 shares of company stock worth $4,278,832 over the last ninety days. Corporate insiders own 10.03% of the company's stock.

Toast Company 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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