Angeles Wealth Management LLC Raises Stock Position in Toast, Inc. $TOST

Key Points

• Angeles Wealth Management LLC significantly increased its stake in Toast, Inc. by 174.6%, now holding 23,591 shares valued at over $1 million.
• Brokerages have mixed ratings for Toast, Inc., with Goldman Sachs lowering its target price from $51 to $41, while firms like Canaccord Genuity and Wells Fargo maintain a "buy" rating.
• Insider trading activity includes CEO Aman Narang selling 13,652 shares for approximately $485,465, reflecting a 4.11% decrease in his ownership stake.

Angeles Wealth Management LLC grew its holdings in shares of Toast, Inc. (NYSE:TOST - Free Report) by 174.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,591 shares of the company's stock after purchasing an additional 15,001 shares during the period. Angeles Wealth Management LLC's holdings in Toast were worth $1,045,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Ameritas Advisory Services LLC purchased a new stake in Toast during the second quarter worth about $31,000. Wayfinding Financial LLC purchased a new stake in Toast during the first quarter worth about $34,000. REAP Financial Group LLC increased its stake in Toast by 173.3% during the second quarter. REAP Financial Group LLC now owns 798 shares of the company's stock worth $35,000 after purchasing an additional 506 shares during the period. SBI Securities Co. Ltd. increased its stake in Toast by 29.2% during the first quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock worth $42,000 after purchasing an additional 284 shares during the period. Finally, Signaturefd LLC increased its stake in Toast by 227.1% during the first quarter. Signaturefd LLC now owns 1,472 shares of the company's stock worth $49,000 after purchasing an additional 1,022 shares during the period. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TOST. Weiss Ratings reiterated a "hold (c)" rating on shares of Toast in a research note on Wednesday, October 8th. The Goldman Sachs Group cut their target price on shares of Toast from $51.00 to $41.00 and set a "neutral" rating on the stock in a research note on Monday. Wells Fargo & Company began coverage on shares of Toast in a research note on Wednesday, July 16th. They set a "buy" rating on the stock. Canaccord Genuity Group upped their target price on shares of Toast from $48.00 to $54.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Finally, Truist Financial upped their target price on shares of Toast from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Fifteen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $45.35.

Insider Buying and Selling

In other Toast news, CEO Aman Narang sold 13,652 shares of the stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total value of $485,465.12. Following the transaction, the chief executive officer directly owned 318,150 shares in the company, valued at $11,313,414. This represents a 4.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Stephen Fredette sold 7,550 shares of the stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total transaction of $268,478.00. Following the completion of the transaction, the president owned 898,475 shares in the company, valued at $31,949,771. This represents a 0.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 62,196 shares of company stock valued at $2,398,513 over the last three months. 12.14% of the stock is currently owned by insiders.

Toast Stock Up 0.4%

Shares of Toast stock opened at $37.36 on Friday. The firm has a market capitalization of $19.05 billion, a P/E ratio of 109.88 and a beta of 1.94. Toast, Inc. has a 52 week low of $28.12 and a 52 week high of $49.66. The firm's 50 day moving average is $40.33 and its two-hundred day moving average is $40.88.

Toast (NYSE:TOST - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.10). The company had revenue of $1.55 billion during the quarter, compared to analysts' expectations of $1.52 billion. Toast had a net margin of 4.07% and a return on equity of 14.19%. The business's revenue for the quarter was up 24.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.02 earnings per share. As a group, research analysts expect that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Toast 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.

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