Arrowstreet Capital Limited Partnership Lowers Holdings in Toast, Inc. $TOST

Arrowstreet Capital Limited Partnership decreased its position in shares of Toast, Inc. (NYSE:TOST - Free Report) by 24.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,461,654 shares of the company's stock after selling 1,117,392 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.67% of Toast worth $91,768,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Lido Advisors LLC grew its holdings in Toast by 214.9% during the 1st quarter. Lido Advisors LLC now owns 121,208 shares of the company's stock worth $3,213,000 after acquiring an additional 82,714 shares in the last quarter. Globeflex Capital L P lifted its stake in shares of Toast by 31.4% during the 1st quarter. Globeflex Capital L P now owns 162,251 shares of the company's stock worth $4,301,000 after purchasing an additional 38,805 shares during the last quarter. State of Wyoming boosted its position in Toast by 76.7% during the first quarter. State of Wyoming now owns 76,738 shares of the company's stock valued at $2,034,000 after purchasing an additional 33,303 shares in the last quarter. Cetera Investment Advisers boosted its position in Toast by 4.2% during the first quarter. Cetera Investment Advisers now owns 115,791 shares of the company's stock valued at $3,070,000 after purchasing an additional 4,635 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in Toast by 34.8% in the first quarter. PNC Financial Services Group Inc. now owns 20,717 shares of the company's stock valued at $549,000 after purchasing an additional 5,353 shares during the last quarter. Hedge funds and other institutional investors own 82.91% of the company's stock.

Toast Trading Up 0.1%

NYSE:TOST opened at $29.07 on Monday. The company has a market cap of $15.00 billion, a PE ratio of 44.72 and a beta of 1.74. Toast, Inc. has a twelve month low of $22.26 and a twelve month high of $49.66. The company's 50 day moving average is $26.56 and its two-hundred day moving average is $28.00.

Toast (NYSE:TOST - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.20 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.28 by ($0.08). The company had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.63 billion. Toast had a return on equity of 20.86% and a net margin of 6.39%.The company's quarterly revenue was up 21.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.09 EPS. As a group, analysts expect that Toast, Inc. will post 0.97 EPS for the current fiscal year.

Insider Transactions at Toast

In other news, President Stephen Fredette sold 9,146 shares of the company's stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total value of $263,862.10. Following the sale, the president directly owned 931,449 shares of the company's stock, valued at $26,872,303.65. This represents a 0.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Aman Narang sold 14,365 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 transaction of $414,430.25. Following the completion of the sale, the chief executive officer owned 70,451 shares in the company, valued at $2,032,511.35. The trade was a 16.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 159,265 shares of company stock valued at $4,278,832 over the last quarter. Company insiders own 10.03% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on TOST shares. UBS Group reduced their target price on shares of Toast from $40.00 to $34.00 and set a "buy" rating for the company in a report on Friday, May 8th. Piper Sandler initiated coverage on shares of Toast in a report on Wednesday, June 10th. They issued an "overweight" rating and a $32.00 price target on the stock. Robert W. Baird lifted their price objective on shares of Toast from $30.00 to $33.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 8th. The Goldman Sachs Group upgraded shares of Toast from a "neutral" rating to a "buy" rating and set a $36.00 price objective for the company in a research note on Thursday, July 9th. Finally, Wall Street Zen cut shares of Toast from a "buy" rating to a "hold" rating in a research report on Saturday, July 4th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, Toast currently has an average rating of "Moderate Buy" and an average price target of $37.08.

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.

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