Assetmark Inc. Sells 138,077 Shares of Toast, Inc. $TOST

Key Points

• Assetmark Inc. trimmed its stake in Toast by 70.8%, selling 138,077 shares in Q4 and now holds 57,058 shares valued at about $2.03 million.
• Insider selling: CFO Elena Gomez sold 8,929 shares and CEO Aman Narang sold 13,463 shares on April 2 (both at $26.19); insiders have sold 46,030 shares in the past 90 days and still own 12.14% of the company.
• Toast reported revenue of $1.63 billion (up 22% YoY) but missed EPS expectations ($0.16 vs. $0.24); the stock trades near $29 with a $15.28 billion market cap and a consensus price target of $39.88 (Moderate Buy).

Assetmark Inc. trimmed its stake in shares of Toast, Inc. (NYSE:TOST - Free Report) by 70.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,058 shares of the company's stock after selling 138,077 shares during the quarter. Assetmark Inc.'s holdings in Toast were worth $2,026,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Westbourne Investment Advisors Inc. increased its stake in shares of Toast by 13.3% in the fourth quarter. Westbourne Investment Advisors Inc. now owns 233,453 shares of the company's stock worth $8,290,000 after buying an additional 27,376 shares during the period. Third View Private Wealth LLC purchased a new stake in Toast during the 4th quarter valued at $300,000. Choreo LLC boosted its position in Toast by 2.1% during the 4th quarter. Choreo LLC now owns 63,661 shares of the company's stock valued at $2,310,000 after buying an additional 1,307 shares during the period. Altfest L J & Co. Inc. bought a new stake in Toast in the 4th quarter worth $477,000. Finally, Robeco Institutional Asset Management B.V. increased its position in shares of Toast by 6.3% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 972,230 shares of the company's stock valued at $34,524,000 after acquiring an additional 57,512 shares during the period. 82.91% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Toast

In related news, CFO Elena Gomez sold 8,929 shares of the company's stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $233,850.51. Following the sale, the chief financial officer directly owned 173,064 shares of the company's stock, valued at $4,532,546.16. This represents a 4.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Aman Narang sold 13,463 shares of the stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $352,595.97. Following the completion of the transaction, the chief executive officer owned 54,013 shares of the company's stock, valued at approximately $1,414,600.47. This trade represents a 19.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 46,030 shares of company stock valued at $1,231,451 over the last ninety days. Insiders own 12.14% of the company's stock.

Toast Price Performance

Shares of NYSE TOST opened at $29.16 on Tuesday. Toast, Inc. has a 1 year low of $24.35 and a 1 year high of $49.66. The company's 50-day moving average is $27.47 and its 200 day moving average is $32.40. The stock has a market capitalization of $15.28 billion, a P/E ratio of 53.99 and a beta of 1.90.

Toast (NYSE:TOST - Get Free Report) last issued its quarterly earnings data on Thursday, February 12th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.08). Toast had a return on equity of 18.14% and a net margin of 5.56%.The company had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.62 billion. During the same quarter last year, the business earned $0.05 earnings per share. The business's quarterly revenue was up 22.0% on a year-over-year basis. Research analysts anticipate that Toast, Inc. will post 0.81 earnings per share for the current year.

Toast announced that its board has approved a stock repurchase program on Thursday, February 12th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

TOST has been the subject of several recent analyst reports. Truist Financial set a $36.00 price objective on shares of Toast in a research note on Wednesday, February 25th. Citigroup reduced their price target on Toast from $51.00 to $42.00 and set a "buy" rating on the stock in a report on Friday, February 13th. Morgan Stanley set a $51.00 price target on Toast in a research report on Friday, February 13th. Stephens set a $42.00 price objective on Toast in a report on Friday, January 16th. Finally, DA Davidson cut their price objective on Toast from $36.00 to $33.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 17th. Seventeen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, Toast has an average rating of "Moderate Buy" and a consensus price target of $39.88.

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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