Bleakley Financial Group LLC Invests $2.40 Million in Toast, Inc. $TOST

Key Points

• Bleakley Financial Group initiated a new position in Toast, buying 90,722 shares valued at about $2.4 million in the first quarter.
• Institutional interest in Toast remains strong, with hedge funds and other investors owning 82.91% of the company’s shares and several firms increasing their stakes recently.
• Toast’s latest earnings showed revenue growth of 21.9% year over year, but EPS of $0.20 came in below analyst expectations; meanwhile, analysts currently rate the stock Moderate Buy with an average price target of $36.96.

Bleakley Financial Group LLC bought a new position in shares of Toast, Inc. (NYSE:TOST - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 90,722 shares of the company's stock, valued at approximately $2,405,000.

Other large investors have also recently bought and sold shares of the company. NewEdge Advisors LLC lifted its stake 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 acquiring an additional 16,379 shares during the period. Cerity Partners LLC increased its stake in shares of Toast by 24.0% in the second quarter. Cerity Partners LLC now owns 81,574 shares of the company's stock worth $3,613,000 after acquiring an additional 15,774 shares during the period. State Street Corp increased its stake in shares of Toast by 2.7% in the second quarter. State Street Corp now owns 9,212,889 shares of the company's stock worth $408,039,000 after acquiring an additional 245,276 shares during the period. Frontier Capital Management Co. LLC purchased a new position in shares of Toast during the second quarter worth $4,479,000. Finally, Sei Investments Co. raised its holdings in shares of Toast by 24.6% during the second quarter. Sei Investments Co. now owns 1,030,007 shares of the company's stock worth $45,619,000 after purchasing an additional 203,404 shares during the last quarter. Hedge funds and other institutional investors own 82.91% of the company's stock.

Insider Buying and Selling at Toast

In other news, General Counsel Brian R. Elworthy sold 108,000 shares of the business's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.89, for a total transaction of $2,796,120.00. Following the completion of the sale, the general counsel owned 189,642 shares of the company's stock, valued at $4,909,831.38. The trade was a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Aman Narang sold 14,365 shares of the company's stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total transaction of $414,430.25. Following the transaction, the chief executive officer owned 70,451 shares of the company's stock, valued at approximately $2,032,511.35. This trade represents a 16.94% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 159,265 shares of company stock valued at $4,278,832. Insiders own 10.03% of the company's stock.

Toast Price Performance

Shares of NYSE:TOST opened at $30.31 on Friday. Toast, Inc. has a 1 year low of $22.26 and a 1 year high of $49.66. The firm has a market capitalization of $15.64 billion, a price-to-earnings ratio of 46.64 and a beta of 1.74. The business's 50 day moving average price is $25.81 and its 200-day moving average price is $28.24.

Toast (NYSE:TOST - Get Free Report) last released 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 analyst estimates of $1.63 billion. Toast had a net margin of 6.39% and a return on equity of 20.86%. Toast's revenue was up 21.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.09 EPS. On average, sell-side analysts expect that Toast, Inc. will post 0.97 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on TOST shares. Piper Sandler started 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. Citigroup reduced their price objective on Toast from $42.00 to $36.00 and set a "buy" rating for the company in a research note on Friday, May 8th. UBS Group decreased their price objective on Toast from $40.00 to $34.00 and set a "buy" rating for the company in a report on Friday, May 8th. Wall Street Zen downgraded Toast from a "buy" rating to a "hold" rating in a research note on Saturday, July 4th. Finally, The Goldman Sachs Group upgraded Toast from a "neutral" rating to a "buy" rating and set a $36.00 target price on the stock in a research note on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, Toast presently has a consensus rating of "Moderate Buy" and an average price target of $36.96.

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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