California State Teachers Retirement System Sells 9,162 Shares of Toast, Inc. $TOST

Key Points

• California State Teachers Retirement System reduced its Toast stake by 9,162 shares, leaving it with 643,562 shares valued at approximately $17.9 million. Institutional investors collectively own 82.91% of Toast.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and a $39.12 price target; several firms recently raised their targets to $39–$40.
• Toast shares fell 2.3% to $32.52, while the company’s latest revenue reached $1.91 billion, up 23.1% year over year, although adjusted earnings of $0.26 per share missed estimates by $0.06.

California State Teachers Retirement System trimmed its position in shares of Toast, Inc. (NYSE:TOST - Free Report) by 1.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 643,562 shares of the company's stock after selling 9,162 shares during the quarter. California State Teachers Retirement System owned about 0.13% of Toast worth $17,903,895 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Arkfeld Wealth Strategies L.L.C. boosted its position in Toast by 138.8% during the second quarter. Arkfeld Wealth Strategies L.L.C. now owns 264,821 shares of the company's stock worth $7,807,000 after acquiring an additional 153,928 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Toast by 47.4% in the second quarter. Assenagon Asset Management S.A. now owns 970,799 shares of the company's stock valued at $27,008,000 after purchasing an additional 312,077 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Toast by 1,925.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 985,653 shares of the company's stock worth $35,001,000 after buying an additional 936,987 shares in the last quarter. Lavelle Capital LP bought a new position in Toast during the first quarter worth about $1,458,000. Finally, Quantitative Investment Management LLC lifted its stake in Toast by 120.1% in the second quarter. Quantitative Investment Management LLC now owns 63,823 shares of the company's stock valued at $1,775,000 after acquiring an additional 34,831 shares during the last quarter. 82.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on TOST. Zacks Research downgraded shares of Toast from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Piper Sandler boosted their target price on Toast from $32.00 to $39.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 5th. DA Davidson lifted their price target on shares of Toast from $30.00 to $34.00 and gave the stock a "neutral" rating in a report on Monday, August 10th. Canaccord Genuity Group set a $40.00 target price on shares of Toast in a research note on Wednesday, August 5th. Finally, Wells Fargo & Company upped their price objective on shares of Toast from $36.00 to $40.00 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. Sixteen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, Toast has a consensus rating of "Moderate Buy" and a consensus price target of $39.12.

Insider Buying and Selling at Toast

In other Toast news, CRO Jonathan Vassil sold 14,280 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $33.90, for a total value of $484,092.00. Following the completion of the sale, the executive owned 69,966 shares in the company, valued at approximately $2,371,847.40. This represents a 16.95% 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 transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Elena Gomez sold 5,761 shares of the company's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $35.37, for a total transaction of $203,766.57. Following the completion of the sale, the chief financial officer directly owned 160,150 shares of the company's stock, valued at $5,664,505.50. The trade was a 3.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 522,533 shares of company stock valued at $18,172,786. Company insiders own 10.03% of the company's stock.

Toast Stock Down 2.3%

TOST stock traded down $0.77 during midday trading on Tuesday, reaching $32.52. The company's stock had a trading volume of 4,262,140 shares, compared to its average volume of 11,292,776. The stock has a market cap of $16.72 billion, a PE ratio of 41.70 and a beta of 1.72. The business's 50-day simple moving average is $32.91 and its 200-day simple moving average is $28.80. Toast, Inc. has a 52 week low of $22.26 and a 52 week high of $42.15.

Toast (NYSE:TOST - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.06). The business had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.87 billion. Toast had a return on equity of 23.90% and a net margin of 7.14%.The firm's revenue was up 23.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.13 EPS. As a group, equities analysts forecast that Toast, Inc. will post 1 earnings per share for the current fiscal year.

About Toast

Toast, Inc NYSE: TOST provides a cloud-based technology platform designed for restaurants and other food-service businesses. Its platform combines point-of-sale hardware and software with tools for order management, payments, menu management, reporting and business operations.

The company also offers products and services that support employee management, payroll, inventory, scheduling, online ordering, delivery, gift cards, loyalty programs and guest engagement. Toast's integrated approach is intended to help restaurants manage front-of-house and back-of-house activities through a single platform.

Toast was founded in 2011 and is headquartered in Boston, Massachusetts.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.