Cookson Peirce & Co. Inc. Acquires 15,071 Shares of Toast, Inc. $TOST

Key Points

• Cookson Peirce & Co. Inc. increased its stake in Toast, Inc. by 6% in Q2, now owning 264,285 shares valued at approximately $11.7 million.
• Toast's stock price opened at $38.57 with a market capitalization of $19.67 billion, while its P/E ratio stands at 113.45.
• In recent earnings, Toast reported a net revenue of $1.55 billion for the quarter, surpassing estimates, but missed EPS expectations with $0.13 against a consensus of $0.23.

Cookson Peirce & Co. Inc. lifted its position in Toast, Inc. (NYSE:TOST - Free Report) by 6.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 264,285 shares of the company's stock after purchasing an additional 15,071 shares during the quarter. Cookson Peirce & Co. Inc. owned 0.05% of Toast worth $11,705,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Ameritas Advisory Services LLC bought a new position in shares of Toast in the 2nd quarter worth approximately $31,000. Wayfinding Financial LLC bought a new position in shares of Toast in the 1st quarter worth approximately $34,000. REAP Financial Group LLC raised its position in shares of Toast by 173.3% in the 2nd quarter. REAP Financial Group LLC now owns 798 shares of the company's stock worth $35,000 after acquiring an additional 506 shares in the last quarter. SBI Securities Co. Ltd. raised its position in shares of Toast by 29.2% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock worth $42,000 after acquiring an additional 284 shares in the last quarter. Finally, Cullen Frost Bankers Inc. raised its position in shares of Toast by 1,383.8% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 1,009 shares of the company's stock worth $45,000 after acquiring an additional 941 shares in the last quarter. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Toast Price Performance

Shares of NYSE:TOST opened at $38.57 on Wednesday. The firm has a market capitalization of $19.67 billion, a P/E ratio of 113.45 and a beta of 1.94. Toast, Inc. has a 12 month low of $28.12 and a 12 month high of $49.66. The company's fifty day moving average price is $40.00 and its 200 day moving average price is $41.03.

Toast (NYSE:TOST - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.23 by ($0.10). Toast had a return on equity of 14.19% and a net margin of 4.07%.The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same quarter last year, the firm earned $0.02 earnings per share. The company's revenue was up 24.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Toast, Inc. will post 0.39 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Morgan Stanley increased their target price on Toast from $50.00 to $54.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Citigroup restated a "buy" rating on shares of Toast in a research note on Wednesday, July 16th. Weiss Ratings restated a "hold (c)" rating on shares of Toast in a research note on Wednesday, October 8th. Truist Financial raised their price target on Toast from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Finally, Keefe, Bruyette & Woods dropped their price target on Toast from $50.00 to $42.00 and set a "market perform" rating on the stock in a research note on Wednesday, October 1st. Fifteen analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $46.09.

Insider Buying and Selling

In related news, CRO Jonathan Vassil sold 6,530 shares of the company's 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 $232,206.80. Following the transaction, the executive owned 69,932 shares of the company's stock, valued at approximately $2,486,781.92. This represents a 8.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Aman Narang sold 13,652 shares of the company's 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 $485,465.12. Following the transaction, the chief executive officer directly owned 318,150 shares in the company, valued at $11,313,414. The trade was a 4.11% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 62,196 shares of company stock valued at $2,398,513. 12.14% of the stock is owned by company insiders.

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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