Fiduciary Alliance LLC Invests $1.32 Million in Toast, Inc. $TOST

Key Points

• Fiduciary Alliance LLC has acquired a new stake in Toast, Inc. for approximately $1.32 million, purchasing nearly 29,700 shares during the second quarter.
• Following recent earnings, Toast reported a revenue of $1.55 billion for the quarter, exceeding analyst expectations, but missed earnings per share estimates.
• Multiple institutional investors have significantly increased their positions in Toast, indicating strong investor interest, with institutional ownership currently at 82.91%.

Fiduciary Alliance LLC purchased a new position in Toast, Inc. (NYSE:TOST - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 29,687 shares of the company's stock, valued at approximately $1,315,000.

Several other institutional investors have also recently modified their holdings of TOST. Cetera Investment Advisers grew its stake in shares of Toast by 59.5% in the fourth quarter. Cetera Investment Advisers now owns 53,248 shares of the company's stock worth $1,941,000 after acquiring an additional 19,861 shares during the last quarter. Nuveen Asset Management LLC boosted its position in Toast by 24.0% during the fourth quarter. Nuveen Asset Management LLC now owns 1,294,017 shares of the company's stock valued at $47,167,000 after purchasing an additional 250,851 shares in the last quarter. Quantinno Capital Management LP acquired a new position in shares of Toast in the fourth quarter valued at about $311,000. Silvercrest Asset Management Group LLC lifted its holdings in Toast by 5.6% during the fourth quarter. Silvercrest Asset Management Group LLC now owns 32,145 shares of the company's stock valued at $1,172,000 after purchasing an additional 1,700 shares in the last quarter. Finally, Toronto Dominion Bank raised its position in Toast by 10.8% in the fourth quarter. Toronto Dominion Bank now owns 51,300 shares of the company's stock valued at $1,870,000 after purchasing an additional 4,981 shares during the period. 82.91% of the stock is currently owned by institutional investors.

Toast Price Performance

TOST stock traded down $0.32 during trading on Friday, hitting $41.16. The stock had a trading volume of 9,064,831 shares, compared to its average volume of 7,741,231. The stock has a market capitalization of $20.99 billion, a P/E ratio of 121.06 and a beta of 2.00. Toast, Inc. has a twelve month low of $26.63 and a twelve month high of $49.66. The company's 50-day moving average price is $44.25 and its two-hundred day moving average price is $40.61.

Toast (NYSE:TOST - Get Free Report) last announced 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). The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.52 billion. Toast had a net margin of 4.07% and a return on equity of 14.19%. The business's revenue for the quarter was up 24.8% compared to the same quarter last year. During the same period last year, the company earned $0.02 earnings per share. As a group, sell-side analysts expect that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Insider Buying and Selling

In other Toast news, President Stephen Fredette sold 1,720 shares of the company's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $48.38, for a total value of $83,213.60. Following the completion of the transaction, the president owned 890,818 shares of the company's stock, valued at $43,097,774.84. This represents a 0.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Jonathan Vassil sold 1,427 shares of the firm's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $48.38, for a total transaction of $69,038.26. Following the completion of the transaction, the executive directly owned 63,298 shares in the company, valued at $3,062,357.24. This trade represents a 2.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 88,342 shares of company stock valued at $3,804,710 in the last ninety days. Insiders own 12.14% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on TOST. Needham & Company LLC lifted their price target on shares of Toast from $50.00 to $60.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. DA Davidson raised their price objective on Toast from $40.00 to $46.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 29th. Keefe, Bruyette & Woods upped their price target on Toast from $47.00 to $50.00 and gave the stock a "market perform" rating in a report on Wednesday, August 6th. Canaccord Genuity Group raised their price objective on shares of Toast from $48.00 to $54.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Finally, JPMorgan Chase & Co. upped their target price on shares of Toast from $42.00 to $52.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Fifteen investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $46.30.

About Toast

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.