Globeflex Capital L P Acquires Shares of 162,676 Toast, Inc. $TOST

Key Points

• Globeflex Capital initiated a position in Toast by purchasing 162,676 shares worth approximately $4.5 million. Institutional investors collectively own 82.91% of the company.
• Analyst sentiment remains positive overall, with Toast carrying a “Moderate Buy” consensus rating and a $39 average price target, although some analysts recently downgraded or reduced targets.
• Toast reported quarterly revenue of $1.91 billion, up 23.1% year over year and above estimates, but earnings per share of $0.26 missed the $0.32 consensus. Company insiders have sold roughly $17.4 million in shares over the past three months.

Globeflex Capital L P bought a new position in shares of Toast, Inc. (NYSE:TOST - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 162,676 shares of the company's stock, valued at approximately $4,526,000.

Other hedge funds also recently made changes to their positions in the company. BOKF NA lifted its stake in Toast by 4.5% during the third quarter. BOKF NA now owns 8,023 shares of the company's stock worth $293,000 after purchasing an additional 345 shares during the last quarter. Fifth Third Wealth Advisors LLC increased its stake in Toast by 0.5% during the first quarter. Fifth Third Wealth Advisors LLC now owns 67,909 shares of the company's stock valued at $1,800,000 after purchasing an additional 358 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Toast by 1.7% during the second quarter. The Manufacturers Life Insurance Company now owns 22,857 shares of the company's stock valued at $1,012,000 after purchasing an additional 380 shares during the last quarter. Seven Mile Advisory raised its holdings in shares of Toast by 3.1% during the third quarter. Seven Mile Advisory now owns 12,689 shares of the company's stock worth $463,000 after purchasing an additional 381 shares during the period. Finally, HM Payson & Co. raised its holdings in shares of Toast by 6.2% during the fourth quarter. HM Payson & Co. now owns 6,742 shares of the company's stock worth $239,000 after purchasing an additional 392 shares during the period. Institutional investors and hedge funds own 82.91% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Zacks Research lowered shares of Toast from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. DA Davidson raised their target price on shares of Toast from $30.00 to $34.00 and gave the stock a "neutral" rating in a report on Monday, August 10th. Mizuho cut their price target on Toast from $45.00 to $38.00 and set an "outperform" rating on the stock in a report on Tuesday, May 12th. Truist Financial boosted their price objective on Toast from $33.00 to $39.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Toast in a research note on Monday, August 17th. Seventeen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Toast has an average rating of "Moderate Buy" and a consensus target price of $39.00.

Toast Stock Down 0.1%

Toast stock opened at $36.61 on Monday. Toast, Inc. has a 52-week low of $22.26 and a 52-week high of $45.64. The firm has a market capitalization of $18.82 billion, a price-to-earnings ratio of 46.94 and a beta of 1.72. The firm has a 50-day moving average price of $30.43 and a two-hundred day moving average price of $28.04.

Toast (NYSE:TOST - Get Free Report) last announced its quarterly 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 firm had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.87 billion. Toast had a net margin of 7.14% and a return on equity of 23.90%. Toast's revenue for the quarter was up 23.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.13 EPS. Research analysts expect that Toast, Inc. will post 1 earnings per share for the current year.

Insider Activity at Toast

In related news, CRO Jonathan Vassil sold 13,931 shares of the firm's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $36.01, for a total value of $501,655.31. Following the sale, the executive directly owned 69,966 shares in the company, valued at $2,519,475.66. This trade represents a 16.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Aman Narang sold 119,843 shares of Toast stock in a transaction on Monday, August 10th. The shares were sold at an average price of $35.38, for a total value of $4,240,045.34. 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. Insiders have sold a total of 530,973 shares of company stock worth $17,385,739 in the last three months. 10.03% of the stock is owned by company insiders.

About Toast

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source